Honored for Building World’S First Social Stock Exchange

WHARTON ALUMNI CLUB OF NEW YORK | WINTER 2014

PIONEERING WHARTON ALUM HONORED FOR BUILDING WORLD’S FIRST SOCIAL STOCK EXCHANGE

LEGENDARY+ CEO WHO TURNED THE WORLD INTO FREQUENT FLYERS LETTER FROM THE PRESIDENT EXECUTIVE

COMMITTEE Winter 2014

harton is forever. Getting a degree President Kenneth Beck, WG’87, P’16 from the top business school in the CEO Connection world is only the beginning. If you [email protected] do not take full advantage of this amazing community for the rest of Executive Vice President Wyour lives, you’re not maximizing the return on the George Bradt, WG’85 investment you made, to get that degree. Wharton PrimeGenesis Executive Onboarding stays in our bios forever and as such we have a [email protected] responsibly to each other and to the school to protect the brand... it is in our enlightened self-interest to do so. Vice President, Finance Rosemarie Bonelli, WG’99 I was reminded of all this at our recent Joseph Wharton [email protected] Awards Dinner, which continues to amaze me. Terry McGraw, WG’76, the Joseph Wharton Leadership Award recipient in 2006, and this year’s Event Chair, spoke about Vice President, Marketing & the passion that Wharton alumni possess. The new dean, Geoffrey Garrett, marveled Communications at the two anvils in his office, which belonged to Joseph Wharton. He said they Jeff Greenhouse, WG’99 reminded him that Wharton alumni “do not rest on their laurels”. Scripps Networks Interactive [email protected] Our five honored alumni honored this year, never gave resting a thought.Robert Crandall, WG’60, Former Chairman, American Airlines, who received the Joseph Vice President, General Counsel Wharton Award for Lifetime Achievement, encouraged all to get involved and join the Blair Duncan, WG’85 public dialogue by which we settle the great issues of our time. Upper Manhattan Empowerment Zone [email protected] Alex Gorsky, WG’96, Chairman and CEO of Johnson & Johnson, received the Joseph Wharton Award for Leadership. He spoke about Joseph Wharton’s values based Vice President, Career Development charter when creating the school, and J&J”s charter as well. Charles S. Forgang, W’78, P’11 Law Offices of Charles S. Forgang Our Joseph Wharton Award for Social Impact honoree, Durreen Shahnaz, WG’95, [email protected] Founder and Chairperson of Impact Investment Exchange Asia (IIX) and Shujog, implored those gathered to help her grow the first social stock exchange. Vice President, Business Development Regina Jaslow, W’97 Neil Blumenthal, WG’10, and David Gilboa, WG’10, GEN’10, Co-Founders and Co-CEOs Penn Club of New York of Warby Parker, who were covered extensively in our Spring 2014, issue, received [email protected] Joseph Wharton Award for Young Leadership. They spoke about the energy and dynamism of what is being built at Wharton today. Vice President, Volunteer Services Diana Davenport, WG’87 Our volunteers don’t rest on their laurels either. Hundreds of events are being created The Commonwealth Fund by other volunteers. Two recent highly regarded events showcased Professor David [email protected] Bell and Professor Stewart Friedman.

Vice President, Programming A key member of the club featured in this issue is Vishal Gupta, WG’08, our Affinity Jennifer Gregoriou, W’78 Groups Chair. He explains how you can get involved in an affinity group, or possibly Jennifer Gregoriou, Management create a new one. Consulting [email protected] Be inspired by these alumni and do not forget: “Take the Call”!

Vice President, University Relations Kenneth Beck, WG’87 Udayan Chattopadhyay, WG’01 Chief Executive Officer | CEO Connection Ergo President | Wharton Club of New York [email protected] T 646.416.6991 | F 646.292.5129 [email protected] The Wharton Business School www.ceoconnection.com Club of New York 485 Madison Avenue, Suite 747, New York, NY 10173 WHARTON CLUB OF NEW YORK MAGAZINE Phone: (212) 463-5559 PUBLISHER EDITOR Club website: www.WhartonNY.com Kenneth Beck, WG’87 Kent Trabing, WG’01 [email protected] [email protected]

MANAGING EDITOR DESIGN DIRECTOR Peter Hildick-Smith, C’76, WG’81, P’13 Joyce Chan, W’06, C’06, [email protected] [email protected] FRONT COVER: Durreen Shahnaz, WG’95, Founder and Chair of READ THE MAGAZINE ONLINE SOCIAL MEDIA Impact Investment Exchange Asia www.readwny.com Umang Malhotra, WG’11 (IIX) and Shujog [email protected] IN THIS ISSUE 8 12 14 2 LETTER FROM THE PRESIDENT

3 WCNY MAGAZINE AD RATE CARD

JOSEPH 18 WHARTON DINNER 20

4 JW AWARDS DINNER 8 ROBERT CRANDALL, WG’60 REACH 14 DURREEN SHAHNAZ, WG’95 25,000 20 ALEX GORSKY, WG’96 WHARTON ALUMNI

EVENTS IN THE NEW YORK METRO AREA WCNY AFFINITY GROUPS 12 WCNY MAGAZINE AD RATE CARD 18 LOCATION IS (STILL) EVERYTHING 21 LEADING THE LIFE YOU WANT The WCNY Magazine is mailed three times annually, to more than 25,000 Wharton alumni living or working in New York, New Jersey and Connecticut. CLUB Alumni discounts are available upon request. Non-camera- ready ads may be subject to 22 PREMIUM MEMBERS FOR INQUIRIES production charges. REGARDING SPONSORSHIP, 23 TAKE THE CALL A 15% commission will be offered to PLEASE CONTACT: ad agencies. A premium position for Kay Trongwongsa, WG’ 12 23 JOIN WCNY the ad can be secured for a 20% fee. Melanie Zhao, W’13 [email protected] 24 CLUB CALENDAR BLACK & WHITE FULL COLOR

FULL PAGE $1,600 $2,000

HALF PAGE $1,120 $1,400 Ad will be featured on the Magazine website (www. QUARTER PAGE $640 $800 readwny.com) until the EIGHTH OF A PAGE $400 $500 following issue. ♦

READ ARTICLES ONLINE AT READWNY.COM | 3 JOSEPH WHARTON AWARDS

Think of growth, purpose, passion. Growth is everything that we are about. If you're not growing, you're not making an impact. In order to grow, you have to have a sense of purpose—you have to know where you're going. But the energy that makes it all happen is passion. What I've always noticed about Wharton is that you have that attitude and a special notion of what passion means, which drives you when things go well, or don't go well. Our honorees tonight have the growth, the purpose and the passion embodied in what they do."

With these words, Harold W. McGraw III, WG'76, Chairman of the Board of McGraw Hill Financial, and Event Chair, opened the glittering evening to attendees. The WCNY's marquee event brought together over 200 alumni, and was held at the Metropolitan Club on 1 East 60th Street in New York City, on October 2.

4 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 PHOTO: Alumni listen to Bob Crandall, WG’60

JOSEPH WHARTON AWARDS DINNER Honoring Lifetime Achievers, Leaders and Innovators READ ARTICLES ONLINE AT READWNY.COM | 5 THE JOSEPH WHARTON AWARDEES FOR 2014 ARE:

ROBERT CRANDALL, WG'60 Former Chairman, American Airlines Joseph Wharton Award for Lifetime Achievement

ALEX GORSKY, WG'96 Chairman, Johnson & Johnson Joseph Wharton Award for Leadership

DURREEN SHAHNAZ, WG'95 Founder and Chairperson, Impact Investment Exchange Asia (IIX) and Shujog Joseph Wharton Award for Social Impact

NEIL BLUMENTHAL, WG'10, and DAVID GILBOA, WG'10, GEN'10 Co-Founders and Co-CEOs, Warby Parker Joseph Wharton Award for Young Leadership

PHOTOS: (Top) Alex Gorsky, WG’96, Neil Blumenthal, WG’10, Durreen Shahnaz, WG’95, David Gilboa, WG’10, GEN’10, Bob Crandall, WG’60. (Middle) Kenny Beck, WG’87, Club President; (Bottom) Geoffrey Garrett, Wharton Dean, Reliance Professor of Management and Private Enterprise, and Professor of Management. More photos of the JW Dinner at www.readwny.com!

6 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 We connect all kinds of alumni—from alumni who are looking for capital, to alumni looking to invest, alumni looking for jobs and alumni looking to buy things. (Clockwise from above) Charles (Chuck) Forgang, W’78, Whatever you want to find, you should Allen Levinson, W’77, WG’78, Lisa Forgang, Carl Rosen, WG’77; David Gilboa, WG’10, GEN’10, Brett Hurt, WG’99, be able to find in your community." Neil Blumenthal, WG’10; WCNY High School Volunteer Summer Internship Program; Robert Kraybill, Penn — KENNY BECK, WG'87, CLUB PRESIDENT Law’95, Matthew Greene, W’89, Kota Global Securities, Randy Weisenburger, WG’87, Omnicon

Kenny Beck, WG'87, shared the Club's purpose and accomplishments, EVENT SPONSORS: "We in New York have the largest Wharton School alumni club, with 250 MAJOR volunteers, servicing 30,000 alumni in the NY metro area, creating 200 SPONSORS to 300 events per year! The Club provides access from early in your career, through death — although I have come to realize that Wharton alumni don't die — they just yield to maturity. WCNY's principles that we embody are: PLATINUM Enlightened self-interest — You need to give to get. SPONSORS Tangible results — These are networking and events. Small, interactive events are more powerful than large, passive events. Most importantly, when a fellow alumnus calls, you should take the call. GOLD SPONSORS This Winter 2014 issue profiles three of this year's awardees: Robert Crandall, Durreen Shahnaz, and Alex Gorsky. Our Spring 2014 issue headlined the founders of Warby Parker. ♦

READ ARTICLES ONLINE AT READWNY.COM | 7 JOSEPH WHARTON AWARDS

Harold W. (Terry) McGraw III, WG’76, Event Chair, and Bob Crandall, WG’60

JOSEPH WHARTON AWARD FOR LIFETIME ACHIEVEMENT, 2014

Robert Crandall, WG’60 Former Chairman, American Airlines

8 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 JOSEPH WHARTON AWARDS

We did Bob Crandall laughs a lot. He is called PARS (Programmed Airline genuinely mirthful. A source of that Reservation System) created by IBM. create mirth may be that he passionately cares The Burroughs effort failed, so I brought about the airline he led for 25 years, the in an IBM system, and we successfully the first industry he influenced and the country transitioned TWA into that system. Later, frequent-flyer he loves. Maybe it’s because he thinks, while I was serving as Controller of TWA, speaks and acts directly. Or maybe it’s the company made a promotional choice program, and we because he’s a lucky guy with three I disagreed with, and I left and took a healthy kids, seven grandkids and a job as Treasurer for Bloomingdale’s. pioneered the wonderful wife of 57 years. The retail business bored me, and a development of year later, when the CFO of American What attracted you to the aviation Airlines left in April 1973, I jumped at yield management. industry? the company’s invitation to take on that Nothing particular attracted me to the position. I remained with American until aviation industry, except my wife’s desire my retirement in 1998. to go to Rome for dinner! Which is really a true story! Coming out of graduate You are widely credited with introducing school, I went to work for Eastman the Sabre reservations system, the Kodak, and then for Hallmark Cards in first frequent-flyer program and yield Kansas City, which was the headquarters management. for TWA. I was at Hallmark for four years, Accomplishments like those are always was making good progress in my career team efforts, requiring the participation … and I liked it — Hallmark was a good of lots of committed, highly skilled company! TWA wanted to recruit me to people. Let’s take Sabre as an example. do a similar job to what I was doing at The original Sabre was cobbled together, Hallmark. My wife said to me one night, years before I was involved, by C. R. “I don’t understand why you keep saying, Smith of American and Tom Watson of ‘No,’ to these people. The girls who IBM. However, by the early 1970s, Sabre babysit for us periodically go to Rome or was far out of date, and American was Paris for dinner. TWA wants to give you lagging behind TWA, United, Eastern a raise and let you travel — and I’d like and others in the area of computerized to go to Rome for dinner.” So I took the reservations. When I came to American, job, and we did go to Rome and lots of I came with a background in IT and other places for dinner and other things. enough knowledge of the industry and I found the industry to be complex, CRSs to know we had to move quickly. competitive and fascinating, and I spent So, we put a system in place that utilized the rest of my career in it. It turned out to part of PARS and some of the updates be a good move, one of many pieces of that Eastern had incorporated into it, good advice that my wife has given me. added some tweaks of our own, and came up with the new Sabre. How did you transition from TWA to American Airlines? We did create the first frequent- While I was at Hallmark, I got an flyer program, and we pioneered the opportunity to learn something development of yield management. Both about computers, ending up as a efforts were the consequence of putting manager of computer programming. together a powerful team of operations After I joined TWA in the treasury research people and mathematicians, department, I ended up running its who worked with our data-processing data-processing department — what teams to develop very sophisticated we would call IT today. The industry modes of everyday problems. We built was in the throes of transitioning to aircraft scheduling systems, manpower computerized reservations systems — management models to match very known as CRSs. TWA tried to invent a complicated pilot and flight attendant system using Burroughs equipment. schedules with particular aircraft United Airlines was doing the same requirements, and to determine how using Univac equipment. Eastern Air many baggage handlers we needed at Lines successfully adopted a system any one time, and we devised solution

READ ARTICLES ONLINE AT READWNY.COM | 9 JOSEPH WHARTON AWARDS

kits for lots of other airline problems. Our thinking and try again. The Wall Street Journal has competitive success during the 1980s called Robert L. Crandall, former and 1990s was largely based on using You’ve been outspoken about airline Chairman and CEO of AMR and American Airlines, “the technology more successfully than other deregulation from the beginning. How would the airline industry be man who changed the way the airlines. world flies.” During his 25-year different today if deregulation had been tenure at American Airlines, Mr. Airlines, as you have said, are highly implemented differently? Crandall was instrumental in complex organizations with many I believe that comprehensive economic introducing several changes that stakeholders. How did you have the deregulation was a public policy revolutionized the travel industry. confidence to aspire to take on that mistake. It was done with the objective In 1973, Mr. Crandall sponsored a role? of increasing competition and bringing project to modernize American’s Anyone who has had the good luck to down fares, and for a while, it seemed Sabre computer reservation have a good undergraduate education to work. However, competition in an system, thus laying the and then attend a great grad school, like industry as structured as the airlines are groundwork for what eventually Wharton, has been well-prepared to do is destructive, and over the years, a large became Sabre Corp., now a leading provider of computing any job that presents itself. Assuming number of airlines have failed. and communications services appropriate background and training, for airlines throughout the and a willingness to work hard and keep Today, the remaining airlines have world. In 1975, Mr. Crandall learning, I don’t know why any individual consolidated away much of the created Super Saver fares, which would lack the self-confidence to take competition; the public has far fewer introduced the concept of deep on any opportunity that presents itself! transportation choices than it has had discounts for advance-purchase Most people in the world aspire to do in times past; and far fewer cities are on tickets. Subsequently, he led the development of the industry’s more than they ever get a chance to do. the national network than was the case years ago. The airlines are now very first yield management system, My great good fortune was that I had a a revenue-maximizing approach chance to do a lot of things that others profitable, and the public is paying many now used throughout the airline never had a chance to do, and I certainly billions of dollars in ancillary fees in industry. In 1980, he created wasn’t about to deny myself those addition to fares that are rising steadily. AAdvantage, the industry’s first opportunities. The fruits of deregulation appear to be in frequent-flyer program, and in the airline industry much like the cable 1983, launched an expansion You may have been one of the first television industry in which there is no program that more than tripled CEOs to enter an industry as a real competition, and we all have to pay American’s size and transformed it from a midsize domestic computer programmer. Can you talk for a lot of stuff that we wish we didn’t carrier to one of the world’s about the nature of programming at have to buy. leading international airlines with that time? revenues of more than $20 billion. Is there a story of how you came to Well, the most I ever learned about attend Wharton? Mr. Crandall is currently a Director programming was rudimentary. What of, or a consultant to, several I learned while at Hallmark was how It’s a good luck story. After graduating nonpublic companies, including powerful computers and mathematical from college in 1957, I got married and Gogo and Hipmunk. modeling can be. My contribution was joined the military as an infantry officer. When I got out, my wife was working Among the many national and knowing what needed to be done and trade publications that have part-time as a nurse, and I was selling hiring the right people to do it. honored Mr. Crandall for his group insurance in Philadelphia. I wanted achievements and executive While leading American Airlines, you to go to law school, and took both the leadership are Businessweek, were renowned to be a pragmatist. law exam and the graduate school IndustryWeek, Aviation Week Frankly, I don’t see any alternative exam. However, I had absolutely no & Space Technology, Financial for anyone who wants to contribute money, and needed a full scholarship to World and Air Transport World. In April 1997, Mr. Crandall to solving the world’s problems. go anywhere. I had pretty well resigned myself to working for a couple of years received the Horatio Alger Award, Pragmatism is nothing more than taking which honors individuals who a problem and finding a doable solution. to save money when Wharton called. have achieved success despite I don’t see much point in looking at a challenging life circumstances. The voice on the line announced problem, and concluding either that the that the school had just received a A native of Westerly, R.I., he is a problem is insoluble, or that the only scholarship from Arthur Young & Co.; 1957 graduate of the University thing you can do about it is what’s been that the sponsor wanted to award the of Rhode Island and received done before or that a possible solution a master’s degree in business scholarship immediately; and that, if I cannot be implemented. If you see a administration from the University could start school in two weeks, I could problem, think, “What can I do that might of Pennsylvania’s Wharton School have it. We found a three-story walk-up possibly solve this problem?” If you in 1960. in West Philadelphia for $65 per month, come up with an idea that might work, and I started at Wharton. Jan continued Mr. Crandall and his wife, Jan, go try it. If it doesn’t work, go back to live in Florida and Massachusetts. They have three adult children and seven grandchildren, and enjoy bridge, sailing and gardening.

10 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 JOSEPH WHARTON AWARDS

Bob Crandall, WG’60, exhorts alumni to “participate Howie Kaufold, W’75, Vice Dean of the MBA Program, in the public dialogue by which we settle the great Jan Crandall and Bob Crandall, WG’60 issues of our time.”

The best Many years ago, I lived in Charlotte, to work part-time, and I got a job as North Carolina, and had an early morning a night manager at WFIL, a television cure for an paper route. I remember unwrapping station in Philadelphia. Tough, but ailing system some newspapers I was about to doable. deliver, and reading on the front page is an active, well- that Eisenhower had done something What advice do you have for Wharton in Korea. I don’t recall the details, but students and alumni? informed, impatient I remember thinking that, if Ike did it, Work as hard as you can. Be the first and demanding it must be OK. Time has banished my person in the office, and the last person naiveté, but I continue to long for public to leave. I was never smart enough public. policies and actions that will make us to differentiate myself based on pure all proud to be Americans. We ought brainpower, so I decided to work harder advanced countries, 70% or more of to be at the top of the league tables in than anyone else and to be better young children are in preschool by age 3; infrastructure, education, research and prepared than anybody else. I also in the U.S., only 30% get that opportunity. development, and all the other things think that everyone should take every Unless we fix these problems, I am very by which we can contribute to the opportunity to tackle a different job. pessimistic about the long-term success betterment of mankind. The best cure Every time you get an opportunity to of our country. for an ailing system is an active, well- learn something new, grab it. The fact informed, impatient and demanding that you don’t know anything about You have spoken twice at the Wharton public. We can all do better, and we something, is a circumstance you can Emeritus Society about the “Geezers’ should be part of a geezers’ crusade to change. The more you know about more Crusade.” make America a better place. subjects, the more valuable you will be. As I have just said, I think we need to You are full of mirth. What is your What concerns you about America? change the direction of our society, secret? I am horrified by the steadily worsening and I therefore encourage people to be Well, it’s interesting that you say that. level of income and wealth inequality more politically active. I write letters to I think of myself as angry most of the and by the erosion of opportunity for politicians, participate in local events time — angry about oversights and people who start out without family and periodically write a blog. I think there outrages in public policy, angry about resources. In the years after World War are lots of geezers — people like myself our collective shortcomings, angry about II, we led the world in education, and as who are no longer working full-time but the fact that we aren’t the America I a consequence, Americans had more have good educations — who ought to remember from the 1960s, 1970s and upward mobility — better opportunities be spending time pushing politicians and 1980s. But on a personal level, I have to improve themselves — than people in government toward better outcomes. In lots to be thankful about, and when I get other countries. Today, we are way down the most recent national elections, only the opportunity to share an evening like in comparative rankings on both the 37% of eligible voters went to the polls. this, I enjoy myself. I’m glad it’s clear that depth and excellence of our education That’s disgraceful — and it’s an open I’m doing so. ♦ – KT system and on the amount of social invitation to ideologues. mobility in our society. In most other

READ ARTICLES ONLINE AT READWNY.COM | 11 WCNY AFFINITY GROUPS

WCNY AFFINITY GROUPS ARE CONNECTING THE DOTS!

Vishal Gupta, WG’08 Affinity Groups Chair

The Wharton Club of New York’s What are some of the affinity groups? affinity groups create a platform for We now have over 12 active affinity groups. The more established groups are: New York area Wharton alumni to connect with others who share a Wharton Entrepreneurs-Education and Resource Network (WE- EARN) led by Ross Klenoff, C’94, W’94 common interest around an industry Wharton Hedge Fund Network (WHFN) co-chaired by Jewel or have similar professional goals. Huijnen, WG’03, along with Charles Koblith, W’05, Vic Bonilla, W’05, The affinity groups provide a sense and Matthew Barbas, WG’12 of community, enable small group Wharton Private Equity Group (WPEG) headed by Thomas Nugent, networking, build lasting contacts, WG’84 offer a venue to share industry Wharton Association of Marketers (WhAM) co-chaired by Peter insights, and provide career, job and Hildick-Smith, WG’81, and Judy Hoffstein, WG’81 investing opportunities. Wharton Media and Entertainment Network (WMEN) co-chaired by Chuck Forgang, WG’78, and Peter Hildick-Smith Through the affinity groups, the WCNY fosters the drive and Career Opportunity Group, headed by Marina Segal, W’00 creativity in alumni who want to Wharton Real Estate Investment Group (WREI) chaired by Celina Kuoch, W’98, Eric Bashford, WG’88, and Nick Petkoff, WG’02 take up leadership positions as Wharton Investment Management Group (WIMG) led by Dushyant volunteers and give back to the Pandit, WG’79 Wharton community. Among the more recent affinity groups are:

Wharton Education Network (WhEN), which was “relaunched” with Jay Bakhru, WG’04, coming in as the Chair

Wharton Recruiters Affinity Group (WRAG) led by Antony Sandrick, W’04

Wharton Legal Affinity Group (WhLN), which was launched this November under the leadership of Lew Tesser, WG’74, to serve as a platform for alumni with legal and judicial backgrounds.

12 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 WCNY AFFINITY GROUPS

Another area where we are trying to make instrumental in taking the affinity group to volunteering with the affinity groups. We a foray is to give a geographic focus to the the next level. also have open positions listed on the affinity groups. One case in point is the WCNY volunteer page, and I’d like to give interest in international business, cross- Sustaining the community: The WHFN is a shout-out for the Volunteer Orientation border investing, and public policy in the one of the oldest affinity groups, and since Night on January 20, 2015. This is a U.S.-China context, or investment and its inception in 2005, has done 47 events great way to meet the Club’s leadership growth opportunities in Africa. We have had under the leadership of Jewel, Matthew, and explore areas of “enlightened self- initial successes and are trying to build on Vic and Charles. Their secret sauce has interest.” that. been providing a trusted source of industry information and driving attendance in Vishal Gupta contributed to this article, and What is your role as the Chair of Affinity events by inviting world-class speakers. can be reached at vishalgupta.ifs@gmail. Groups? This has had a drumbeat effect in com. I focus on the organizational aspects of the sustaining the community around what affinity groups— namely, to help set up, may perhaps be the largest hedge-fund- focused alumni group worldwide! VISHAL finds himself at the establish and run the affinity groups. Then, trijuncture of a corporate career, there are various Club-level policy issues Collaboration among affinity groups nonprofit work and international that are handled. Based on what we learn and in the club: In some cases, there development. from the various groups, we have created a are opportunities for affinity groups to playbook to launch and establish an affinity He has led initiatives in information collaborate with each other or within the group. In my experience, the leadership services and the IT industry Club on an event or guest speaker. For team’s creativity and initiative are key drivers working at Reed Elsevier and now example, this summer, the WhEN co- of the affinity group’s success. at Speridian Technologies. hosted an event with the Government He has also worked with education What have you learned? Relations Committee on public-private partnerships. Also, the Non-Profit nonprofits in New York City to help The various affinity groups are in different Affinity Group is partnering with Career them with their growth strategy stages in their organizational life cycles; Development Committee to promote an and operations to increase college to me, this provides a great experience to event on Social Entrepreneurship and access for high-potential, low- cross-pollinate ideas, share best practices, Innovation. Tune in to the WCNY website income students. and leverage learnings among and across for this upcoming event in early 2015. the various affinity groups. Let’s take a four- Vishal started his career in Another area we would like to explore is stage view on how this enables building a international development, where a partnership between the WRAG and community around an affinity group: he worked on public-private the Career Development Committee in partnerships, community-based Generating interest: WhEN was relaunched reaching out to executive recruiters and development and environmental earlier this spring when Jay Bakhru took providing them access to the Wharton policy, and co-authored a World over as the Chair. An outreach campaign, alumni talent pool in the New York City Bank working paper. metro area. followed by a survey to gauge the topics of Vishal earned his MBA from the interest, helped kick-start the group. This How can one participate? Wharton School at the University got alumni engaged and involved early in of Pennsylvania. He also earned a I’d be happy to take a phone call or the decision-making process. Events are master’s degree in environmental respond to emails from folks interested in being planned, with folks having the option studies and a bachelor’s degree in to volunteer for one of these events to get biology from Delhi University. ♦ involved. We feel ideas can flow from every member, as when Kent Trabing, WG’01, asked the Club to form a legal affinity group, the WhLN, and nominated Lew Tesser to lead it. WhLN had its first meeting last month, with an attendance of over 20 members to draft a mission statement, set a meeting schedule for the coming year, and form subcommittees to further the professional cause of alumni with legal and judicial backgrounds.

Building a core team: By driving educational and networking events linked to tangible outcomes, Ross Klenoff, Chair of WE-EARN, has done a tremendous job of making WE-EARN entrepreneurial in every sense Nick Petkoff, WG’02 (L), Vice Chair of WREI, with speaker Mike of the word. This has led to the members Fascitelli, (R) past Chairman of the Wharton Real Estate Center, at forging long-standing bonds and building a recent WREI event. Photo Credit: Celina Kuoch core community of leaders who have been

READ ARTICLES ONLINE AT READWNY.COM | 13 JOSEPH WHARTON AWARDS

JOSEPH WHARTON AWARD FOR SOCIAL IMPACT, 2014

Durreen Shahnaz, WG’95 Founder and Chairperson, Impact Investment Exchange Asia and Shujog

WE-EARN

Durreen Shahnaz has led a lucky life, as with the social consciousness of What was your path to Wharton? many of us have. Her greatest luck may philanthropy. Based in Singapore, her It was a long path! Until the age of 14, be in knowing how to ask the right people company Impact Investment Exchange my language of instruction was Bengali. the right questions, and to keep at it. She Asia (IIX) seeks to accomplish these Then I attended school in the Philippines, learned by asking for help to make her goals by running a social impact stock where I switched to English. I memorized own way in the world. exchange and private placement the Reader’s Digest Word Power platform. Her second company, Shujog, exercises every morning. In the evening, I Today, she is asking on behalf of helps social enterprises to become would test myself. I set out to improve my others, in Asia. To solve Asia’s pressing more professional and, thereby, more English to the degree that I could become problems, Durreen seeks to harness attractive to investors. editor of the school newspaper, which I the power and scale of capital markets, did in my senior year.

14 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 JOSEPH WHARTON AWARDS

For college, no woman from my family over to Smith College, which offered — but I had that freedom. This was a had come out from the subcontinent me a scholarship for the balance of the country that allowed me to be myself — it was always the men. I had three $60,000 tuition. and to speak freely, and that allowed me older sisters, and they were not allowed to focus on my capabilities. And I kept to leave outside India or Bangladesh. From the time my plane arrived in New my promises to my parents, except for I wanted to go to school in the U.S. York, I was on my own. It was not only bringing home an American. My parents and I fought and fought. being in a new country, culture and Finally, they consented that I could go if university, but also being responsible What did you do after college? I promised to attend a women’s college, for myself. It cost over $5 a minute to cover my tuition with financial aid and call home. I used to call home for 10 I started my career in Morgan Stanley in not bring home an American. My father minutes once every six weeks when I 1989. This week, I walked by the Morgan had life savings of $50,000. He gave had enough money saved up. I worked Stanley building, and I was thinking of me and my siblings each $10,000, and 20 hours a week washing dishes, my many all-nighters there. Although I said, “That’s it.” The $10,000 I handed babysitting and working in the library formed wonderful friendships that I have

DURREEN SHAHNAZ, an investment banker and media executive, now social entrepreneur from Bangladesh, is the founder of Impact Investment Exchange (IIX), the home of the world’s first social stock exchange and the world’s largest private placement platform for impact investing. Ms. Shahnaz also founded Shujog, the impact accelerator for social enterprises in Asia and Africa. Ms. Shahnaz began her career at Morgan Stanley in New York City and worked at Grameen Bank, World Bank, Merrill Lynch, Hearst Magazines and Reader’s Digest. She also taught at the Lee Kuan Yew School of Public Policy at the National University of Singapore. In addition, she founded, ran and sold OneNest, a social enterprise and global marketplace for handmade goods. Ms. Shahnaz holds a B.A. from Smith College, and a joint degree — MBA from the Wharton School at University of Pennsylvania and M.A. from the School of Advanced International Studies at Johns Hopkins University. Ms. Shahnaz is an appointed member of the World Economic Forum’s Global Agenda Council on Social Innovation and on the advisory board for CASE i3 at Duke University’s Fuqua School of Business. She is the Social Entrepreneur in Residence for INSEAD’s Social Impact Catalyst Program. Shahnaz is also a TED speaker and a regular guest on Channel NewsAsia’s program Views on the News and the BBC. Ms. Shahnaz lives in Singapore with her husband Robert Kraybill (Penn Law’95) and their two daughters — Diya and Aliya. Katherine Klein, Vice-Dean, Wharton Social Impact Initiative, Durreen Shahnaz, WG’95 to this day, Morgan Stanley was very two years there. It was an incredible year? What are you going to do?” I told intense. There were so few women and opportunity, for which I’m grateful, to her that I was going to go back home only two South Asian women bankers learn finance — the most powerful force to Bangladesh. She responded, “Where in the whole place. I was surprised that, in the world. is that?” I thought, “That’s the problem. while people were very smart and intense, This is the reason why I need to go back.” they were also quite rude. And that sadly, At the end of my two years, the HR My associates were happily anticipating rudeness was applauded! There was person called and said, “You were business school, but I felt that, after 10 a huge attrition rate, especially among the only one who didn’t ask for years away, it was time to go home and women. But coming from the other recommendations to business school. give back my learnings to my country. side of the world, I felt I had to finish my Do you want to continue here for a third

READ ARTICLES ONLINE AT READWNY.COM | 15 JOSEPH WHARTON AWARDS

eclectic man. Since then, my life has straddled the developed world and developing world, and my studies and career straddled finance and development finance. It is one world, and to be able to pull it together is important to me. supposed to return to Hopkins to finish up there, but the school’s administration What is it like being back in New York? told me that they didn’t have the I love New York, but I could not have done promised financial assistance for me. what I am doing, here. There is a lot more They just said, “Sorry, we don’t have any noise here in the city and culture, which more money. Why don’t you work and arise from good things: competition, come back next year?” But I couldn’t movement, interaction. But the downside work because of my visa. So I went is that it does not allow for more than a back to Wharton and asked them, “Can I few to rise up. I feel a lot of things I do, Robert Kraybill, Penn Law’95, finish up my final semester at Wharton, with our business opening, is to get other Durreen Shahnaz, WG’95 because I don’t have the funding to people to be a part of it. For example, the complete my degree at Hopkins?” impact assessment — this is something Wharton authorities explained that they that I researched in the university, but I You did not proceed to business school? couldn’t have me finish at Wharton, have opened it up to more people. I can No. I returned to Dhaka, the capital of because it was a joint program. I train people and can say, “You can do Bangladesh, and began looking for some remember that I then broke down in this.” place where I could put my finance their office, saying, “What can I do? I am training to use. Dhaka had a Standard one semester from two degrees, and I Recently, I spoke In New York, at the Chartered and Citibank, global players; can’t complete it for just a few thousand Clinton Global Initiative. My area, social however, I decided to work with a small dollars.” So they said, “We don’t think impact, is a hot topic. You cannot imagine bank, a development bank that was giving we can do anything, but come back how endlessly people were coming up to loans to women. This was Grameen tomorrow.” The next day, I came back. me who knew about me and were giving Bank, which would later receive the Nobel They told me, “Well, we had an internal their pitch. They are so excited about Peace Prize. Among other tasks, I worked discussion, and we’re going to pay your getting into the space, but don’t have the on Grameen’s first big financing round, tuition at Hopkins.” experience. There is nothing wrong with which was $5 million. It was fascinating competition, but the intensity of so many efficient and aggressive people kind of to me that I could use my finance skills Wharton paid your tuition to Johns hits you. for development. Hopkins? What an amazing school, right? To this How did you end up at Wharton? It must say something about Wharton day, I can’t believe it. Fast-forward years that you and D. Wayne Silby, W’70, I would have stayed at Grameen; later when I started IIX, Dr. Judith Rodin attended (Silby received the 2013 however, my future husband, who I had was in Singapore. So, after all these Joseph Wharton Award for Social met my first day at Morgan Stanley, was years, I meet this woman who was Impact). Wayne, as you know, was writing me letters every day. He was the President of the University when I inherently geared toward finance, gained American, and he was the big reason for was at Wharton. I had the privilege of the tools at Wharton to build a hugely me to come back to the States. I applied introducing her for this big talk she was profitable money market fund, and then to public policy schools. The School of giving, and related this story. I said that I pursued his dream in creating Calvert Advanced International Studies at Johns had never had the chance to say, “Thank Investments. Hopkins gave me the most money, so you.” Because of your leadership, the I went there. It sounds horrible, but for folks at Wharton could make a decision Yes! Exactly! The University probably me, money was the deciding factor as I like this. She started crying — she allowed him and me, and people like us, had only assistance from the university couldn’t talk. to retain what made us us, and be able to and my savings. Hopkins was a great take the best parts and enhance that. The school, but I realized the degree was very Wharton has been incredible. I just administration looked at the role of the focused on global issues, rather than wanted to learn everything about school in a holistic way. Having people practical solutions. Fortunately, Hopkins finance. I was always that pesky, like me, with eclectic backgrounds, helps had a joint program with Wharton. irritating student asking questions on to maximize the business world’s output how this can be linked to development. and outcomes. I feel, though, that the I applied for the joint program, was The professor who could pull all this school’s messaging does not position accepted, and did a year and a half at learning together for me was Professor itself as a holistic school that cares as Wharton. For the last semester, I was Jamshed Gandhi, a very interesting, much about the outcomes of this world,

16 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 JOSEPH WHARTON AWARDS

as the output of the world. I think it would the connection to powerful families in in interest. This is a very important be a huge benefit for the University to Asia, then forget it. So how do we use piece of information. Impact investing say that boldly. I hope the new dean capital markets for doing social good is happening on the shoulder of can do that. Combining efficiency with and, in the process, democratize capital microfinance. Microfinance could happen, effectiveness and output with outcomes markets? We start by creating these because a lot of support went behind it — I think there is a vacuum for Wharton accelerators (Impact Accelerators) that from both the donor side and the private- to fill. nurture at the early stage of the social sector side. We are beginning to see enterprises, with the hope that they can similar patterns for impact investing in Tell us about Impact Investment then graduate to the private placement general. This is good news. Exchange Asia. What is the difference platform. We have an accelerator in between it and philanthropy? the Philippines and are in the process What are the steps of setting up a social of creating one in every country we The difference between this and just stock exchange? operate in Asia. giving money to charity is that this We established Impact Exchange in 2013. enables you to have a more sustainable To date, Impact Partners has raised The first step in setting up the world’s first effect. For example, my goal is to bring almost $12 million. You cannot have the social stock exchange was an enormous electricity to the world’s poor, but I exchange if you do not have this earlier- amount of regulatory work, approaching am going to do this in a financially stage capital coming into the system. bodies like the SEC in various countries. sustainable way. Whoever is providing We did not have it in Asia or Africa. Over We managed to get the government of capital, it is in the form of an actual the past five years, we had to create the Mauritius to accommodate the exchange. investment, not a donation, and they will infrastructure, as well as the financial Mauritius, east of Madagascar, has expect a financial return. Impact investing products — for example, interesting business in Asia and close ties with India allows you to work toward financial structures and bonds — similar to what — the population is mostly Indian, and stability. We are the intermediaries of Wayne Silby did with Calvert. they speak French. making this happen. In any kind of a structure, you need the intermediaries, The process was not only setting up the How did IIX get funded? platform and financial structure for it to exchange but also everything leading work. In terms of impact assessments, After Wharton, I stayed in the U.S. and up to the exchange. We needed the which are done by Shujog, my other worked at the World Bank, and then infrastructure and capital for growth- company, there is now a mechanism in at Hearst Magazines. Later, I started stage organizations, and capital for the place to calculate the social impact. That a company, OneNest, which was to startup. So, for me, as I was doing the social impact allows you as an investor to provide a market for women making exchange, I knew it would take a while. see the financial returns. ethical and handmade goods all over the globe. I ran it for five years and It was an enormous amount of work to eventually sold it, because the investors create a separate board that looks at How do private placements fit into IIX’s did not have patience for the social the social side. All of that work is done; strategy? mission. When I sold the company, it Impact Exchange is live. What we need A private placement platform allows was with a lot of relief and reflection. I to do, now, is to start populating the accredited investors to directly invest into moved back to Asia and began writing. exchange, and for people to come and these organizations. For example, Sun- I wrote about how this space should use the exchange. The message is that eee, an organization that was on Impact be looked at, and how difficult it is to there is an exchange for organizations to Partners, our private placement platform, survive in a world that is so myopic raise capital and achieve social impact. was supporting independent power about being driven just by profit, instead We are also now in the process of plants in Cambodia to convert diesel of asking if we can make profit and structuring some financial products and usage into biofuel and take the electricity do good at the same time. My writing putting it up on the exchange for people to off-the-grid rural areas. Over 80% of got picked up by the Rockefeller to buy and sell. For example, we are Cambodia does not have electricity. The Foundation. It invited me to a gathering now creating a women’s impact bond, company is for-profit, but is making a in Bellagio, Italy, to look at how it which is a brilliant way for the Wharton social impact. We raised over $2 million could change the financial system community to get involved. Already, a for Sun-eee and worked closely with Sun- in a more holistic way. This was in number of global investment banks and eee. Now Sun-eee is bringing electricity 2009 and in the aftermath of the 2008 law firms are getting involved with it. to 20,000 households. Impact Partners, global financial crisis. It was after this The bond will be ready soon, but in the the private placement platform, has no gathering that Rockefeller Foundation meantime, you can sign up on Impact liquidity, so in the near future, it needs Managing Director, Antony Bugg-Levine, Exchange (www.impactexchange.asiaiix. the exchange. This is where Impact encouraged me to start IIX and funded com) to express your interest in the bond, Exchange, our social stock exchange, me to do so. comes in. or you can sign up on Impact Partners It is worth noting that, in 2008 as an investor and start investing directly Why does capitalism work so well in when the financial markets were into smaller growth companies that are America? Because you have capital melting, microfinance as an asset impacting the lives of millions in Asia and available at every stage of growth. We class continued to give 14% returns Africa. ♦ – KT don’t have that in Asia. If you don’t have

READ ARTICLES ONLINE AT READWNY.COM | 17 SPEAKER SERIES THE ONLINE WORLD DOES NOT EXIST WITHOUT THE PHYSICAL WORLD Wharton Professor David Bell at a WCNY Speaker Series Event

David Bell’s latest book Professor David Bell, speaking to alumni.

What you do in the virtual world — how apparel. One might think that catalogs are like the Internet, so why not take what does well there and throw it online? Books you search for information, what you as a category was No. 25 in catalog sales. The reason that Bezos didn’t choose clothes was that he realized that clothes shop for, what you read — is influenced have nondigital attributes, meaning customers have to touch, by where you live. This is one of the feel and sample them. Bezos wanted to sell things that had only digital attributes, meaning everything about the items interesting take-aways from Wharton can be communicated in this new medium. So if one buys a book online, it won’t be a different topic; it won’t be by a Marketing Professor David Bell’s new different author; and it won’t be shorter or longer.

book, Location Is (Still) Everything. Bell spoke a lot about how the Internet removes friction, which he defined as impediments to getting what is wanted. As part of the Wharton Club of New York Speaker Series, on Bell who hails from New Zealand explained, “Imagine it is September 18, David Bell, discussed his book with about 40 1987, and you want to watch the Rugby World Cup finals. alumni. “It’s not about the location of your physical store, but the location of your customers relative to the options they What is the process by which I search for the best price for a have,” Bell said. “There are still three things that matter in big-screen television? You get in your car, drive across town retail: ‘location, location and location.’ You can’t treat online and discover the store’s price is $1,000. What is the next and real worlds separately.” decision now that you have sunk costs? You might think, if I drive 10 minutes to a second store, I might get it for $900. So Bell asked audience members if they knew why Jeff Bezos you do this kind of expected costs versus benefit. There’s a chose books for his online launch of Amazon in 1994. What fellow named George Joseph Stigler who won the Nobel Prize did they think is the No. 1 category sold in catalogs? It was for computing the mathematical formula for the optimal

18 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 SPEAKER SERIES Geography isn’t something random — it has a specific structure. How cities develop and how people with similar demographic information and interests share the same geography is a matter of importance. amount of search. The Internet comes along, and removes geographical friction (there exists a physical distance that friction with applications like Milo.com developed by between the consumer and the product). For e-commerce Wharton undergrad, Jack Abraham. Not only search friction, companies, geographical friction is more than just prolonged but also the frictions of standing in line, the store being open shipping time or delayed delivery. It is possible that only 12 hours per day and others.” customers want to buy online products originating only from neighboring countries, as adjusting to their language and Tom Molar, husband of Kea Molnar, WG’11, asked, “Has demography is easier, and their tastes are also somewhat anyone calculated the consumer waste of irrational similar. purchasing, encouraged by the lack of friction? If there is a certain amount of friction, you have to think before you buy. Adjacency: Word of mouth is the best marketing medium. Now you don’t have to think. So has anyone looked at the Consumer base grows in pockets, and what people are waste to you or consumers in general from taking too many saying about your product impacts this growth. When a Uber rides, because you don’t see the price, or grab that friend talks about a product, this is more likely to influence product online because it’s so easy to buy?” your customer than any online search. And if an influential customer is talking about your offerings, the adjacency effect Bell responded, “That’s a great question. A fellow professor gets doubled. wrote an essay, Always Leave Home Without It — the idea is that if you don’t have a credit card with you, then you’ll be Vicinity: The Internet brings together people from diverse less likely to order dessert, or purchase a larger model of any locations but similar interests into the same online item. vicinity. Bell explained this through the “spatial long tail” concept. Initially, 80% of product acceptance comes from “Another professor at UPenn goes on CNN at Christmas, geographically proximate places, while the remaining 20% saying, ‘Don’t buy anybody gifts.’ His theory is that, when comes from the vicinity. Later, this ratio changes to 50-50. Uncle John pays $500 for an iPad for his nephew who values So, e-commerce may start in any location, but gradually, it it only at $400, dead weight is created. So he extrapolated will gain traction from people with shared preferences, even if that several billion dollars are wasted each year. Then they are spatially diverse. he asks, ‘Who in the family gives the optimal Christmas present?’ Yes, the grandmother who gives a little envelope Isolation: Isolation occurs in geographies with limited offline with cash.” stores or with stores that are underserving. This encourages people to shop online. For example, Jeff Bezos’ first Amazon Nora Ostrovskaya, WG’99, asked about friction created customer lived 50 miles away from a physical bookstore. online, when customers can’t obtain their purchases immediately, they might have to return it, or it may not work Topography: Here, Bell highlighted the coexistence of the properly. Bell agreed, saying that’s why e-commerce is only online and offline worlds. Thanks to this ever-evolving 8% of commerce in the U.S. and 10% in the U.K. landscape, the two worlds are merging together. The tremendous success of social media is an apt example that Bell’s insights about the influence of location on online explains how we are sharing our real-world experiences with purchasing decisions are encapsulated in an acronym the virtual world — and so are smartphones. Today, if we GRAVITY. “You need to have an acronym for a popular book,” own a smartphone, we can carry the virtual anywhere with he explained. Each letter here denotes a factor that relates us. It is this connection between the online and offline worlds the online and offline worlds, and influences customers’ that e-commerce brands can leverage. online behavior: You: Here, Bell dropped the ball in his readers’ court and let Geography: Where your customers live is crucial in them decide how they will leverage the above principles to understanding their online behavior. Geography isn’t grow their e-commerce brands. something random — it has a specific structure. How cities develop and how people with similar demographic Bell concluded, “When you go into the online space, you have information and interests share the same geography to remember that people still live and make choices in the is a matter of importance. Understanding this helps in real world. establishing a good foundation toward predicting customers’ online decisions. Randy Rayess, W’13, GEN’13, contributed to this article. Randy is co-founder at VenturePact. You can reach out to Resistance: This notion talks about how the Internet has him on Linkedin and Twitter @RandyRayess ♦ helped consumers overcome certain frictions, such as

READ ARTICLES ONLINE AT READWNY.COM | 19 JOSEPH WHARTON AWARDS JOSEPH WHARTON AWARD FOR LEADERSHIP, 2014

Alex Gorsky, WG’96 Chairman of the Board and CEO, Johnson & Johnson

Alex Gorsky, proud of being from a big family in Some of my Wharton professors a small town, is the dynamic leader of Johnson are here tonight. I want to say, & Johnson. He received the Leadership award “Thank you,” to Professor Howie at the Joseph Wharton Awards Dinner in Kaufold, W’75, who was running October, with a large contingent of his company WEMBA (Wharton Executive MBA) present to honor him. Following are excerpts at the time, who smoothed over the from Mr. Gorsky’s speech damage done by my study group behind the scenes … to Professor I doubt Joseph Wharton could have David Reibstein, who told me that, if I imagined 133 years ago when he created the didn’t get this last class right, I might charter — actually a values-based charter not graduate … and to Professor — that Dave [Gilboa] and Neil [Blumenthal] Mike Useem, HOM’91, who taught would start a company the way they have, that it is important to graduate that we would be doing social financing, knowing not only IRR, NPV and that so many of you are making a difference WACC, but also what it means to best to help patients live longer, happier, in your industries. It’s remarkable what have values as a leader, and how to make healthier lives. Without them, there is no Wharton alumni have accomplished. difficult decisions. way that we can do what we do. Ultimately, the values of the school are what would be most important to him — and what My J&J family, about 140,000 of them — J&J is the largest medical device we will be remembered for — years down the nothing motivates me more than getting company in the world. We have scientists road. up every morning knowing how many who are, right now, working on a solution of them are up early, up late, giving their for the Ebola virus.

ALEX GORSKY, WG’96, is Chairman of the Board and he was responsible for Johnson & Johnson’s Medical Devices CEO of Johnson & Johnson and Chairman of the Executive and Diagnostics segment, the largest business of its kind Committee, the company’s senior leadership team. He is the in the world; the Johnson & Johnson Supply Chain, which seventh person to serve as Chairman and CEO of Johnson & includes a global network of 140 manufacturing facilities; Johnson since it became a publicly traded company in 1944. the Company’s Government Affairs and Policy Group; the Company’s Health Care Compliance and Privacy Group; and Mr. Gorsky began his career at Johnson & Johnson as a sales the Johnson & Johnson Development Corp., the company’s representative with Janssen Pharmaceutica in 1988. Over the venture capital subsidiary. He became CEO on April 26, 2012 next 15 years, he advanced through positions of increasing and Chairman of the Board on December 28, 2013. responsibility in sales, marketing and management. In 2001, he was appointed President of Janssen, and in 2003, he was Mr. Gorsky was named the 2009 Mentor of the Year by the named Company Group Chairman of Johnson & Johnson’s Healthcare Businesswomen’s Association. He is the Executive pharmaceuticals business in Europe, the Middle East and Sponsor of two Johnson & Johnson employee resource groups, Africa. the Women’s Leadership Initiative and the Veteran’s Leadership Council. In early 2009, he was appointed Worldwide Chairman of the Surgical Care Group. In September 2009, he was appointed After earning a B.S. from the U.S. Military Academy at West Worldwide Chairman of the Medical Devices & Diagnostics Point, New York, he spent six years in the U.S. Army, finishing segment. his military career with the rank of Captain. He and his wife, Pat, have a son, Nicholas Gorsky W11. You may read Mr. In January 2011, Mr. Gorsky was named Vice Chairman of Gorsky’s full bio here. ♦ Johnson & Johnson’s Executive Committee. As Vice Chairman,

20 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 CAREER SPEAKER SERIES LEADING THE LIFE YOU WANT Skills for Integrating Work and Life – Wharton Professor Stewart Friedman at a WCNY Career Speaker Series Event

him in 2008 and 2009, I became very interested in his work in the work-life integration space. Total Leadership helped me begin to articulate my definition of success. Leading the Life You Want offers extensions on these ideas, which I wanted to share with the Wharton alumni community. Stew jumped at the opportunity to address this influential group.”

(above) Hanna Kamaric, W’14, Greg Fraser, Andrew found, overall, this evening WG’03, Professor Friedman, and Umang had two significant take-aways. Malhotra, WG’11. (left) Stew Friedman, Andrew “First, accomplishment in one’s Stern, W’10, Wendy De La Rosa, W’11, and career comes not at the expense Hanna Kamaric, W’14 of the rest of life, but because of commitments at home, in the community, and to the private realm of mind, body and spirit. A thought-provoking event on life skills Second, leading the life you want requires striving to help others.” was held on October 20, organized by members of the WCNY Career Series Umang Malhotra, WG’11, founder of The Ideas Team, said, “I enjoyed his perspective on the 3 core dimensions for team, Charles Forgang, W’78, and integrating work and life. The talk was relevant, informative Andrew Stern, W’10. The venue was and grounded in research. I especially valued his curated one of those 37th-floor wood-paneled action steps and suggested exercises to practice skills associated with each dimension.” Gregory T. Fraser, WG’03, conference rooms with artwork and Chief Marketing Officer at Vertana Group, shared, “What a mammoth conference table that resonated most with me was the paradox of slowing down easily accommodated the 35 attendees. to speed up — the idea that taking time away from your Everyone took a moment to introduce immediate needs to reflect and gain balance can actually himself or herself, a nice tradition. make you more productive in each area of your life. I ended up connecting with two people as partners. We’re Professor of Management Stewart Friedman’s presentation each checking in to discuss how we’re proceeding with our started with a simple challenge: “Are you leading the life you personal action step from the session, and we are finding that want?” While many of us feel our lives are “full,” Stew pushed the continued dialogue is a valuable part of a process that attendees on if they are merely stretched too thin. He shared requires rumination and action.” stories of remarkable people who act with authenticity and creativity in integrating the various domains of life. Attendees Andrew Stern contributed to this article. Andrew works on the completed a brief self-assessment to identify which of these Leadership, Learning and Organizational Development team leaders they most resemble. Participants then partnered at Bloomberg, and is actively involved with the WCNY’s career up to share one action they could take to improve their development committee, where he organizes panels and other performance. events that support members’ career transitions and growth. You can reach Andrew at [email protected]. ♦ I asked Andrew Stern how he brought this event to fruition. “While studying under Stew Friedman in 2007 and TAing for

READ ARTICLES ONLINE AT READWNY.COM | 21 THE WHARTON CLUB OF ADVERTISEMENT NEW YORK APPRECIATES THE ENTHUSIASTIC SUPPORT OF THE FOLLOWING Hardware Engineering PREMIUM MEMBERS: Manager and Architect BENEFACTOR MEMBERS: Available for Consulting Ramkrishan Hinduja, BSE, WG’91 Hinduja Group of Companies Regional Chairman, Americas or Full-Time Position (212) 355-0755 www.hindujagroup.com

Daniel Lowy, WG’13 LFG America Paul Grabbe Investment Manager, Private Transactions PAUL GRABBE (646) 681-2225 www.nyscq.com 732-693-3432, [email protected] Christopher Stavrou, WG’67 Stavrou Partners, LP General Partner (212) 297-6110 Experienced hardware engineering GOLD MEMBERS: manager (and husband of Wharton Michael Graves, W’95 SAC Capital Advisors alum) seeking new Portfolio Manager opportunities. I have over 15

Daniel Katz, W’87 years of startup experience in designing PSK Supermarkets and developing revenue-producing, cost- Vice President (914) 667-6400 effective hardware products. Examples: (1) I built a hardware team that designed Allen Levinson, W’77, WG’78 Credit Risk Advisors, LP new products for emerging markets in Principal less than one year from the initial group (201) 934-7768 formation; and (2) I developed two new Alan Vanderborght, WEV’05 products with a 30% cost reduction over Torreya Emerging Markets the previous design, resulting in a new CEO (609) 970-4398 contract. I have built and led engineering www.torreya-em.com teams, and developed a main interface

Janice Stanton, W’81 with business development and sales. Contrarian Capital Management I have an M.A. in physics and electrical President and Portfolio Manager (203) 862-8204 engineering, Bell Labs blue-chip R&D www.contrariancapital.com background, and multiple patents. U.S.

Karl O’Farrell, WG’89 location-agnostic. Paul Grabbe can be Centrifugal Associates Group, LLC reached at 732-693-3432, pgrabbe@ Founding Member, Chief Operating Officer verizon.net and www.linkedin.com/in/ pgrabbe

22 | WHARTON CLUB OF NEW YORK | WHARTONNY.COM | WINTER 2014 CLUB TAKE THE CALL!

THE WHARTON Promote yourself! Find opportunities ALUMNI COMMUNITY offered by your fellow Wharton alumni! IS ONE OF THE MOST Help alumni get answers! Gain ideas and EXCLUSIVE AND useful information! Just submit www. POWERFUL NETWORKS whartonny.com/forum.html. Here are IN THE WORLD. A some excerpts from the latest Take the headquarters. Please contact ericle@ KEY ELEMENT TO Call Forum. payoneer.com. Eric Lesser, W’07. In-Home Music Lessons — Manhattan! OUR SUCCESS IS Looking to Hire Management Varta Academy of Musical Arts offers THE WILLINGNESS Consultants! in-home lessons in Manhattan for piano, OF ALUMNI TO HELP We are a growing boutique management violin, guitar and voice. Please contact consulting firm to Fortune 1000 OTHER ALUMNI. TAKE [email protected], 347-229-2458. companies. If you have a management THE CALL IS A SIMPLE Milen Petkov, GEX’05. CONCEPT: WHARTON consulting background and are interested in working in a dynamic Fashion iPhone App Needs PR, ALUMNI SHOULD BUY Marketing Advice! FROM, HIRE AND HELP environment, then please contact ned@ covehill.com. Ned Schoenfeld, W’83. We built an iPhone app that helps young WHARTON ALUMNI. women quickly decide what to wear. AND IF A FELLOW WHARTON Seeking Entry-Level Analyst for Top We would be thrilled if anyone could ALUM CALLS US FOR ANY NYC Late-Stage Startup! offer advice on publicity, marketing, REASON, WE TAKE THE CALL. Payoneer, one of the fastest growing connections to Apple, etc. Thank you!! THE TAKE THE CALL FORUM global companies in the financial Please contact mattmaroone@gmail. ALLOWS YOU TO DIRECTLY technology space, is seeking a Finance com, (213) 440-1333. George Schultz, REACH 30,000 WHARTON and Corporate Development Analyst WG’13, Matt Maroone, WG’13. ALUMNI IN THE NEW YORK CITY within the office of the CFO to join the METROPOLITAN AREA. team at the company’s New York City

YES, I want to be a Contributing Member of the Wharton Club of New York, giving me benefits including: y More access to fellow alumni y 1/2 price on most WCNY events y Eligibility for leadership positions y Special, members-only discounts on special services, and health insurance.

Name Credit Card Number

Address Expiration Date

Supporting Membership - $95/year Town/State/Zip Silver Membership - $500/year Gold Membership - $1,000/year Phone Benefactor Membership - $4,000/year – includes membership in the Penn Club Email

To complete your application online, please visit http://www.whartonny.com/memsub.html Or please complete and mail to: Wharton Business School Club of New York, 485 Madison Avenue, Suite 747, New York, NY 10173 Questions? Contact Gabriela Sanchez at [email protected] WCNY–CALENDAR Check website for full details on exceptional upcoming events! Whartonny.com/events.html

Getting More for Executives in Work and Life Don Giovanni at The Met Author Speaker Series Special & Social Events Committee Wednesday, January 14, 2015 at 6:00 p.m. Wednesday, February 11, 2015 at 7:30 p.m. Location: Midtown (the address will be emailed to Location: The Metropolitan Opera at Lincoln all registered guests prior to the event) Center, New York, NY 10023 Professor Stuart Diamond presents his new model Join the Wharton Club of New York at Lincoln (the most sought-after course at Wharton) based Center on February 11th for the Metropolitan on his book Getting More: How You Can Negotiate to Opera’s production of Wolfgang Amadeus Mozart’s Succeed in Work and Life. brilliant Don Giovanni.

Wharton Club of New York Volunteer Orientation Business for the Arts Tuesday, January 20, 2015 at 7:00 p.m. Special Interest Speaker Series Location: Midtown (the address will be emailed to Monday, March 16, 2015 at 6:00 p.m. all registered guests prior to the event) Location: Midtown (the address will be emailed to Do you know how the Wharton Club operates? all registered guests prior to the event) Would you like to be involved? Here’s your chance Claudia Moscovici will describe what art can do to find out. for business and what business can do for art by introducing the notion of a modern day salon. The Wharton Global Conversations Tour featuring Dean Geoffrey Garrett Tuesday, February 10, 2015 at 6:30 p.m. Location: Grand Hyatt Grand Central. 109 E. 42nd Street, New York, NY 10017 Wharton Dean and Reliance Professor of Management and Private Enterprise; Professor of Management; will share his core priorities for the Wharton School and lead engagement with alumni.