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BUSINESS
Spring 2014
Georgetown
Georgetown University McDonough School of Business Flavor for the
restaurant business behavior

The cost of CEO bad
inside look at Executive Education
BONUS: An
Alumni tap emerging markets
Invest in the Future
eorgetowns McDonough School of Business is committed to rewarding excellence and providing nancial assistance to deserving students in all of its programs. One of the most important recruiting tools is strategically targeted scholarships that attract candidates with academic merit, the potential for leadership, and the ability to contribute to the overall strength of the educational experience. The Georgetown McDonough MBA Programs are comparatively young and thus without access to the strong scholarship endowments that competitor schools enjoy. Additional scholarship funding is needed to continue improving the quality of the McDonough MBA experience and the strength of our entering classes. Help Georgetown McDonough recruit the best students and remain competitive with other premier business schools. Invest in the future by supporting MBA student scholarships. Visit msb.georgetown.edu/giving.
SPRING 2014
BUSINESS
Georgetown
Contents
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Georgetown Universitys McDonough School of Business
Bad Behavior
by Melanie Padgett Powers
Want to avoid fraud in your company? Do a background check on your CEO. Georgetown McDonough research explores the connection between executives bad behavior in life and in business.
Emerging Africa
by Heather Boerner
Thanks to Georgetown McDonough alumni and students, the prospects on the continent are bright. They are fueling growth in markets with massive potential.
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A Taste for Business

by Melanie D.G. Kaplan
Take a plate of business acumen. Add a dash of entrepreneurial spirit and a sprinkle of service. Call it the perfect recipe for success in the restaurant industry.
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On the cover: A birds eye view of Cape Town, South Africa, one of the locations for Georgetown McDonoughs Global Business Experience for graduate business students.
Photo by davidwallphoto.com/Alamy.
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Georgetown University McDonough School of Business
BUSINESS
DEAN
Georgetown
From the Dean Dean David A. Thomas offers his take on the global reach of Georgetown McDonough alumni.
3 4
David A. Thomas
ASSOCIATE DEAN AND CHIEF MARKETING OFFICER
Chris M. Kormis
ASSISTANT DEAN FOR COMMUNICATIONS
Teresa Mannix
EDITOR AND DIRECTOR OF EDITORIAL SERVICES
News Keep up to date on life at Georgetown McDonough with stories on the schools expansion to Tysons, the Global Business Initiative, a new speakers series, new partnerships, and more.
Lauren Pauer
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Faculty Spotlight 12 Do Mix-and-Match Products Work? Modular design is common in big-ticket items such as airplanes and spacecraft. Three professors ask: Why hasnt it taken ight in consumer electronics?
DESIGN AND PRODUCTION
McMURRY/TMG, LLC
MANAGING EDITOR
Chris Blose
ART DIRECTOR
Jeffrey Kibler
PHOTO EDITOR
Alumni News and Class Notes 31 Momentum Find out about the three As for alumni: action, advice, and advocacy. 32 Alumni News and Events Georgetown McDonough has been busy across the country and around the world. 35 Skills for Global Success With an eye on sustainable business in Latin America, Daniel Gonzales (GEMBA 13) works at the intersection of business smarts and social good. 37 Standing Firm Sandra Hanna (MBA 00, JD 01) went from managing Grammy-winning recording artists to earning accolades as a top lawyer in the eld of nancial fraud. 39 A Cause Born in Tragedy Jay Tedino (BSBA 05) will never forget the day he lost his friend in a house re. Thanks to his foundations re-safety efforts, other students wont face the same loss.
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Sara Elder
COPY EDITOR
Gayle Bennett
PROJECT MANAGER
Connie Otto
PRODUCTION ARTIST
Brenda Waugh
CONTRIBUTORS
Heather Boerner Melanie D.G. Kaplan Jennifer Lubell Kery Murakami Melanie Padgett Powers Rebecca Scherr
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Georgetown Business welcomes inquiries, opinions, and comments from its readers. Please send an email to GeorgetownBusiness@ georgetown.edu. Alumni should send address changes to addup@georgetown.edu or contact alumni records at (202) 687-1994.
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Business Sense 40 Is Originality Overrated? Could you tell the difference between an original Jackson Pollock and a duplicate made in China? Would it matter? Peter Jaworski, visiting assistant professor of strategy, explores the way we value art.
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msb.georgetown.edu
From the Dean
The Reach of Our Alumni

he quality of a business education extends far beyond the time students spend on campus. At Georgetown McDonough, we also measure our mark by the impact our alumni have in every industry and location you can possibly imagine. To see this impact, simply read this issue of Georgetown Business. You will learn about the global reach of Georgetown McDonough alumni in Emerging Africa. Our bright graduates are doing everything they can to boost economic development in Africas markets, from developing projects that elevate the prospects of poor populations to leading one of the continents largest corporations and serving in government. The alumni in this feature story are driven by a desire to serve business and society in markets that have massive potential. Speaking of serving, Georgetown McDonough is well represented in the restaurant business. The alumni featured in A Taste for Business are used to long hours and a frantic pace, and they ll every role in the industry. They are entrepreneurial founders, executive chefs, enthusiastic owners, growthminded marketers, and forward-thinking investors. On top of that, our own Global Social Enterprise Initiative is doing critical work for the industry helping restaurants navigate the complex landscape of health care reform. You will read countless other examples in these pages: A leader working on serious sustainability issues in Latin America. A lawyer tackling the toughest challenges in nance. A dedicated friend who turned an on-campus tragedy from many years ago into a re-safety foundation that is saving students lives. I am absolutely proud of our alumni and the way they represent Georgetown McDonough around the world. When you read this issue, I am certain you will agree.
Dean David A. Thomas, with Jamey Stowell, Gladys Navarro de Gerbaud, B 94, and Maria Campo, traveled to Panama in the rst stop on his Business Has No Borders Tour.
David A. Thomas Dean
News
MBA Evening Program Expands to Tysons, Va.
eorgetown Universitys McDonough School of Business plans to offer its highly regarded MBA Evening Program in Tysons in Northern Virginia, beginning in the fall of 2014, making the Georgetown MBA accessible to a new population of working professionals in the Greater Washington region. Students will attend classes at Convene, a New York-based conference center network that
opened its rst Washington metropolitan location on April 1 at 1800 Tysons Boulevard. As business continues to grow in Virginia and Maryland, employers are seeking a highly skilled workforce, said Dean David A. Thomas. By expanding our geographic reach, we extend access to our MBA curriculum, which prepares principled, globally minded leaders to serve business and society. The school will continue to offer the MBA Evening Program on the Georgetown campus. By looking beyond the Hilltop, the school is able to expand its footprint without impacting the enrollment capacity of Georgetowns main campus, as well as reach a new audience of students who work or live outside the District. The cohort will uphold the high academic standards
and rigor characteristic of the Georgetown MBA, as well as include the same curriculum and faculty as the main campus programs. Ranked No. 11 by U.S. News & World Report in 2014, Georgetowns MBA Evening Program is the regions highestranked part-time MBA. Equipped with the latest technology and served by inhouse technology and culinary teams, students who participate in the Tysons-based cohort of the MBA Evening Program will have similar amenities as those students studying in the main campus cohorts. Georgetown McDonough chose Tysons for its MBA Evening Program expansion due to its proximity to the regions strong business community, which includes many local, regional, and national headquarters for major employers. The
arrival of Metros Silver Line in 2014 also is accelerating job and population growth in the region and will make the commute to the Georgetown program easier for students arriving from fulltime jobs. Combining the economic growth of Tysons, the reputation of the Georgetown McDonough MBA, and the accessibility to the region afforded by the new Metro Silver Line, the arrival of the Georgetown MBA Evening Program to Tysons will benet hundreds of students and employers in the area, said Elaine Romanelli, senior associate dean for MBA programs. We look forward to becoming part of the thriving Northern Virginia business community.
COURTESY OF CONVENE
Learn more at
choosegeorgetown.com/ tysonsinfo.
New MBA Course Focuses on Developing Women Leaders
his spring, MBA students have had the opportunity to look toward the future and consider their own career advancement through a new course, Developing Women Leaders: Cultivating Your Human and Social Capital. Professor Catherine Tinsley, who has been instrumental in building the Georgetown University Womens Leadership Initiative and cultivating young female leaders, teaches the course. Tinsley was inspired to create a class based on three activities she has found helpful in advancing and empowering women: research documenting gender dynamics; workshops targeting practical skills women need to build human and social capital; and listening to other women. In addition to these, the course
is structured around the six human and social capital skills that she believes everyone needs to advance in their careers. Though the course title might seem to indicate that it is intended solely for women, Tinsley says the examined skill set is benecial to both women and men and can be studied as part of a broader conversation about creating a culture that maximizes an organizations human an talent. Theres no skill that women need to have that men dont need to have, so this course is about advancencement and building your own capital, she says. Tinsley looks forward to working with fellow faculty members, as well as alumni and other
members of the Georgetown community, to continue engaging in the nationwide dialogue surrounding women in prominent leadership positions.
Professor Catherine Tinsley, center, led a discussion on women and leadership at John Carroll Weekend with jewelry designer Kara Ross (C 88); U.S. Rep. Nancy Pelosi; Artemis Rising Foundation director Regina Scully (I 85), and Citi managing director Maria Hackley (B 83).
PHIL HUMNICKY
News
Online Master of Science in Finance Program Attracts Top Students
n Jan. 4, Georgetown McDonough launched its Master of Science in Finance (MSF) program, the schools rst online degree program. The program received 162 applications and enrolled 37 students living in 14 states. The inaugural class has an average GMAT score of 663 and has an average combined GRE score of 319. Many students have advanced degrees. The curriculum is taught through a dynamic learning management system that consists of Anytime Media videos of professor presentations, interviews, problem sets, cases, and team discussion forums that can be accessed at any time and viewed multiple times and weekly MSFLive sessions, where students interact with their professor and classmates much like they would in a classroom. We are committed to building a world-class MSF program that will shape the future of Georgetown University, said
Allan Eberhart, MSF director and professor of nance. Our program is a revolutionary change in the way that we educate people. We are convinced that our Anytime Media will be the foundation for all future courses, not just online courses. Though classes are conducted online, there is an in-person component to the 17-month program. MSF students will participate in a weeklong residency on Georgetown Universitys campus as well as the capstone Global Consulting Project abroad. Feedback from students has been enthusiastic. Midway through the programs rst module, students reported that the weekly MSFLive sessions were innovative and very engaging, and several said the online discussions feel like a real classroom. One student wrote about the recorded professor presentations: I look forward to watching the new unit each week! The presentations
have been engaging and have clearly explained the content. I have found them to be much more concise than a traditional lecture format. . . . Its very convenient to be able to pause and rewind.
Learn more about the Master of Science in Finance program at msbonline. georgetown.edu.
New Partnerships for Responsible Leaders
he Global Social Enterprise Initiative (GSEI) at Georgetown McDonough has partnered with three well-known organizations the Case Foundation, Philips, and the American Farm Bureau Federation to help leaders make responsible management decisions that yield economic and social value. The Case Foundation awarded a $100,000 grant to GSEI, led by Distinguished Professor of the Practice Bill Novelli, to support a range of impact investing initiatives committing capital with the expectation of positive nancial and social returns in the United States. The funding is part of a new relationship
between GSEI and the Case Foundation. Jean Case, CEO of the foundation, is serving as executive in residence for the 201314 school year. The grant will support joint efforts to work with the U.S. National Advisory Board to the Social Impact Investment Taskforce, which was established by the G8, to develop policy recommendations and collaborate with existing industry efforts to help grow the impact investing market. In the fall, GSEI announced a relationship with Philips, the health and well-being company, to host a series of three expert roundtables to examine the challenges, opportunities, and necessary action steps
associated with aging well. The goal of the partnership is to remove barriers that prevent Americans from aging in the setting they most prefer. In a recent survey conducted by Philips and GSEI, 72 percent of baby boomers and Generation X said they want to age in their own homes and communities. Kicking off the Aging Well Working Session Series was the Next Generation Tech roundtable, which focused on barriers to technology adoption for older Americans. Future roundtables will center on housing and infrastructure and empowering caregivers. Finally, this spring GSEI announced a partnership with the American Farm Bureau
Federation (AFBF) to help strengthen rural America. The multiyear collaboration will address solutions to building greater economic opportunity and security for those who live in rural communities, starting with a program involving the Georgetown Entrepreneurship Initiative to advance rural entrepreneurship. Initial components of the rural entrepreneurship program on which AFBF and Georgetown will collaborate include a Rural Innovation Challenge to allow rural entrepreneurs to showcase their ideas and business ventures; a national summit on rural entrepreneurship; an online rural innovation hub that highlights stories of rural entrepreneurs experiences, learning, and successes; and training workshops and webinars. 5
COURTESY OF DELTEK
News
Georgetown Parents Endow Speaker Series
eorgetown McDonough students will continue to learn from accomplished business leaders, thanks to a gift from Daniel and Mary Stanton to establish the Stanton Distinguished Leaders Series. The series brings to Georgetowns campus leaders who are renowned in their elds to share their unique experiences with the schools students and alumni and to engage in dialogue about leadership in an ever-changing world. We can learn so much from distinguished leaders who share their interesting life lessons, said Daniel Stanton. Their experiences can be personally motivating and allow us to look at business through a different lens, and thats
important. If the school is able to host a variety of leaders, everyone will benet. When he was a business student, Stanton said, a Goldman Sachs executive who spoke at his school inspired him. Several years later, Stanton coincidentally began a long career at the rm. The Stantons are the parents of Danny, who graduated from Georgetown McDonough in 2012, and Katherine, who will graduate in May. They also serve on the schools Parents Advisory Council. The Stantons began making gifts to create the series in 2010 and fully endowed it in November. In the 201314 school year, the series has welcomed or plans to welcome the following:
John Galantic, president and chief operating ofcer, Chanel Inc. Seth Goldman, co-founder and TeaEO (CEO), Honest Tea Scott Malkin, CEO, Value Retail Daniel S. Och, founder and CEO, Och-Ziff Capital Management Group Kevin Roberts, CEO Worldwide, Saatchi & Saatchi David Steel, executive vice president and head of strategy and corporate communications, Samsung North America Stephen Swad, CEO, Rosetta Stone David Williams, CEO, Deloitte Financial Advisory Services LLP
Faculty Research Garners Media Attention
Daniel and Mary Stanton with their family, Tyler and Elizabeth Allen, Danny Stanton (B 12), and Katherine Stanton (B 14)
o help faculty research impact business practice, Georgetown Universitys McDonough School of Business began a faculty research media outreach initiative to better position McDonough professors in the press as industry thought leaders, desirable sources, and knowledgeable experts. In turn, this initiative helps connect their ndings to those who can apply them in the business world. Nearly a year later, the initiative has earned 14 faculty members media coverage with outlets such as the Wall Street Journal, Financial Times, New York Times, Forbes, Hufngton Post, and Harvard Business Review. In addition, the research is promoted on McDonoughs social media channels and website. The initiative, which has attracted top-tier media attention for every promoted professor, supplements the schools strong media outreach in other areas.
msb.georgetown.edu
News
globally, structure regionally, and manage locally, he said. We chose to study the confectionery industry because it exhibits great complexity in doing all three things. Students presented their research to industry experts who were impressed with the quality of their work. Afterward, Konstantin Eckes, director-general of Lindt & Sprungli SA Spain, said he was pleasantly surprised to see the students exhibit senior management skills already at the age of 20. Junior Chris Onorato described the experience as incredible. He said, I gained valuable exposure to unique challenges faced by multinationals and had the opportunity to develop key communication and presentation skills with the help of industry executives. Jordi Constans, former CEO of Louis Vuitton, said, Ive seen conviction, values, hard work, energy, assertiveness, team spirit, and a lot of passion. Thank you for making me feel reassured about our future.
Undergraduates Pilot Innovative Global Business and Leadership Program
new elective course at Georgetown Universitys McDonough School of Business launched in January took a group of 20 students to Barcelona, Spain, in March to meet with global industry leaders and make strategic recommendations. The course builds upon the schools tradition of providing global consulting experiences for graduate students, an idea pioneered by Georgetown McDonough 20 years ago. Undergraduates now have a similar opportunity to gain an international perspective. There is no way to replicate this transformative experience on campus, said Norean R. Sharpe, senior associate dean
for undergraduate programs. Students expand their traditional business skills by meeting with industry leaders, presenting research to a panel of experts, and experiencing the Spanish culture and economy rsthand. The program was established as a collaboration between the undergraduate program and the schools Global Business Initiative with a gift from alumni Joseph (B 93) and Abigail (SFS 96) Baratta. Georgetown has an opportunity to really dene what is unique about its undergraduate business education, Joseph Baratta said. Its not just to study accounting and nance exposure to different
business cultures is important to be a really successful business person. Last semester, juniors were invited to apply for the pilot course, and they have been learning about operations and global logistics since January. Ricardo Ernst, professor of operations and director of the schools Global Business Initiative, designed the curriculum to focus on the Spanish economy and the effects of the global nancial crisis within Spain and the European Union. According to Ernst, the class addresses how to balance the challenges of a globalizing world with the requirement of local needs. Our students have been learning how to leverage
Undergraduates Place First in Venture Capital, Public Health Competitions
eams of undergraduate students recently won rst place in a national venture capital investment competition and in a regional health competition. In November, a team of Georgetown McDonough students placed rst at the National Undergraduate Venture Capital Investment Competition (VCIC) at the University of North Carolina-Chapel Hill for the second year in a row. Teams were evaluated on how well they identify and mitigate risk, understand the venture capital process, and communicate and work as a team. According to the judges, the McDonough team performed best in the role of VCs as they evaluated real startups and negotiated the terms of an investment. Representing the business school were Darius Babel (B 14), Shilpa Chandran (B 15), Tammy Cho (B 16), Carlos Salgado (B 14), and Evan Zimmet (B 17). That same month, an interdisciplinary team of Georgetown
students placed rst in the D.C. Regional Public Health Case Challenge. The ve-member teams winning public health proposal took aim at reducing hate crimes against lesbian, gay, bisexual, and transgender (LGBT) youth in the District. The case required the teams to serve as consultants and submit mock grant proposals addressing sing the problem of violence iolence against LGBT youth in the District. t. Darshana Prakasam (B 14) represented the McDonough School of Business. 7
News
McDonough Partners With Saudi Arabias Effat University
he McDonough School of Business signed an agreement in December with Effat University, a womens university in Saudi Arabia, to provide accreditation, assessment, and curricular advice for its undergraduate program in the College of Business. Prince Turki Al-Faisal (B 68), a former ambassador for Saudi Arabia, is on the Effat board of trustees, along with his sister, Princess Lolowah Al Faisal Al Saud, who is vice chair. Their mother, Queen Effat, founded the school in 1999. Norean Sharpe, senior associate dean for undergraduate programs, and Ricardo Ernst, professor of operations
and director of the Global Business Initiative, traveled to Saudi Arabia to meet with President Haifa Jamal Allail, Dean Mervat Chuman, and faculty. Sharpe and Ernst also met with chairs and faculty in each of the disciplinary areas to provide input on curriculum, job placement, resources, and the vision and mission of the school. Effat University is dedicated to providing high-quality, world-class educational programs that graduate professionals and leaders who contribute to the development of the Saudi Arabian business culture. The institution also is committed to instilling its students with ethical international business standards.
Georgetown McDonoughs Norean Sharpe and Ricardo Ernst with Mervat Chuman, center, dean of Effat Universitys College of Business
School Introduces Deans Case Competition to Improve MBA Experience
I am pleased and proud his fall, the Georgetown of the quality of the proposals McDonough community began a new the students presented, said tradition, the Deans Dean David A. Thomas, who Case Competition, at which was part of the judging panel. MBA classmates Their presentaI am pleased presented fresh tions were proand proud ideas regarding vocative, engagof the quality how to improve ing, and offered of the a new angle on the MBA student proposals how our students experience. the students can have truly Each team, presented. transformational which included Dean David A. Thomas experiences while both Full-time being in service and Evening to both business and society. Program students, offered Thomas committed to its perspective on ways the working with the three school can solidify classroom winning teams to implelessons through experiential ment their proposals. The learning.
winning teams also received McDonough gear, and members of the rst-place team were awarded iPads and joined the dean one evening for dinner. First Place: Ryan Fuchs, MBA 16; David Slenk, MBA 15; Greg Vallach, MBA 16; and Katrina Zarate, MBA 15 Entrepreneurship in Action: A new experiential learning module that connects entrepreneurship students to alumni with ideas for new business ventures Second Place: Jane Mooney, MBA 14; Tim LaRocque, MBA 15; Humphrey Wireko, MBA 15;
and Benjamin Ziser, MBA 15 Nexus: McDonough School of Business Annual Industry Review, which provides students with the opportunity to study a specic industry and co-author a report on the status of that industry for publication Third Place: Allison Blotzer, MBA 14; Chris Donahoe, MBA 16; Lauren McCoy, MBA 14; and Christine Pfeil, MBA 16 The Ignatius Initiative: Center for Community Engagement, which helps students identify real-world consulting opportunities with local organizations
msb.georgetown.edu
News
MBA and Executive MBA Programs Advance in Rankings
he Full-time MBA program at Georgetowns McDonough School of Business advanced two places from 25 to 23 in this years U.S. News & World Report ranking of graduate business programs. The MBA Evening Program also continues to be ranked rst in the Washington, D.C., region and 11th in the country among part-time programs. Georgetown McDonough also was
listed 12th for schools known for international business.

Financial Times Rankings
The Financial Times included Executive MBA programs in its 2013 ranking, released Oct. 21. The Georgetown-ESADE Global Executive MBA was listed as 15th in the world and
eighth among similar jointprograms that hold classes in multiple locations around the world, up from 19th and ninth the year before. Within the same ranking, the schools Executive MBA was 31st in the world and fth among stand-alone U.S. programs, up from 35th and seventh last year. The publication also ranked the Full-time MBA Program, advancing it four
places to No. 36 in the 2014 Financial Times Global MBA Ranking, which was released on Jan. 27. The program ranked No. 20 in the United States.
Businessweek Rankings
In its biennial ranking of executive MBA programs, Businessweek ranked the Georgetown McDonough Executive MBA Program 18th overall and 15th in the United States.
Dean Thomas Honored as Minority Business Leader
n front of some 400 people at the Ritz-Carlton, Washington, D.C., David A. Thomas, dean of Georgetown Universitys McDonough School of Business, was honored as a 2014 Minority Business Leader of the Year by the Washington Business Journal. Georgetown alumnus Ted Leonsis nominated Thomas for the award. Dean Thomas understands the higher calling of Georgetown University and is leading the business school to meet its destiny as the leading double bottom line graduate institution on the planet, said Leonsis. As an alum, board member, and a parent with a son at the business school, I couldnt be prouder of him. Hoya Saxa! This is the seventh year the Washington Business Journal has presented this award to the regions top 25 minority business leaders for their professional accomplishDean David A. Thomas at Georgetown McDonough's undergraduate commencement, May 2013 ments, community leadership, philanthropy, as well as awards and milestones. School for Boys, who taught Thomas children; Victor Hoskins, I am deeply honored to be nominated and selected to D.C. deputy mayor for planning and economic development; receive this award, said Thomas. My parents instilled in me and Georgetown alumni, colleagues, and students. very early the importance of education, and the opportunities from that education transformed my life. Thats why Im so passionate today about creating transformational experiences for our students to enable them to change the world. Celebrating this achievement with Thomas at the March 20 View a video shown at the awards celebration and read a prole event were Angela Garcia, principal of Bishop John T. Walker about Dean Thomas at bit.ly/Qd0nqJ.
PHIL HUMNICKY
News
Inaugural Class of D.C. Principals Graduates

he rst class in the Executive Masters in Leadership (EML) program for District of Columbia Public Schools (DCPS) graduated Dec. 7 in an emotional ceremony in Georgetown Universitys Gaston Hall. The program was founded a year ago as a partnership between Georgetowns McDonough School of Business and DCPS and was inspired by DCPS Chancellor Kaya Hendersons own experience as an alumna of the EML program. The 25 graduating principals represented elementary, middle, and high schools throughout the District, as well as the Incarcerated Youth Program. During the ceremony, Douglas McCabe, professor of management, was awarded the Best Professor Award. McCabe taught the principals Negotiating in Complex Environments and supervised their Moral Leadership Projects.
PHIL HUMNICKY
The Georgetown Institute for the Study of Markets and Ethics held its fall symposium Nov. 22 on the ethics of lobbying. Discussing the nature of lobbying are Chris MacDonald, Ryerson University; Jacob Levy, McGill University; Waheed Hussein, University of Pennsylvania; and Jeffery Moriarty, University of Pennsylvania.
VIDEO
We are not here to change one life. We are here to change countless, Tim King (SFS 89, L 93) told graduates of the District of Columbia Public Schools Executive Masters in Leadership program at their Dec. 7 commencement. King is founder, president, and CEO of Urban Prep Academies.
PHIL HUMNICKY
RAFAEL SUANES
Actor and entrepreneur Laz Alonso (Avatar) spoke Jan. 24 at the Diversity Dialogue Conference. The inaugural conference for undergraduates included workshops on academic, economic, and recruiting challenges and a job fair.
Garten Rothkopf senior advisor Antoine W. Van Agtmael gave the keynote address at the Global Business Initiatives fall meeting on Oct. 10.
VIDEO
VIDEO
Seth Goldman, co-founder and TeaEO (CEO) of Honest Tea, spoke at Georgetown McDonough on Nov. 11 as part of the Stanton Distinguished Leaders Series and signed copies of his book, Mission in a Bottle.
RAFAEL SUANES
Kaya Henderson, SFS 92, EML 07, chancellor of the District of Columbia Public Schools, told the class, To see you all in Gaston Hall, to see you empowered, to see you transformed, to see you ready to go out and turn this entire city upside down is a dream come true.
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RAFAEL SUANES
msb.georgetown.edu
RAFAEL SUANES
Kevin Roberts, CEO worldwide of Saatchi & Saatchi, discussed global success in the age of the idea at Georgetown McDonough on Feb. 25.
News
Warren Buffett, chair and CEO of Berkshire Hathaway, and Brian Moynihan, CEO of Bank of America, spoke Sept. 19 in Gaston Hall at an event sponsored by the Global Social Enterprise Initiative and Bank of America.
VIDEO
MICHAEL PRIEST
In partnership with the Financial Times, the Center for Financial Markets and Policy held a conference Oct. 30 on the role of shareholder activism in corporate decision-making. Pictured are Bill Anderson, managing director, M&A Group, Goldman, Sachs & Co.; Gary Retelny, president, ISS, and managing director, MSCI; Reena Aggarwal, director of the center and professor of nance; Mario Gabelli, chairman and CEO, GAMCO Investors, Inc.; Viet Dinh, law professor, Georgetown University Law Center; and Stephen Brown, director of corporate governance and associate general counsel, TIAA-CREF.
PHIL HUMNICKY
VIDEO
The Center for Business and Public Policy (CBPP) presented Challenges for the Fed and the Economy in Giving Up Slowing Quantitative Easing on Dec. 12 as part of its Georgetown on the Hill Series. Pictured are John Mayo, executive director, CBPP; Robert Shapiro, chairman, Sonecon LLC, and CBPP senior policy scholar; Harry Holzer, professor, Georgetown University McCourt School of Public Policy; Alice Rivlin, senior fellow in economic studies, Brookings Institution; Carol Corrado, senior advisor and research director, The Conference Board, and CBPP senior policy scholar; and Joseph Gagnon, senior fellow, Peterson Institute.
PHIL HUMNICKY
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RAFAEL SUANES
Research
Vishal Agrawal, Assistant Professor of Operations and Information Management, and Sezer lk, Associate Professor of Operations and Information Management
The Role of Modular Upgradability as a Green Design Strategy, Manufacturing and Service Operations Management (2013). Agrawal also received a Management Science Meritorious Service Award for his reviewer service to the journal.
SPOTLight
Allison Koester, Assistant Professor of Accounting
Presented Does Operational Efciency Spill Over Onto the Tax Return? at the annual UNC Tax Symposium (2014) and the AAA American Taxation Association Mid-Year Meeting (2014).
FACULTY
Preeti Choudhary and Jason Schloetzer, Assistant Professors of Accounting

Boards, Auditors, Attorneys, and Compliance with Mandatory SEC Disclosure Rules, with J. Sturgess, Managerial & Decision Economics (2013). Schloetzer also was appointed to the editorial board of The Accounting Review.
Lee Pinkowitz, Associate Professor of Finance, and Rohan Williamson, Professor of Finance and Stallkamp Faculty Research Fellow
Presented Is There a U.S. High Cash Holdings Puzzle? at the American Finance Association conference (2014).
Christopher Long, Assistant Professor of Management

Managing Authority: Drivers of Managerial Action to Promote Trust, Fairness, and Control in Organizations was selected as the best paper at the New Directions in Management Theory Conference (2013).
Christine L. Porath, Associate Professor of Management

Presented How Giving and Getting Resources in Social Networks Fuel Thriving and Performance, Destructive De-energizers: The Impact of Negative Social Network Ties on Performance and Turnover, and Research on Incivility at the Academy of Management meeting (2013).
Michael Czinkota, Associate Professor of International Business

The Effects of Consumption, Production, and Temporal Migration on Global Markets, with R. Blackwell, Marketing News (2013).
William R. Baber, Robert E. McDonough Professor of Accounting

Accounting Restatements, Governance, and Municipal Debt Financing, with A. Gore, K. Rich, and J. Zhang, Journal of Accounting and Economics (2013).
Robert H. Davidson, Assistant Professor of Accounting

Presented Executives Legal Records, Lavish Lifestyles, and Insider Trading Activities at Duke University (2013).
Prashant Malaviya, Associate Professor of Marketing

Do Hedonic Motives Moderate Regulatory Focus Motives? Evidence from the Framing of Persuasive Messages, with C. M. Brendl, Journal of Personality and Social Psychology (2014).
Turan Bali, Robert S. Parker Professor of Business Administration

Mathematical Methods for Finance: Tools for Asset and Risk Management, with F. Fabozzi and S. Focardi (Wiley, 2013). Bali also was named associate editor of the Journal of Financial and Quantitative Analysis.
Sunita Sah, Assistant Professor of Business Ethics

Nothing to Declare: Mandatory and Voluntary Disclosure Leads Advisors to Avoid Conicts of Interest, with G. Loewenstein, Psychological Science (2013). Sah also was appointed to the editorial board of Organizational Behavior and Human Decision Processes.
Ronald Goodstein, Associate Professor of Marketing

Improving the Effect of Guarantees: The Role of a Retailers Reputation, with A. Roggeveen and D. Grewal, Journal of Retailing (2014). Goodstein also was appointed to the editorial review board of Journal of Consumer Psychology.
Douglas M. McCabe, Professor of Management

Presented Employee Voice and Organizational Due Process: The Most Evidence-Based Research at the Academy of Business Administration Global Trends Conference (2013). McCabe also was appointed to the editorial board of the Journal of Competitiveness Studies.
Simon Blanchard, Assistant Professor of Marketing, and Kurt Carlson, Associate Professor of Marketing and Director of the Institute for Consumer Research
Biased Predecisional Processing of Leading and Non-Leading Alternatives, with M. Meloy, Psychological Science (2014).
Betsy Page Sigman, Distinguished Teaching Professor of Operations and Information Management
Big Data Education: Experiences, Lessons Learned, and Future Directions, Decision Line (2014).
Peter Jaworski,Visiting Assistant Professor of Strategy

An Absurd Tax on Our Fellow Citizens: The Ethics of Rent-Seeking in the Market Failures (or Self-Regulation) Approach, Journal of Business Ethics (2013).
Mary-Hunter McDonnell, Assistant Professor of Strategy

Presented A Dynamic Process Model of Contentious Politics: Activist Targeting and Corporate Receptivity to Social Challenges at Harvard Business Schools Conference on Sustainability and the Corporation: Big Ideas (2013).
Kurt Carlson, Associate Professor of Marketing and Director of the Institute for Consumer Research, and Johny Johansson, Professor Emeritus of Marketing
Contemporary Brand Management (SAGE, 2014).
Victor Jose, Assistant Professor of Operations and Information Management

Measures of the Economic Value of Probabilities of Bankruptcy, with D. Johnstone, S. Jones, and M. Peat, Journal of the Royal Statistical Society: Series A (2013). Jose also received a Management Science Meritorious Service Award for his reviewer service to the journal.
Marlene Morris Towns,Teaching Professor of Marketing and Academic Director for the Georgetown Institute for Consumer Research
How Urban Culture Transcends Borders, Harvard Business Review (2013).
Neeru Paharia, Assistant Professor of Marketing

Presented Framing the Game: How Positioning Brands in Competition Motivates Political Consumption at the Theory + Practice in Marketing Conference (2013) and the Association for Consumer Research Conference (2013).
Jie Yang, Assistant Professor of Finance

Presented Financial Constraints, Firm Structure, and Acquisitions at the European Financial Data Institute meeting (2013).
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By Melanie Padgett Powers
BAD
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Georgetown McDonough research shows CEOs with prior legal trouble or a lavish lifestyle may be more likely to oversee rms involved in accounting fraud.
Behavior
Accounting fraud is relatively rare in the business world, but when a scheme is uncovered, the destruction is often as widespread and long-lasting as an EF5 tornado. Millions of dollars disappear, stock price plummets, top executives are ousted, and CEOs and chief nancial ofcers may face heavy nes or jail time. Beyond that, the entire industry often is shaken by the crime, which affects competitors pricing and output.
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MARC ROSENTHAL
What if companies could protect them- alcohol, other drug-related charges, domesselves before fraud ever crossed anyones tic violence, reckless behavior, disturbing mind? What if they could predict which the peace, and trafc violations meant a CEOs were more likely to oversee fraudulent higher disregard for the law. Simply put, if rms? they were willing to break one law, would Georgetown McDonough assistant pro- they be more willing to break another? fessor Robert Davidson asks these quesThere was precedent for such thinking. tions. He researches how executive personal One 2007 study showed that whether or not behavior is related to a rms nancial risk. United Nations diplomats in New York City He reminds us that its not the rm that paid their parking nes was directly related commits accounting fraud; its the individu- to corruption and legal enforcement in their als who lead it. own country. Davidson and his co-authors theorized Davidsons team discovered that if a CEO that the way people live in their personal lives previously had broken the law, the individual could forecast whether they would be more was two to two and a half times more likely likely to commit fraud in their professional to be running a rm with fraudulent activity. lives. Think of the business leaders you know For their analysis, the researchers used who live the straight and narrow never so SEC Accounting and Auditing Enforcement much as a speeding ticket. Would such indi- Releases to compare 109 rms that had inividuals follow such strict tiated fraud between 1992 rules in their professional and 2004 with 109 nonlife and foster an ethical fraud rms. Twenty percent company environment? of the CEOs in the fraud The short answer is yes. rms had broken the law, In fact, Davidsons hypothcompared with 5 percent in esis panned out to a greater the non-fraud rms. Twelve degree than he imagined. CEOs in the fraud rms It turns out that CEOs who had committed serious previously had broken the crimes reckless behavior, law, even minor trafc viodomestic violence, driving lations, were more likely under the inuence, or felto head up rms involved ony drug charges comin accounting fraud and pared with zero CEOs in the Assistant Professor more likely to be named non-fraud companies. Robert Davidson by the U.S. Securities and Even CEOs whose only Exchange Commission as being involved past crimes were trafc violations were more likely to head up fraudulent rms. In fact, a directly in perpetrating the fraud. If you knew a whole lot about a person, large proportion of the CEOs crimes were you could probably predict his behaviors trafc violations. The researchers examined the fraudulent fairly well, Davidson says. There are certain rms to determine the executives involve people who are more likely to do this than ment and found that CEOs and CFOs at fraud others. rms were 42 percent more likely to be named as part of the fraud if they had previLaw-Ignoring Executives For his research, Davidson teamed up with ously broken the law. Davidson and his team also wondered if fellow accounting professors Aiyesha Dey the makeup of a rms board of directors from the University of Minnesotas Carlson helped keep a CEO in check. They examined School of Management and Abbie Smith three board measures: from the University of Chicago Booth School 1. The percentage of board members listed of Business. as independent, having no relation to the The team focused on CEOs and CFOs for rm; a practical reason: These high-level executives are named in about 80 percent of fraud 2. How board members were compensated; and cases, Davidson says. Its really difcult to 3. Whether independent board members commit accounting fraud without one or had prior social connections to the CEO. both of those people being involved. As it turns out, those measures had no The researchers theorized that CEOs legal effect. When a CEO with a prior legal infracviolations driving under the inuence of 16
tion committed accounting fraud, it had no relationship to the strength of the board.
The Role of Lavish Lifestyles

The research also uncovered that unfrugal or materialistic CEOs were more likely to be connected to fraud. The researchers examined public records to determine the number and value of real estate, boats, and vehicles CEOs owned or leased. They then measured CEO frugality based on these assets. CEOs who lived more lavish lifestyles were not more likely to commit fraud themselves. However, they were more likely to lead a rm in which someone else committed fraud. The suggestion: These CEOs foster a corporate culture where fraud is more likely to occur. In fact, previous research has found that frugal people place a stronger emphasis on monitoring systems and controls, Davidson explains. We thought fraud was more likely to happen when theres a breakdown in monitoring and controls. That is exactly what their research showed. Materialistic CEOs also were more likely to oversee rms that appointed an unfrugal CFO, provided weaker monitoring incentives to board members, and had board members who had prior social ties with the CEO. The research also found that unfrugal CEOs were more likely to lead rms that had to issue a restatement due to error a practice that is consistent with weaker controls. Taken together, the results provide strong evidence that, on average, unfrugal CEOs lead rms with relatively weaker corporate governance in some respects, Davidson says. The strength and magnitude of the results of certain tests was a little surprising, because these are reasonably small samples.
What Your Company Can Learn

Davidsons research provides practical guidance for companies that want to protect themselves by selecting executives who will foster an environment of high ethics. Most rms conduct extensive background checks on CEO candidates. Davidson proposes that companies not brush aside minor trafc infractions or minor details in general. He stops short of suggesting candidates be automatically disqualied for speeding violations, but he encourages rms to examine such breaches of the law. What were the circumstances, and how many infractions has the person incurred?
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You really want to pay attention to how people live in their personal life, because for many people thats how they behave in their professional life, he says. Id suggest you would at least want to think about trafc violations and see if that marker adds up with two or three other things. After you get a few small things, they can add up to something big. The good news is that the risk of accounting fraud with an unfrugal CEO at the helm seems to go down a great deal when there is a good monitoring system in place. The board itself, or someone else in the rm, should pay more attention to governance and can choose to keep an unfrugal CEO and the potential benets he or she brings. Davidson also points out that rms may want to evaluate their processes for hiring and promoting internal candidates. Firms You really might not be conwant to pay ducting as extensive attention to background checks on internal CEO and CFO how people candidates as on exterlive in their personal life, nal ones. Plus, if someone has worked their because for way up at the commany people pany in the past 1520 thats how years, the individual they behave may have avoided the in their scrutiny that a newer professional employee or outlife. side candidate would Robert Davidson receive. Additionally, companies may want to take a tougher look at employees up for midlevel promotions. Accounting fraud, though devastating, is extremely rare. However, low-level fraud is happening every day, Davidson says. Unfortunately, public data are not available to study the circumstances or frequency. A public rm doesnt go bankrupt or get any notice if $5,000 goes missing, he says. All rms have problems with theft, and a little extra diligence in hiring midlevel or rank-and-le employees may limit these internal frauds. Boards also can gather much more information about executives than researchers can, and they should take advantage of that opportunity, Davidson says. Boards should think more broadly about behaviors or characteristics and traits when evaluating hires in addition to how they perform in professional roles.
Insider Insight
Trading on inside information is illegal but do executives think it is wrong?
G
debatable.
eorgetown McDonough assistant professor Robert Davidson is using his research on CEO frugality and criminal behavior to examine the prots executives earn when trading their rms shares. Are CEOs who have broken the law or who are considered materialistic more likely to use their inside information to prot? The rm doesnt crumble because the CEO earns large prots trading his rms shares, but its more
frequent than accounting fraud, Davidson says. Insider trading may not hurt a rm directly, but it hurts investors who trade against people with private information. If investors feel they are trading against informed individuals, then they will price-protect themselves, which can lower a
rms share price, Davidson says. Moreover, in certain instances, we dont want to see executives dumping shares before a rm goes bankrupt or before some other large event, he says. Largely, insider trading regulations are designed to protect outside investors. Davidson also plans to examine corporate social responsibility and whether investments in such programs create value for rms. Many companies are engaging in more activities with their surrounding communities, such as donating to nonprots and developing employee volunteer programs. Corporate social responsibility has developed, in part, with the stakeholder view of the rm, which argues that rms have some duty to all who have a stake in the company, including the employees, customers, and community in which the rm operates not just the shareholders. This idea has been around for some time, but in the last 10 to 15 years, it has seen billions of dollars thrown at it, Davidson says. Most everyone believes rms have a responsibility to stakeholders, but the extent to which that responsibility goes, whether the rm should sacrice prots to address those responsibilities, is While companies might genuinely want to help their communities, they also have an eye on increasing sales or performance and boosting their brand. All we have now are anecdotes, but no one agrees on whether it works, Davidson says. Corporate social responsibility is part of the identity of some rms think Ben & Jerrys ice cream or TOMS shoe company. It appears to have worked well for these rms in developing their brand and attracting customers. Other companies donate a lot of money or pursue socially responsible initiatives, but it is not clear whether that has had any effect on prots, positive or negative, Davidson says. It does not appear to be the case that the cleanest manufacturers are the most protable.
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Mohammed Dewji, BSBA 98
Emerging
Africa has the potential to grow blockbuster r economies and several Georgetown McDonough graduates are fueling g that growth.
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A
ZAINUL A. MZIGE
When Mohammed Dewji (BSBA 98) was a child, he lived in a house without a television in a remote part of Tanzania. Today, he looks out his ofce window in a Dar es Salaam high-rise and sees the Indian Ocean.
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By Heather Boerner
The Ethicist
Sola Obadimu sees a bright future for his native Nigeria. After all, Nigeria has the contiNigeria nents second-largest economy, behind only South Africa. His home country has abundant crude oil, a bustling stock market, an active space program, international investment, and a stable, tropical climate devoid of natural disasters. The trick, says Obadimu, is to transition away from years of government corruption and into an economy the world can trust. Obadimu does his part as director of capacity building at the Nigerian Institute of Management, which offers diploma programs in management and sets standards for professional managers. The bottom line is that loans and investment come from condence in business and in leaders, says Obadimu, who 20
Sola Obadimu
has an MBA from the University of Lagos. Bad governance is a liability. It easily discourages investment. This is why we came to Georgetown. Obadimu is one of many Nigerians selected by the institute to participate in a custom program through Georgetown McDonoughs Ofce of Executive Education. Every other year for the past ve years, 20 Nigerian business and government leaders have come to the school, taken customized classes, and role-played real-world leadership challenges. Obadimu was among the 2012 group, just as he was beginning his work with the institute. It was a fantastic experience, says Obadimu, 50. We got to experience the reality of what it means to practice positive leadership and good governance. It has helped to enhance my objectivity and to
erase biases in judgment generally, making it easier to focus on goals and organizational development. Instilling a sense of trust in world economic powers is a challenge. After years of military dictatorships and internal power struggles between the ruling parties and regional groups, Nigeria is trying to transform its reputation away from being known as a haven for email condence schemes and government corruption. Obadimu has been on the front lines of this ght for years. He helped address ethical weaknesses within the countrys corporate governance law as a member of the Nigerian Securities and Exchange Commissions Committee on Corporate Governance of Public Companies. Later, he was the founding executive secretary at the Nigerian-South African Chamber of
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SUNDAY ALAMBA/AP IMAGES
Dewjis story a child of successful traders becoming the co-owner of the largest company in Tanzania also is the story of his country. The eastern African nation that began the 1970s as a socialist enclave now stands as a free-market nation with a 7 percent annual growth rate. I really believe that by 2030, Tanzania could have one of the top ve biggest GDP economies in Africa, says Dewji, 39, group CEO of Mohammed Enterprises Tanzania (MeTL). If we have a proper vision of what we can be, and the business knowhow, we can get there. As a continent, Africa has all the ingredients to be an economic hothouse. It boasts some of the worlds richest reserves of oil, gold, diamonds, cobalt, platinum, and other resources, and is home to four of the worlds fastest-growing economies, as listed by the Economist Intelligence Group. Half of Africans are 19 years old or younger, making it the youngest population in the world. However, reaching that economic potential will take home-grown industrialists like Dewji, as well as foreign investment and entrepreneurial support. Many from Georgetown McDonough have a hand in economic development in Africa, from student projects to custom executive education programs to enterprising alumni.
Commerce, a trade and economic What were trying ourish only with educated development group. There, he to do is break the citizens. participated in the Nigeria/South cycle of the status Achieve in Africa, a nonAfrica Bi-National Commission, quo, where a child prot designed to improve the designed to bring more economic goes through lower lives of Africans by expanding development to Africa. levels of education their access to education and Obadimus experience at and then drops out health care, was born. So far, Georgetown McDonough spurred and helps in the the endeavor has raised more him on. than $140,000, overseen eld. Nigerias 170 million people Brendan Callahan, the expansion of a primary need to be serviced to enable them MBA 13 school in Olasiti, Tanzania, to function as dignied human and begun construction of beings, he says. Nigeria has so much the villages only secondary school, benetpotential. That is why we have decided to ing 800 students. expose leaders in both the public and the What were trying to do is break the private sectors of the Nigerian economy to cycle of the status quo, Callahan says, top leadership training at Georgetown. The where a child goes through lower levels goal is to institute a system where the cream of education and then drops out and helps can rise to the top. in the eld. While Achieve in Africa has roots in Callahans time at Boston University, his The Idealist Georgetown MBA made the nonprot what At a small clinic in Tanit is today, he says. In class, he would draw a zania in 2007, Brendan line down each page in his notebook. One Callahan (MBA 13) held Ta n z a n i a side contained the notes for the class. The babies dying of AIDS; he other listed ideas that could make Achieve saw people who were disin Africa more effective. gured or struggled with Overall, what I learned is that people mental illnesses. He prayed for the courage to enter a room at the clinic are everything, he says. The people on where two men were screaming and ailing so badly that they were tied to their wheelchairs. Slowly, he placed a hand on each mans shoulder, rubbing circles to comfort them. Within minutes, the shaking had subsided to rocking, which led to small smiles on the mens faces. It was a moment Callahan will never forget. We were connecting, he says. It was one of those moments where I realized I could make an impact, that I could do something to change things. When Callahan returned from the trip, he skipped late nights with friends to read up on how to start a nonprot. He learned Swahili. In quiet moments, images of street beggars confronted him. Or he recalled children tugging at his shorts, begging for textbooks. The children moved him most. He never had questioned that books or desks would be waiting for him, or that there would be a school for him to attend. As a busiBrendan Callahan (MBA 13) ness student, he knew economies
our board are what enable the organization to do everything it does. Donors make it all possible. Our people in Africa are our eyes and ears. Those people include Rick Rivera (MBA 13), Achieve in Africas board treasurer, as well as his fellow McDonough students. When the Evening Program Class of 2013 found out about the organization, students donated enough money to buy 91 desks for the school almost enough to ll two classrooms. For now, Callahan works full time leading change and process improvements at Lockheed Martin, but he would like to move Achieve in Africa from an allvolunteer structure to something more professional. The organizations success rests in the dreams of the students, though. Recently, the teachers at Olasitis primary school asked the students what they would like to do for a living. The answers? Pilots, doctors, businessmen. These kids are dreaming of whats possible, he says. If we were to have done this poll ve years ago, I dont think they would be saying those professions. It would have been, farmer, truck driver.
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The Industrialist
When Dewji was born in 1975, Tanzania had been independent from coloTa n z a n i a nial forces for only 14 years. Almost all goods were imported from abroad or from neighboring Kenya. It was good to be a trader, as Dewjis family had been since his grandmother began selling goods out of her rural home. When the countrys economy collapsed in the mid-1980s, Dewji was spared its effects. By then, he was used to accompanying his father on trade trips to China. Soon, he would nd himself in Florida, attending Saddlebrook High School and being voted most accomplished by his peers. The other winner was tennis player Jennifer Capriati. She was a tennis star, he recalls. I was class president. The most accomplished vote was prescient. In the years that followed, Dewji would receive a BSBA from Georgetown and start inuencing his fathers business during summer trips home. If they imported soap, he asked, why not manufacture it ourselves in Tanzania? His ideas caught on. Since graduating from Georgetown in 1998, he has helped to revive domestic manufacturing by buying and rebuilding ailing industries, made MeTL the largest land owner in Tanzania, and transformed his fathers business from a trading company worth $13 million to a conglomerate worth $1.2 billion. Today, if you are a citizen of Tanzania, you are likely to brush your teeth with Mo Dent, shower with Mo Soap, dry off with a towel made in a MeTL textile mill, sit down to a breakfast of chipati made of our, oil, and sugar from MeTL mills, and have tea from MeTLs tea gardens. You likely dress in clothes made by MeTL and hop aboard a bicycle made in a MeTL factory. You may even work in elds owned by MeTL, and you most likely would sell any crops to MeTL to distribute. The company employs about 24,000 people, about 4 percent of Tanzanias formal employment. This is why we call ourselves the peoples brand, he says. We touch the lives of people in all ways. Dewji has driven economic growth as much as proted from it, and he feels compelled to give back. In addition to his business, Dewji has been a member of
Mohammed Dewji (BSBA 98) campaigns for Tanzanias parliament in 2010.
MeTL has helped revive domestic manufacturing in Tanzania.
Tanzanias parliament since 2000. There, he argues for more growth to fund health care, education, and business infrastructure. He wants to expand the port and railroad system, easing the backlog of ships at Dar es Salaams port and potentially bumping up the countrys growth rate even more. What drives me is, of course, the
passion for doing business I like doing business, he says. But its not just about earning money anymore. I like to make money, but I also like to employ people. The more money I make, the more I have to spend in terms of giving back to the country, doing development projects for health care, housing, and schools. 23
A Taste for Bus

From executive chef to owner, marketing master to investor, Georgetown McDonough alumni bring avor to the restaurant industry.
The night of President Obamas inauguration in 2013, Chicago Mayor Rahm Emanuel hosted an after-party at The Hamilton. Maureen Hirsch (BSBA 86), marketing director for Clydes Restaurant Group, found herself outside in the freezing cold, standing on a step stool next to the bouncer, trying to deter party crashers from both sides of the political aisle.
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iness
By Melanie D.G. Kaplan
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KYLE DREIER
He also has found a passion for real estate, having bought the buildings that are now home to Heritage and Pasture. The latter is in the heart of downtown and had been mostly abandoned by retail and residential in the 80s. Today, that neighborhood is on the upswing, the upstairs apartments rent at the drop of a hat, and the restaurant is buzzing. I wanted to do it so much, I never stopped to worry about it [not working], he says of investing in the neighborhood. Part of Marchants moxie can be traced to a retailing class he took at Georgetown McDonough, taught by New York retail consultant Peter Glen. Marchant kept a notebook with gems of advice, including one that he repeats to his employees today: Write down 10 words that describe your life goals and aspirations, then draw a line under that list. Under the line, he remembers, Glen told us to write, F-E-A-R. He spelled it out
Its an all-hands-on-deck company, she says, rattling off nonmarketing tasks she nds herself performing on any given day. You do things like bus tables, take reservations, and run food out of the kitchen. Since Hirsch began working at Clydes as a part-time host during her sophomore year at Georgetown in 1983, she has been with the company which is co-owned by John Laytham, F 66, and which has grown For all its from four restaurants unique to 14 in that timechallenges, frame and hooked the energy, on the industry. pace, and Theres always passion something going on, associated and its never boring, with the Hirsch says. Its odd industry seem hours, long hours. I to draw the havent been able to unsuspecting take a real vacation for years, and sometimes, into its with the customvortex. And thats the way ers, you have to bite your tongue. I never they like it. thought Id be in the restaurant business. But I love what I do. Like Hirsch, many Georgetown McDonough School of Business alumni working in the restaurant industry did not expect to end up there, and they have taken divergent paths to reach their destinations. 26
They are creating new restaurant concepts, joining family businesses, cooking, and investing. They are overworked and can barely conceive of regular business hours or weekends. But for all its unique challenges, the energy, pace, and passion associated with the industry seem to draw the unsuspecting into its vortex. And thats the way they like it.
Ry Marchant, BSBA 75, at Pasture
Of Restaurants and Real Estate

On many mornings, William Ry Marchant (BSBA 75) will be in court serving as a substitute judge in Richmond, Va. By dinner time, he will be catching up with his regular patrons and welcoming new ones at his farm-to-table restaurant, Pasture, which he co-owns with Chef Jason Alley and manager Michele Jones. I was always torn between business and retailing on one side, and government and law on the other, says Marchant, who co-owns Pasture and is a minority owner of the ne-dining restaurant Heritage (formerly Six Burner, which Marchant bought in 2005), also in Richmond. Here I am at 61, still mixing the two. When Marchant was in high school and again before law school at the University of Richmond, he held jobs in the Richmond department store where his father worked. He practiced law in town for several decades, but his interest in hospitality never waned.
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like that, and he said that one word can prevent you from attaining everything above this line. Leaders dont let fear stop them.
Joining the Family Fold

In some ways, Molly Vap OShea (BSBA 01) was prepped for the restaurant industry from the time she was in kindergarten. Her parents had owned a Godfathers Pizza franchise, along with other restaurants, and the kids earned money helping out. The cash went into the bank, and in Vap OSheas case, it paid for a good chunk of her education at Georgetown. After she graduated,Vap OShea took a marketing job at Clorox, taught English in Prague, and then moved back to the United States. By then, the family had developed the HuHot Mongolian Grill concept, and Vap OSheas older brother, CEO Andy Vap (BSBA 92), was leading the charge out of Missoula, Mont. Vap OShea decided to join her brother and parents in the business, working out of Denver, and she took on everything from website development to training servers at
Molly Vap OShea, BSBA 01
Pork and chorizo meatballs, chili grits, and pozole broth from Pasture
each new location. Nine years later, now vice president of franchise development, she often remembers lessons learned from her parents. Theyd say, Be true to the people who work for you, from the top all the way down to the dishwashers, Vap OShea says. And daily, she uses lessons learned in psychology classes, particularly when nurturing the franchisor-franchisee relationships. There are 52 HuHot locations in 16 states, and expansion is part of her job. Its challenging, because franchisees also are very entrepreneurial, so sometimes it becomes the back-and-forth of who knows more, she says. Thats the nature of the franchise model. The challenge is to learn from each other. Also challenging: Because she monitors the business of franchisees, she receives sales reports nightly and is left with the mindboggling job of determining which factors made it a great or lousy day. As the chain expands, Vap OShea can delegate more, but there is still little escaping work. My mind is constantly going, she says. However, she appreciates the challenge. From the marketing to the way you build your business, the space for creativity is so huge. Being part of the family business also brings its own benets. Im much closer to [my family] now than I ever imagined, she says.
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Sweet Entrepreneurship
When Jonathan Neman (BSBA 07), Nicolas Jammet (BSBA 07), and Nathaniel Ru (BSBA 07) were undergraduates at Georgetown, they all, at various times, took an entrepreneurship class with adjunct professor Will Finnerty. One of Finnertys most important lessons was about goal-setting. From day one, he talked about writing out specic, actionable goals, Neman says. So when the three classmates started developing plans for a healthy food concept during their senior year, they examined case studies of companies they admired, such as Apple, Chipotle, and Patagonia. Then they put Finnertys advice to work, and the rest
has been a sweet whirlwind. The trios rst sweetgreen location opened in 2007. Today, there are 22, in ve states and the District of Columbia, with 600 employees. The classmates created the concept because at the time they could not nd much healthy food on campus or in Georgetown. But their mission always has been bigger than kale Caesar and organic lentil soup. Georgetown ingrained in us a commitment to society, Neman says. That became the cornerstone to what we believe: The core mission is conscious capitalism whats good for business is
Nathaniel Ru, BSBA 07, Jonathan Neman, BSBA 07, and Nicolas Jammet, BSBA 07
28
NICOLE FRANZEN
JOSH COGAN
also good for society. The co-founders are serious about sourcing organic and local foods, and they use wind power and plantbased compostable packaging. Today, Neman, Jammet, and Ru work out of an ofce they call the Treehouse Georgetown in the Penn Quarter neighborhood. Neman ingrained says Finnerty invested in us a in the company, and commitment his lessons continue to to society. resonate. For example, That sweetgreen has incorbecame the porated goal-setting at cornerstone all levels from goalbased bonuses to quarto what we believe: The terly personal goals core mission written on a board for is conscious all to see. These goals apply to capitalism. all employees, includ Jonathan Neman, ing the three founders. BSBA 07 Nemans recent quarterly personal goals reect the life of a busy restaurateur: meditating daily and cooking twice a week.
Special Sauce
Unlike many of his peers, Raymond Jackson (BSBA 92) did have an inkling as a student about his future in the restaurant industry. He worked for Marriott Food Services catering events at the university, and he found that he loved working with food. After graduation, he worked as an audit associate for Coopers & Lybrand but he missed the kitchen. He enrolled at New York Citys Institute of Culinary Education. After years working his way up at restaurants, including Emerils New Orleans and Blue Smoke in New York, Jackson was contacted last year by a couple in the Cayman Islands. They had seen his resume online and asked him to partner with them in a catering company there. He packed his bags, left the country, and now is executive chef of Dine by Design Catered Events. Continued on page 30
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Shifting Health Care for the Restaurant Industry

he Affordable Care Act (ACA) brings with it complexity especially for an industry with a workforce of 13.5 million. The picture is further complicated when considering those workers include a large percentage of part-time, seasonal, and transient workers, an overwhelming number of whom are young, are seemingly invincible, and believe they can do without health insurance. Welcome to the thorny health care landscape of the restaurant industry. For clarity, the National Restaurant Association (NRA), which represents more than half of the industry, turned to the McDonough School of Business Global Social Enterprise Initiative (GSEI) for gathering feedback and fostering discussion on its approach to health care-related tools and solutions for the restaurant and foodservice industry. The great challenge for them is really to do the best by their members, says Bill Novelli, distinguished professor of the practice and GSEI founder. When you see a very entrepreneurial industry with low prot margins, plus the complexities of the ACA, you see the challenges. At present, the industry employs a relatively young workforce representing a disproportionately large share of uninsured Americans. However, Novelli says this also is the demographic that needs to enroll for the ACA to be a success. Charged with determining how NRA could help its members, GSEI went to the 2013
National Restaurant Association Restaurant, Hotel-Motel Show and conducted interviews with attendees to learn their thoughts and concerns about health care. The interviews were compiled into a short video that was shown at a GSEI-hosted roundtable in September. This spring, GSEI and NRA released a white paper that discusses the operational challenges, implications, and responses by the industry and identies certain activities the NRA might want to pursue to support its members and the industry as a whole during ACA implementation. The white paper stressed that building awareness of the requirements is only a rst step. Another major step is to get employers to take action, the report says, and in turn, encourage their employees to
take action. There is a need for a consistent set of messages not only to inform, but also to motivate people to use available tools and resources. Roles for the NRA include: Partnering with providers to identify any gap in offerings and developing a private exchange designed to meet industry needs; Promoting best practices among restaurant and foodservice peer groups through online forums, webinars, seminars, etc.; Becoming a one-stop, trusted resource and the go-to education center for all things related to the ACA for the industry; and Working with industry partners to help get the message out to employers, especially small operators, about NRA tools
and solutions. Adrienne Weil (MBA 11), a senior manager of brand and content marketing at NRA, says she does not know of another trade association that is approaching ACA this way, providing such in-depth educational resources and vetted solutions for its members. She says GSEI has been especially helpful in navigating the terrain from a multidisciplinary and product standpoint. Phil Kafarakis (EMBA 09) left retirement last year to join the association as its chief innovation and member advancement ofcer. Kafarakis says the association is creating a marketplace that will help employers nd options for their employees. Weve come a long way in terms of health care solutions for our members, he says.
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Raymond Jackson, BSBA 92
Although the job comes with its fair share of ofce work, Jackson still nds time for the kitchen. My passion is being hands-on, touching the food, trying new sauces, he says. I try to be in the kitchen as much as I can then the paperwork starts to pile up. His culinary degree leads to kitchen creativity, and his accounting gives him expertise when calculating food costs. When youre a line cook, youre concentrating on not getting burned, he says. But as you move up the ladder, its more important to understand dollars and cents. Jackson says he has not yet shed his fastpaced American perspective in the paradise location, but the lifestyle might change him yet. Our company was working on a beach bar during the busy season, he says. At the end of the night, you dont have to get back on the Metro North to go home to Westchester. You watch the sunset over the Caribbean. I can hear the water from where I live.
Investing in People
Paul Murphy (MBA 94) is reluctant to count himself as part of the restaurant industry. But certainly, that industry depends on investors such as him to ourish. Murphy, who serves on the Georgetown 30
McDonough Board of Adviing in restaurants. Since then, sors, is one of ve partners the private equity industry at New York-based private has matured as the restauequity rm Sentinel Capirant industry has evolved. tal Partners, which invests More people eat out today, in casual dining and quickhe says. So that creates the service restaurants. Curopportunity for more types rently, the company owns of dining a blend between 400 24-hour Huddle House quick-service and sit-down, restaurants; in the past, it like Panera Bread, which has owned Taco Bell, Pizza didnt exist before. Hut, and Churchs Chicken Murphy credits his locations. Georgetown McDonough We evaluate restaurants, We evaluate education with boosting his Murphy says. The industry restaurants. The ability to evaluate the indusis all about people, so we industry is all about try. He points to two classes spend a lot of time with the people, so we spend in particular: organizational management team. a lot of time with the behavior, in which he learned He says Sentinel will do management team. about creating a culture of due diligence over several openness and communica Paul Murphy, MBA 94 months, including several tion; and mergers and acquiface-to-face meetings. You sitions, in which he learned need to validate your rst impression and that it is important to analyze numbers, but make sure youre aligning, he says. For not while ignoring strategy, management, example, you can grow through acquisi- and vision. tion, or you can grow by opening up new A deal always looks good on paper, he units.You need to make sure you both want says. You have to create your model and to go in the same direction. look at numbers, but the ethos is human When he began at Sentinel, Murphy interaction, and thats what makes people says, it was one of the few rms invest- successful.
msb.georgetown.edu
BUSINESS
Spring 2014
Georgetown
Worldly Knowledge
Custom Executive Education programs offer new perspectives to global leaders
Exe Sp cutiv ec e E ial du Ed ca itio tio n n
G G G
By Bob Woods
Global
program. There are, of course, differences between the United States and South Korea in the way we run companies and build relationships. Sang Suk Lee was among 16 SK Group executives in the inaugural 2012 cohort. The mechanical engineering team leader in the companys SK Innovation unit, he valued the opportunity to live and study in Washington. SK Innovation wanted to nd a new executive leadership program that offered quality academic lessons and practical participation, Lee says, and Georgetown
PERSPECTIVE
Through a customized leadership program, executives from South Koreas SK Group expand their horizons.
Theyve been playing baseball on the Korean peninsula for more than a century, purportedly since American missionaries introduced the game there in the early 1900s. Today, South Koreas nine major league teams are extremely popular. Even so, when 24 executives from Seoul-based SK Group traveled to Georgetown McDonough last summer for a three-month Executive Education program, a night at Nationals Park provided an eyeopening lesson. Besides visiting with Hyun-Jin Ryu, a rookie pitcher from South Korea for the Los Angeles Dodgers, they learned the differences between the American and Korean brands of the game.
The same could be said for their overall experience. Each was hand-picked by the company to participate in an exclusive leadership training program at Georgetown McDonough. These accomplished managers learned the nuances of global leadership from an American perspective and how it differs from the norm back home. They appreciated getting different management tools, philosophies, and frameworks, observes Ashley Baker, assistant dean of Executive Education at Georgetown McDonough, who was instrumental in developing the SK Group 2 McDonough fullled those requirements. Between site visits and classroom instruction, in a short time they are exposed to a variety of business topics and how they are applied in the United States, says Paul Almeida, senior associate dean for Executive Education at Georgetown McDonough. In 2012 SK Group established three foreign locales for its Global Leaders Program in Latin America, Singapore, and the United States as it expands its businesses in energy, chemicals, telecommunications, semiconductors, and other sectors. The company sent executives to Georgetown for a weeklong program years ago. Pleased with the outcome, SKs leaders worked with the Ofce of Executive Education to design a custom 12-week curriculum. Last summers cohort included senior and upper-middle managers from eight SK sectors. It was the second group to spend June, July, and August at Georgetown. The group embraced the culture. They lived in apartments across the Potomac in Crystal City, Va., and carpooled to Washington in rental cars. Most of them wanted American
Executive Education Special Edition
FRANCESCO BONGIORNI
cars, recalls Imke Baumann, assistant director of program management at Georgetown McDonough, but especially Chevy Malibus.
The language of business

While baseball, Chevrolets, and perhaps apple pie lled the students cultural calendars, there were four core educational elements of their program: Classroom instruction; English language classes; Visits to companies and institutions; and Field-learning projects. The group spent part of May together in Seoul, brushing up on English skills and prepping for immersion in America. After a welcome reception in Washington, they dove into a rotation of two to three classes per day taught by Georgetown McDonough faculty or outside academic and corporate experts. The group visited cultural and corporate institutions in and around the city. They toured and met with representatives of the American Petroleum Institute, DuPont, the Ethics Resource Center, FTI Consulting, H.B. Fuller, the Korea Economic Institute of America, Media Venture Partners, SelectUSA, the Semiconductor Industry Association, and the Telecommunications Industry Association. Participants also were paired with Georgetown McDonough students to improve their English. Their coursework kicked off with International Business, taught by Charles
Students in SK Groups custom Executive Education program met Los Angeles Dodgers pitcher Hyun-Jin Ryu.
Lessons Learned
When executives from SK Group come to Georgetown McDonough, they get an immersive learning experience, with a focus on: Global leadership skills Management tools Academics, including nance, international business, and marketing Networking Relationship-building Teamwork English language skills American culture, from baseball to driving Advice from U.S. corporate and geopolitical leaders Interaction with Georgetown students and faculty
Skuba, professor of the practice in marketing and formerly an ofcial in the U.S. Department of Commerces International Trade Administration and an advertising executive. I customized what we generally teach at Georgetown in relation to strategic frameworks and conceptual underpinnings of international business, Skuba explains. But particularly valuable to the students were lectures about cultural approaches to other parts of the world. They are used to playing by Korean rules, so we are trying to show them other sets of rules and contexts for doing business. Global leaders need to have an open mind and a real understanding of how companies and cultures approach business in the United States and other parts of the world, Skuba contends. SK Group is a very successful company and committed to globalization. We provide their managers with valuable perspective. For example, Lee gained such perspective as part of a team whose eld-learning project examined global warming. Global warming issues are not only important to anybody living on this planet, but also to SK Innovation, which is looking to be a global leader in the green-energy market, Lee says. His team explored the development of technologies to improve energy efciencies in reneries and petrochemical plants and make new green-energy products, as well as international government policies addressing climate change. Among classes, Lee valued his deep dive into statistics, which broadened his approach to analyses and decisions regarding renery technology. On the cultural front, I learned that mutual understanding should
be most important, he says. Acknowledging differences in historical or cultural backgrounds is important for a leader dealing with peers from various other countries. As far as leadership, I learned that I would rather be a servant-leader than a boss, Lee says, referring to a leadership philosophy in which an individual interacts with others, either in a management or fellow employee capacity, with the aim of achieving authority rather than power. Since completing the program, he offers, I have focused on developing my team members capabilities and suggesting strategic directions more clearly as a leader. I try to understand the differences of team members, because each individual has his own character and background. Baker says that simply being outside of ones comfort zone, anywhere in the world, is a useful tool in a leadership-training program. Just having to navigate day-to-day life in another country is a learning experience by itself, he says. Yet the curriculum and the locale of Georgetown McDonoughs custom programs offer distinct advantages, too. Many of the companies that we design custom programs for are headquartered overseas, Baker says. That goes to the strengths of D.C. as a location. Theres so much you can do here. It truly is a global crossroads for business and policy. SK Group plans to send a third cohort to Washington this summer. This program speaks to the level of customization we provide for all of our programs, Baumann concludes. This is a longer program that is tailored to what SK Group needs: leadership training, English language skills, cultural tools, and networking. And dont forget American baseball. w
CHANGE
G G G
Agents
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By Bob Woods
A unique Executive Education program gathers the brightest young, inuential leaders from Latin America.
Global Competitiveness Leadership program students work on The Business Canvas Model in their project development workshop.
They arrived on the Georgetown campus in late January, hailing mostly from warm-weather countries, but undeterred by one of Washingtons wickedest winters of late. The group of 39 individuals, in town for three months, includes business and social entrepreneurs, government and NGO workers, lawyers, educators, a biomedical scientist, and a writer. The one thing they share: a strong commitment to becoming better leaders.
Collectively, they are the eighth cohort of young people carefully selected to participate in the Global Competitiveness Leadership (GCL) program, an annual fellowship run jointly by Georgetowns McDonough School of Business Ofce of Executive Education and the universitys Latin American Board. Individually, the fellows already are making a mark in public and private circles in Ibero-American nations. Theyve been chosen because theyre emerging leaders in their countries, inuential people who, when they return home after 12 weeks, will take what they learn here and multiply it within their own organizations and eventually across their countries, says Ashley Baker, assistant dean of Executive Education at Georgetown McDonough. One aspect of the programs multiplier effect is the formal project each fellow develops. They are expected to implement these projects when they return home. The projects, classroom instruction, and visits to important business, government, and nongovernment organizations provide students a transformative experience. The overall objective of the GCL program is to change the region, to educate the younger generation to be capable of taking leadership positions, says Ricardo Ernst, professor of operations and director of the Latin American Board. helped launch Ensina!, a program modeled after Teach for America, in Brazil. Campos acceptance in the 2013 GCL program was the catalyst for his transition from the private to public sector. It provided me with a different perspective of markets, nations, and the intricate systems and ties between them, he says. He adds that he was offered his current position while studying at Georgetown. While at Georgetown McDonough, his project was called .Prof. He designed .Prof as a free online video platform with content produced by and for teachers. The main objective is to provide teacher training throughout Latin America in a way that is genuine and intuitive rather than government-mandated, he says. The project is based on the premise that well-trained, motivated teachers can change the system of education in Latin America. Back in Brazil, Campos, 34, is working with counterparts in Santiago, Chile, to establish a pilot program.
GARY LANDSAMAN
The 39 individuals in the 2014 Global Competitiveness Leadership program are among Latin Americas brightest young leaders.
A growing reputation
Since its inception, the GCL program has been growing a network of driven and accomplished participants. As that network has grown, so too has GCLs reputation across Central and South America and Spain. We rely on that network to help us promote the program and attract other young leaders to it, says Diane Garza, associate director of the Latin American Board, which Georgetown University created in 2006 to strengthen the schools relationships with Latin America and the Iberian Peninsula. More than 600 applications were submitted for this years program. The requirements are rigorous. Applicants must be high-achieving college graduates between ages 24 and 34 with at least one year of work experience, English prociency, and a commitment to returning home to enact their projects. Selection committees in participating countries, including board members, Georgetown alumni, and supporters,
Valuable perspective
Brazilian Fabio Campos, who participated in 2013, exemplies the programs unique place within Georgetown McDonoughs Executive Education offerings. Campos is program director for the Schools of Tomorrow Program, an initiative of the Rio de Janeiro Education Secretariat aimed at improving 155 of the most underprivileged schools in that city. In 2010 after 12 years in the private sector as brand manager of three major telecommunications companies he crossed over into the nonprot world. He 6
organize the rst round of interviews. The Latin American Board conducts the second round of interviews, in English via Skype, to determine the ultimate participants. Those who make the nal cut each receive a $25,000 scholarship. From their apartments in Arlington, the GCL students cross the Key Bridge to the university ve days a week for a slate of classes, lectures, and other academic activities led by Georgetown faculty, as well as visiting professors from other IberoAmerican countries and institutions. The courses focus on the economic, social, and political aspects of competitiveness and integral development. Interesting questions arise from the many participants with government and nonprot backgrounds. They ask thought-provoking questions about the fundamental role of business in society, Baker says. The faculty are enthusiastic to participate because of the energy that comes at the intersection of not-for-prot,
government, and business people. Thats what energizes the participants as well. They become part of this amazing network that goes well beyond the current class. The students also embark on site visits to D.C.s think tanks, embassies, the White House, halls of Congress, and other institutions. Beyond taking tours, they meet with people involved in Latin American affairs to discuss policies in the region, Garza says. Because education is a cornerstone of leadership development, the students also volunteer a day in a local school, giving lessons on their countries music, art, and history. Back in the classroom, GCL students engage with guest speakers on a range of topics. For example, Patricio Walker, a senator from Chile, and Moiss Nam, the former editor of Foreign Policy magazine, have led lively discussions on critical issues affecting Latin America. The students also work in groups representing hypothetical companies. After researching nancials, negotiating mergers,
and performing other corporate duties, they face off in a competition to see which company develops the best strategy for growth. Although the curriculum relies on a variety of outside inuences, interaction among students themselves is a critical component. The program creates a microcosm, where they live, eat, sleep, and study with people from different sectors and different countries so they can interact and learn from one another, Garza says, What motivates a politician? What motivates a business person? What motivates a nonprot? We want to get them out of their comfort zones and see different points of view. In his classes, Ernst encourages lively discussions and debates, an exercise he considers crucial to leadership development. I provoke and prod them, he says. We dont encourage that one way or the other is best. We are open to anything. We just want them to come to their own conclusions. We give them the facts and the tools to allow
them to evaluate whats good and bad. For Ernst, a native Venezuelan who has lived in the United States for 28 years, being integrally involved in the GCL program fullls both his scholarly ambitions and his lifelong commitment to Latin America. This is my contribution to the process of change, he says. I can give back to the region by being a facilitator. The program offers a platform, through Georgetown and its Jesuit values and knowledge, so that the seeds of change will pass from here, get energized, and return to the region to ourish. w
GCL by the Numbers

Length of the program 3 months Years in operation 2007present Student participants/fellows 284 Nations represented 19 Projects/initiatives developed 68 Topics for projects/initiatives 22
Global
The Ofce of Executive Education at Georgetown Universitys McDonough School of Business knows that to truly deliver global programs, the staff needs to understand the world rsthand.
people in Executive Education languages spoken born outside of the United States have lived in countries outside of the United States speak more than one language uently
EXPERTISE
36
Countries visited in last 12 months Ireland Italy Jamaica Japan Kenya Lebanon The Netherlands Nicaragua Nigeria Panama Peru Qatar Singapore South Africa South Korea
21
Countries lived in The Netherlands New Zealand South Africa Spain United Kingdom United States
26 12 6 73% 46%
Argentina Australia Bahrain Belgium Brazil Canada China Colombia Costa Rica Dominican Republic France Germany Greece Guinea India
Spain Togo Trinidad Turkey United Arab Emirates United Kingdom
Albania Australia Belgium Brazil Canada France Germany Ghana India Israel Italy Ivory Coast Jamaica Japan Kenya
To learn more about how Georgetown McDonough custom programs can work with your organization, contact:
Ashley Baker Assistant Dean Executive Education McDonough School of Business arb97@georgetown.edu (202) 687-2867 Nancy Beer Tobin Assistant Dean Executive Education McDonough School of Business nbt5@georgetown.edu (202) 687-6986 Jamey Stowell Assistant Dean Executive Education McDonough School of Business jts103@georgetown.edu (202) 687-1716 Learn about our executive degree programs at msb.georgetown.edu/ executive-degree. @Georgetown_Exec /GeorgetownExecutive Education
Facebook
Check out Executive Wisdom, the blog of the Ofce of Executive Education, at georgetownexec.com.
MOMENTUM
Action, Advice, Advocacy
ach semester when considering what is most important to share with you in this letter, I ask myself, What have we done to represent our alumni and move the alumni and external relations program forward? How can we continue to create actionable alumni opportunities, provide advice, and continue to be Georgetown McDonoughs advocate for all alumni undergraduate, graduate, and executive? As when you were students, we are striving for all As. ACTION Of the many ideas we have turned into actionable outcomes, the MBA Alumni Advisory Council (MAAC) is one of the most benecial programs the
LISA HELFERT
Assistant Dean for Alumni and External Relations Justine Schaffner with Laurence Tosi (C 90, L 94, MBA 94) and Alexandra Tosi.
Ofce of Alumni and Extera newly minted alumnus, you nal Relations has created in will receive the same service recent years. In February, the from the Ofce of Alumni MAAC ofcially launched in and External Relations: a road Miami during the univermap of how to benet from sitys John Carroll Weekend. Georgetowns highly regarded The MAAC will strengthen global brand and make valuthe engagement of Georgeable business connections town McDonough Full-time, with other alumni that will Evening, and Execubenet you and tive MBA alumni in your organizaAlumni the activities of the tion. Our ofce networks are school and among provides advice one of the the members of core and counsel when constituencies, includ- most important these connecprograms ing fellow alumni, tions are needed. I students, faculty, encourage you to a thriving and staff, toward the take full advantage business broader goals of pro- school like of your Georgegram excellence and town degree by ours must global renown. reaching out to continue to the Georgetown ADVICE mentor and McDonough Ofce Whether you are a of Alumni and C-level executive or grow. External Relations to benet yourself, your organizations, and your family. ADVOCACY On a regular basis, we receive an inux of requests to send our alumni information. These requests come from vendors, business school partners, program areas, and alumni starting new businesses. Before this information reaches your desktop or mobile device, we always
ask, How does this benet our alumni base? As your advocates, we do not believe in sending information unless the content somehow benets you or your business, such as reunion messages that allow you to reconnect with friends or meet C-level executives at an alumni networking event. Alumni networks are one of the most important programs a thriving business school like ours must continue to mentor and grow. Quality growth of alumni networks happens through great programming, meaningful engagements, and knowing that someone is looking out for you. Please be assured that you truly have advocates at Georgetown McDonough. Of course, before an A can be earned, we would like your input. Let us know how we are doing by sending me an email at js3901@ georgetown.edu. You will hear back from us. In the meantime, we look forward to seeing you at one of our upcoming alumni events. Hoya Saxa!
Contact Justine at
js3901@georgetown.edu.
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ALUMNINews
McDonough Alumni Join New MBA Advisory Council
California Alumni Form Wall Street Alliance West
eorgetown University alumni gathered Nov. 19 in Beverly Hills, Calif., for the launch of the new Wall Street Alliance West group. The original Wall Street Alliance, founded in 1995 and located in New York City, has more than 8,000 members. The Wall Street Alliances work to raise Georgetowns prole and that of its alumni, parents, and friends in nance; create and participate in networking opportunities for nancial professionals; provide networking, mentoring, and scholarship support to Georgetown students; and build relationships between members rms and the university for the mutually benecial exchange of resources. Alumni Mary Machado Schammel (C 80) and Sam Bakhshandehpour (B 97) led the California event, which included a panel discussion introduced by Norean Sharpe, senior associate dean and director of the Undergraduate Program, and moderated by Reena Aggarwal, Robert E. McDonough Professor of Business Administration and director of the Georgetown Center for Financial Markets and Policy.
JOHN CARROLL WEEKEND Alumni and friends gathered Feb. 2023 in Miami for Georgetown Universitys John Carroll Weekend. Two Georgetown McDonough graduates were among those honored with a John Carroll Award for exemplifying the ideals and traditions of the university and its founder. Pictured with this years recipients are Robert M. Flanagan (B 67), far right, and Joseph L. Guarriello (B 71, L 74), second from left.
PHOTOS BY BRUCE COOK
eventeen MBA alumni have joined the MBA Alumni Advisory Council (MAAC) at the McDonough School of Business. The newly formed council, chaired by Al Ribeiro (MBA 07), will work to strengthen the engagement of Georgetown McDonough MBA alumni in the activities of the school and among fellow alumni, students, and faculty and staff toward the broader goals of program excellence and global renown. The MAAC will work with the Georgetown McDonough Ofce of Alumni Relations, as well as the program, admissions, and career ofces of the Full-time, Evening, and Executive MBA programs to provide advice on curricular and alumni programs, participate in student recruiting events and career panels, create new career opportunities for graduating students, and promote active alumni engagement, among other activities. The MAAC is far and away the most important initiative that we have undertaken to engage our MBA alumni base to date, said Elaine Romanelli, senior associate dean of MBA programs. Response from alumni has been incredible. We are excited to activate the advice and counsel of these highly experienced professionals in continuous improvement of all our activities and outreach.
SAN FRANCISCO ALUMNI EVENT Hoyas in Northern California gathered Jan. 30 for a conversation with Gabrielle Toledano, chief talent ofcer at Electronic Arts, and Steve Cadigan, former vice president of talent at LinkedIn. The event was presented with the Georgetown Technology Alliance and included MBAs on their CalTrek.
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PHOTO BY PHIL HUMNICKY
Nearly 175 alumni returned to the Hilltop for Georgetown McDonoughs rst fall graduate alumni reunion, Oct. 46, 2013. Weekend highlights included a dinner cruise along the Potomac River; a welcome reception with President John J. DeGioia, Dean David A. Thomas, and a performance by the Georgetown Chimes; an alumni family picnic; and coffee with The Next Food Network Star winner Melissa dArabian (MBA 93).
ALUMNIEvents
PHOTOS BY LISA HELFERT
Alumni Celebrate at Georgetown McDonough Graduate Reunion
MBA, EMBA, GEMBA, and EML alumni, be sure to save the date for this years reunion: Oct. 34, 2014.
RAFAEL SUANES
ALUMNINotes
BSBA Class of 1963 William Fox was elected to the National Automobile Dealers Associations board of directors as vice chairman. A partner in Fox Dealerships Inc., William sells Chevrolet, Chrysler, Dodge, Jeep, Ram, Honda, Subaru, and Toyota brand vehicles. He represents New Yorks franchised new-car dealers on NADAs board. William was a practicing attorney at Melvin and Melvin in Syracuse, N.Y., for 12 years, and he has consulted for the law rm for the past 33 years. John Miller has written a new book, The Coming Hyperination 2014 (Miller & Co., 2013). It is a followup to his rst book, The Coming Banking Holiday, and analyzes forecasts from John Williams, Jim Sinclair, and Gonzalo Lira, concluding that hyperination is likely to take place in late 2014. John lives with his wife, Monica, in Waiheke Island, New Zealand. BSBA Class of 1974 Cynthia Paulis is featured in Gloria Gaynors new book, We Will Survive: True Stories of Encouragement, Inspiration, and the Power of Song. Cynthia, an emergency room physician, wrote about how Hurricane Sandy affected her neighborhood on Long Island. Cynthia also is a medical correspondent, writer, lecturer, and veteran who has volunteered in areas affected by disasters. BSBA Class of 1979 Brian Kelleher was elected to the board of directors of Benchmark Bank and its holding company, Benchmark Bancorp. Brian is the managing director of Oak Grove Capital, a St. Paul, Minn.-based national commercial lender. He leads the loan production efforts for Oak Grove in Columbus, Ohio. Brian has more than 25 years of experience in commercial real estate nance. BSBA Class of 1980 Catherine Pezalla Pennington was promoted to shareholder from senior manager at Renner and Company, CPA, PC, located in Alexandria, Va. Cathy returned to public accounting ve years ago and specializes in services to nonprot organizations. She and her husband, Geoff, have been married for 29 years and reside in Fairfax, Va. BSBA Class of 1981 MBA Class of 1989 Michael Havard is president, health and wellness brand/business, for Palm Ventures LLC, an investment rm in Greenwich, Conn. He most recently was chief marketing ofcer of SeriousFun and vice president of marketing and corporate ofcer for Newmans Own Inc. BSBA Class of 1990 Kirk Haggarty was named CFO of North American Bancard, a merchant services provider and registered ISO of Wells Fargo Bank. Previously he was executive vice president and CFO of Atlas Oil Co. MBA Class of 1991 Blair Falconer writes, After a sabbatical year in France so my daughters Emilie and Alix could experience the joys of the French school system (and I could get Later that month month, Phil and classmate Ron Sinclair rode in their fourth Bike MS: City to Shore 150-mile charity bike ride from Cherry Hill, N.J., to Ocean City, N.J. They rode with friends under the team name Valli Boyz to support Georgetown classmate Valli Baldassano Belapigna (C 82), who has lived with multiple sclerosis for more than 20 years. The team raised more than $3,000 to support MS research. BSBA Class of 1985 Mark Shinderman was named to Turnarounds & Workouts list of Outstanding Restructuring Lawyers for 2013. Turnarounds & Workouts tracks distressed businesses in the United States and Canada and releases annual lists of outstanding rms and professionals working in the bankruptcy, corporate renewal, investment, turnaround, and restructuring industries. my French up to some standard of uency), we returned to Toronto so I could nd work and put my new skill to the test. Of course, I ended up joining the international wealth management division of Royal Bank of Canada and being posted overseas! I am the new head of Discretionary Portfolio Management for RBC Wealth Management, based in Bridgetown, Barbados. Layla Kashani writes, It has been 10 years since I moved to Monaco, and I continue to manage my own consulting business. Two clients keep me quite busy one focuses on removing operational risk in a major oil and gas company, and the other draws upon my Georgetown nancial education to dene the full IPO strategy for a sustainability and impact investing platform called Maximpact. For leisure, I travel to new places, love skiing, run an occasional marathon, and often visit California to see family. BSBA Class of 1992 Todd Kinney recently was named the national relationship director for BDOs Private Equity Practice. Todd has been with BDO for 10 years and was an investment banker prior to BDO with Oppenheimer, Cowen, and Societe Generale. Todd is based in New York City and resides in Hoboken, N.J., with his wife, Wendy, and their sons, Tyler and Zack.
Phil Geyer raised $3,000 participating in the 2013 Climate Ride, a ve-day, 325-mile charity bike ride from New York City to Washington, D.C., in September. Proceeds from the event benet environmental and active transportation nonprots. Climate Ride also arranges appointments for riders to meet their congressional representatives following the event.
Submit Alumni News Send your career and family news to georgetown business@georgetown. edu. Deadline for the fall issue is July 1, 2014.
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msb.georgetown.edu
MIN I P R O F I L E
ALUMNINotes
Skills for Global Success
uccess in international business requires a special set of skills. You must understand the economics and rules of the global economic system, as well as how they work in individual countries. You must know the inner workings of government and civil society and how they intersect with social sector organizations. Very few professionals out there have those competencies, says Daniel Gonzales (GEMBA 13). As program director for Avina, a Latin American foundation focused on sustainable development, Gonzales says his education in the Georgetown-ESADE Global Executive MBA (GEMBA) program sharpened those skills. Gonzales is especially proud of Avinas partnership with the Chilean government to develop energy-efcient, superconducting technologies. The project illustrates the skills he has learned and put into action. Leveraging the expertise of private U.S. and Chilean technology companies, the $18 million project involves the creation of highpowered motors, condensers, and energy distribution systems for use by industries that expend a lot of energy. Chile, which has among the highest energy costs on the planet, contributed $7.2 million to the project. The country sought to invest in ways to drive energy costs down, Gonzales says. What does business or industry get out of this? The same: lower energy costs, competitive advantage, and less carbon emissions, among other environmental and social impacts. The technologies initially will be available in Chile, but Avina eventually wants to involve countries such as Brazil and the United States. We can very quickly go global, wherever energy is expensive or generates too much pollution, Gonzales says. Such global ventures illustrate the effectiveness of his GEMBA education, Gonzales says. The program is a partnership among three schools Georgetown McDonough, Georgetowns School of Foreign Service, and ESADE Business School in Barcelona, Spain.
Offered in six 12-day modules in cities around the world, the program allows exibility to experienced executives such as Gonzales. GEMBA is as demanding as your usual MBA, but the big difference is all of us had at least 10 years of experience, so we didnt have to go through the basics of management and business. One of his best takeaways from GEMBA came from discussions on nonmarket strategy: how businesses partner with governments, organizations, and other players to gain a competitive advantage. Avinas energy project is a great example, but it is far from the only one. Gonzales works with what he calls impact businesses, companies that generate a high environmental or social impact while turning an attractive prot. Gonzales has helped create eight of the most relevant impact investing funds in Latin America. Gonzales lives and works in his home country of Colombia and has been with Avina for almost eight years. Although his background is in industrial engineering, he always has been interested in business with social impact. What led me to this line of work was: How can we use market forces, management, and business tools to contribute to reducing poverty and making sustainable use of our natural resources? he says. For example, Gonzales also facilitates conversations with major players involved in sustainable migration the process of going to live or work in another country. Corporations in smaller rms in North America are in need of low- and high-skilled labor from Mexico and Central America. Many of them are crying out to the government to simplify procedures to bring in these types of workers, Gonzales says. With the right mix of skills and experience, he works with government and industry to develop sustainable, responsible pathways to a solution. Jennifer Lubell
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DAVID NICOLAS
ALUMNINotes
Michael Weinstein was inducted into the All-America Research Team Hall of Fame, which honors analysts who have nished in rst place at least 10 times in their respective sector or sectors. Michael is an analyst at J.P. Morgan. BSBA Class of 1993 Brian Leaf has written a new book, Misadventures of a Parenting Yogi: Cloth Diapers, Cosleeping, and My (Sometimes Successful) Quest for Conscious Parenting. The book, which comes out in May, humorously chronicles Brians journey into parenthood. MBA Class of 1993 Susan Aiken and Steve Fortier were married in 1995 and live in Chicago, where they are raising their three children. Steve is a principal at KPMG and has been there for the last 20 years, primarily leading the rms Global Transfer Pricing Practice. When shes not driving kids around, Susan spends her time helping out various nonprots. Tom Billington has spent 20 years innovating at leading media companies, including a decade launching executive education seminars at Bloomberg BNA and Thomson Reuters. In 2010, Tom launched Billington CyberSecurity, an independent media company focused exclusively on cybersecurity. Leila Byczkowski Blodgett lives in Marblehead, Mass., and spent 15 years working in private equity for research consulting rm Cambridge Associates and HarbourVest Partners. Leila retired a couple of years ago to take care of her three sons. Ward Blodgett lives in Swampscott, Mass., where for the past 10 years he has been CFO of The Woodworks, an architectural millwork company. Peter Classen begins his third year as managing partner of Grahampton & Company, a management services rm that delivers revenue growth through facilitated international expansion. In the hopes of one day becoming a graduate school teacher, he is exploring a new case study based on his experiences: the case study-thriller, packed with extortion, corruption, new venture creation challenges, death threats, complex business ethics, and, if he is lucky, a happy ending. Don Grage and his wife, Wendy, celebrated their 20th anniversary in 2013 and have three children. After a long entrepreneurial career in IT and nance, Don now leads Connected Car technologies for NPR in Washington, D.C., and is co-owner of the D.C. Breeze, a professional Ultimate team. Kyle Lynch recently marked his 20th anniversary as an executive at Fannie Mae and now is exploring new opportunities. He lives in Alexandria, Va., with his wife, Stephanie, daughter, Eleanor, and son, James. He stays active running his daughters youth soccer team and supporting New Hope Housing of Northern Virginia. After 20 years in travel and hospitality sales and marketing, including as the brand manager of Disney Cruise Lines, Kathleen McCarthy Peters is now an independent travel agent in Orlando, Fla. Kathleen and her husband, Jeff, have two daughters at the University of Central Florida. For the past eight years, Wendy Hyer Schultz has been a full-time mom to son Spencer and daughter Katherine. Shes a volunteer VP of communications, PTO executive board member, and newsletter editor for the Milton School; avid tennis player; amateur chef; Girl Scout troop leader; and chief strategist for Schultz Inc. After graduation,
Thom Devlin, BSBA 00, and Samara Barend at their wedding
Wendy worked for Ernst & Young and direct-to-consumer entertainment companies. Yu Sugiura recently celebrated her 20th anniversary with J.P. Morgan in Tokyo. Yu was married in 2004 and has a 7-year-old son. Elizabeth Zucker fell into supply chain management right out of business school while working for PepsiCo. She has worked around the world for companies like Yum! Brands, MetLife, Lexmark, ABB, and Krispy Kreme Doughnuts. After commuting nonstop for two years, she retired in 2011 to enjoy time with her kids, Maxwell and Josephine, and to give her husband, Jeff, a break. Elizabeth keeps in touch with the family of classmate Amy Sutherland Kimball (1966 2004), whom she still misses. After nine years in Dallas, Jennifer Zydney returned to D.C. in 2002 and began working in commercial banking at SunTrust, specializing in providing banking and nancing solutions to nonprot organizations. In 2011, she moved to PNC Bank. She married Alan Stearn in October 2010, and they live in Rockville, Md. BSBA Class of 1995 Alex Alden joined the San Francisco ofce of Sterne Agee. Alex is managing director in the Investment Banking Division. Mike Ortner and his wife, Liz, welcomed their fth child, William Francis Ortner, on July 22. The clan of seven lives in McLean, Va., where they run Adler Academy, a classical education program for homeschoolers. Mike also is CEO of Capterra. MBA Class of 1996 Gregg J. Felton was appointed president and co-CEO of the Full
Circle Capital Corporation. Gregg also is a member of the companys board of directors and a managing member and chief investment ofcer of Full Circle Advisors, LLC, Full Circle Capitals investment advisor. Marie Royce received the Commitment Award from the Nooristan Foundation for her support of Afghan women. The Nooristan Foundation provides midwife training, education, and legal advice for women and families. BSBA Class of 1999 Robert Cimperman has written a book, The Mindful Journey, which introduces children to themes of mindfulness, karma, and duty to society. The picture book is inspired by the legend of Shambhala. Ryan Raffaelli and his wife, Carrie, announce the birth of their son, Leo, who arrived Nov. 10, 2013. They live near Boston, where Ryan recently completed his Ph.D. and accepted a tenure-track faculty position at Harvard Business School. He teaches and conducts research on innovation, leadership, and managing organizational change. BSBA Class of 2000 Thom Devlin and Samara Barend were married on July 28, 2012, on Owasco Lake in Auburn, N.Y. Hoyas in attendance included Dilip Badlani (B 01), Kate Badlani (C 03), Robert Curry (F 00), Bill Faust (C 01, M 08), Eileen Faust (G 03), Katy Fitzpatrick, Otto Hentz, S.J. (H 66), Daniel Lahart, S.J. (B 83), Maija Fenell Lawler (C 00), Darren Louis (G 93), Maureen McFadden (N 06), Maggie Murphy (C 00), Mike Owens, Jim Richens (C 83), Alex Ruthman (F 99), Morgan Ruthman (C 01), and Dana Scalere (N 01). Thom and Samara live in New York City, where Thom is an energy advisor for commercial users of electricity and natural gas.
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MIN I P R O F I L E
ALUMNINotes
Standing Firm
andra Hanna (MBA 00, JD 01) spends her time handling the legal issues of business, from insider trading to nancial fraud. Call it a career evolution for Hanna, who once spent her time managing Grammy-winning music artists. After college at Tufts University, where she studied sociology, peace, and justice, Hanna went to work at a friends company, Juna Entertainment. Finding a taste for the industry, she started her own rm, Boha Entertainment. I can certainly tell you a bunch of o salacious music indusm try t stories about lots of rock stars, but thats not whats important about that experience to
me, says Hanna, who managed such big names as Corey Glover of the 80s and early 90s rock band Living Colour. It was a really glamorous time, and somehow you were always living the high life, town cars and those sort of perks. Still, she felt substance was missing from her career. Business school had not been in her plans, but law was of interest to her. She had once dreamed of becoming a civil rights attorney. A friend encouraged her to enroll in the joint business and law program at Georgetown. Her experience and education would ultimately lead her to a new dream job at her own law rm, Bruch Hanna LLP, named one of U.S. News & World Reports top rms in Washington, D.C., in 2014. Hanna also earned a spot on the Chambers & Partners list, which ranks the worlds best lawyers. Now, she wakes up at 6 a.m., gets her 7- and 8-year-old daughters off to school, and heads into the ofce. On any given day, she could be meeting with government ofcials or working on an issue brief. As the administrative partner of Bruch Hanna, she also is responsible for dealing with vendors and the minutiae of running a business. Hanna and partner Greg Bruch started the rm last June. Bruch was Hannas professor and later her boss at the Securities and Exchange Commission, as well as a colleague at a couple of big rms. They have practiced law together since 2003. We had to think hard as economics changed in the industry whether the big law rm model continued to make sense for our practice area, she says of their decision to start a new rm. Ultimately, we decided that the landscape was changing signicantly and also that we wanted to have more fun. Now, the two handle investigations related to nancial fraud and insider trading, as well as advise clients who are in crisis. What weve found is that clients really like the exibility that small rms can offer. Were much more nimble, she says. Her knowledge of accounting, economics, and nance is a boon for better understanding her clients. They have businesses to run at the same time. You have to provide enough judgment to any situation to balance business needs with the realities of a law enforcement investigation, she says. Rebecca Scherr
Georgetown G Ge Geo e rge rg ge tow t ow n U University n iv niv v ers er rs s ity y M McDonough McDo o noug n oug h S nou Sc School hool h hoo o l of o f Business Bus Busi Bu u sin si i ness n ess ne nes ss s s
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ALUMNINotes
Stuart Ross Chapman, MBA 13, and Patricia Anne Troendle
MBA Class of 2001 Rob Swanson was recognized as Corporate Citizen of the Year in Denver. The award, presented by the Denver Business Journal, recognizes outstanding philanthropic efforts made by Denver business owners for 2013. Rob is founding partner of RAS & Associates. EMBA Class of 2002 Andy Blocker was appointed executive vice president of public policy and advocacy for the Securities Industry and Financial Markets Association (SIFMA). He leads a team of 20 who engage with lawmakers and regulators on international, federal, and state issues impacting the nancial services industry. Andy formerly was the managing director of federal affairs in the U.S. Ofce of Public Policy at UBS. BSBA Class of 2003 Melisa Hoffman Galasso received the Emerging Leader Award from the North Carolina Association of Certied Public Accountants. The award recognizes women who have made signicant contributions to the accounting profession, their organizations, and to the development of women CPAs as leaders. BSBA Class of 2005 Sara Spiro Abramson and Brett Abramson (C 04) announce the birth of a baby girl, Vivian Perry Abramson. She was born Oct. 22, 2013, in New York City and weighed 6 lbs., 6 oz. Vivian joins older sister Ilana Claire and shares her birthday with her mom. Danielle Carter is recording her rst album after a successful Indiegogo campaign. Visit daniellewcarter.com for details.
BSBA Class of 2007 Lana Donahue is a licensed attorney in Pennsylvania and New Jersey and is practicing in the Financial Services Group at Blank Rome, LLP, focusing on asset-based and highly leveraged transactions. She earned a J.D. in May 2013 from Rutgers School of Law Camden. Previously Lana worked in the Business Credit Group at PNC Bank National Association. Michael Schlembach and Lauren Johnson were married on June 8 in Cincinnati, Ohio, at the Immaculate Heart of Mary Chapel. Several Hoyas were in attendance, including best men Alex Waldorf and Chris Murphy (F 07), ushers Dave Hendrickson and Gian Kull (F 07), and several friends, including Chris Gartin, Molly Andruszkiewicz (B 08), P.J. Lukac (C 07), Charnella Pallaby (F 07), Annie Evans (C 09, L 13), and Will Cousino (F 12). The Schlembachs reside in Cincinnati, where Mike is a vice president with J.P. Morgan Asset Managements high-yield and distressed debt team. Mike hopes to remain involved with the Georgetown community through the AAP Interview Program. BSBA Class of 2008 Christopher Sindoni and Kristin Jasiukiewicz are happy to announce their marriage. They celebrated with their families, friends, and fellow Hoyas on May 4 in Avalon, N.J. The couple resides in Conshohocken, Pa.
MBA Class of 2009 Cris Benavides is the senior vice president for business development at Dynamic Aviation, a leading provider of innovative aviation solutions to government and commercial organizations worldwide. Cris came to Dynamic Aviation from A-T Solutions, a counterterrorism company, where he was responsible for opening new strategic domestic and international markets. MBA Class of 2010 Paul Tufaro recently joined Business Talent Group in NYC as a director of client development. BTG is the market leader in independent consulting and recently was identied as one of the leading innovators in the management consulting space by a Harvard Business Review article. MBA Class of 2011
Georgetown University Alumni Association. Sean is pictured here with Rumsfeld and his father, Col. Daniel P. Redmond (Ret.). MBA Class of 2012 In November Jorge Lee launched Rivalry Wear (rivalrywear.com), an apparel brand dedicated to athletic rivalries. The project uses an e-commerce model combining crowd-sourcing discounts, intercity competition, and social media integration to help fans represent their city and sports culture. MBA Class of 2013 Stuart Ross Chapman and Patricia Anne Troendle were married on June 1, 2013, at the Ritz Carlton Hotel in Washington, D.C. Fellow MBA alumni in attendance included Alex Cuadra, Scott Donnelly, Lee Emmert, Elyse Goldberg, Ray Hwang, Nicholas Klinger, Justin Ossola, Chris Stewart, and Jacob Cohen (MBA 12). Ledger West is associate partner for the Center for Innovative Technologys MACH37 Cybersecurity Accelerator. Before earning an MBA, Ledger spent six years in the U.S. Army as a platoon leader and executive ofcer. EML Class of 2013
Sean Redmond is president of the Georgetown Club of Metropolitan Washington, D.C. The club kicked off its fall programming season with a lecture by Donald H. Rumsfeld at its new clubhouse, the City Tavern Club, in Georgetown. The club also was selected to receive the Alumni Club of the Year by the
Andrew C. Delinsky was named head of school at The Peck School, an independent K8 school in Morristown, N.J., starting July 1. Andrew currently is the assistant head of school and Upper School principal at The Bullis School in Potomac, Md.
Join the Class Notes Ofcer Program Georgetown McDonough is creating a Class Notes Ofcer program. Keep in touch with classmates and help solicit news for the magazine. To volunteer, contact Georgetown Business editor Lauren Pauer at lep44@georgetown.edu.
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MIN I P R O F I L E
ALUMNINotes
A Cause Born in Tragedy
early a decade has passed since that tragic morning in an off-campus basement, but the memories are strong for Jay Tedino. So is his commitment to making something positive from it. Tedino (BSBA 05) woke the morning of Oct. 17, 2004, to the ashing lights of re trucks across the street from his home on Prospect Street. To this day, he feels a pang of guilt for rolling over and falling back asleep. In truth, though, there was nothing he could have done. His friend and fellow student, Daniel Rigby, had been killed in a re in the basement room he rented at the too-young age of 21. From the tragedy, though, there is this result: 800 smoke detectors, 600 carbon monoxide detectors, 500 re extinguishers, 400 ashlights, and 1,025 refrigerator magnets with re safety tips in the hands of Georgetown students who live off campus. After the re, Tedino and others who knew Rigby started The Friends of Rigby Foundation. Since 2006, the foundation has raised $14,000 for a scholarship in Rigbys name at Bergen Catholic High School in New Jersey, where Rigby and Tedino rst became friends. The foundation also has bought $47,000 in re safety equipment, which has been handed out by Georgetowns Ofce of Neighborhood Life to students living off campus. It is impossible to say if all Georgetown students living off campus now have re equipment, says Ofce of Neighborhood Life Director Cory Peterson. However, it is available to any student who asks. Tedino spends his work life serving as regional manager at TransitScreen, a Washington, D.C., company that provides real-time transit information in lobbies and subway stations. But the tragedy that struck his friend and the foundation that resulted play a large part in his life. For example, Tedino spends much of his free time working on fundraisers, including one in New York City over St. Patricks Day weekend, plus the Run for Rigby at Georgetown and the Rigby Ball on April 12 at the Sphinx Club in Washington, D.C. Being so driven is nothing new for Tedino. When Georgetown originally placed him on a waiting list for admission, he wrote a letter to the admissions director every day. The week before admissions decisions were to be made, he took a picture of himself sitting in a lawn chair and wearing a Georgetown sweatshirt. He sent it in with a note: If you dont have a seat for me in next years class, Ill bring my own.
The foundation is an offshoot of his natural passion. Rigby, his friend, had been larger than life in high school: captain of the football team and mock trial team. Rigby and Tedino volunteered together for Habitat for Humanity in West Virginia on spring break during their freshman and sophomore years. That morning a decade ago, Tedino woke to nd that Rigbys roommates had gotten out of the house, but his friend was missing. While reghters searched inside, Tedino waited, glancing down the street hoping to see Rigby walking up with a breakfast sandwich and coffee. Out of tragedy, though, Tedino and fellow friends have created something that affects many. To Tedino, thats just how Rigby would have wanted it. I think Dan wouldnt have wanted us to be a bunch of negative Nellies but instead make something positive out of it, he says. Kery Murakami
JOHN EMERSON
39
BUSINESSSense
Is Originality Overrated?
By Peter Jaworski, Visiting Assistant Professor of Strategy
n May 2013, an anonymous buyer bought an original Jackson Pollock for an astonishing $58 million at a Christies auction. The painting, Number 19, 1948, is a modern drip painting of oil and enamel. Meanwhile, in the village of Dafen, a suburb of Shenzhen in southern China, a duplicate painting of the Pollock original could be commissioned for less than $100. The village is essentially an art factory lled with professional duplicators. If you are in the market, a duplicate of Van Goghs Sunowers will run you about 40 euros, or $51. For $58 million, you could commission a Pollock for every room you ever visit. What gives? Why do we value original works of art so much more than masterful duplicates especially when those duplicates are visually indistinguishable from the originals? And how does a buyer justify the expense of an original when a duplicate is so cheap? These questions are relevant when you consider the massive scale of the art industry. Maybe its the Midas touch. Some objects are imbued with sentimental value attached to specic people. We care that the watch we have is the one our grandfather gave us. It matters that that collectible baseball is one Babe Ruth hit over the wall. However, the anonymous art buyer might insist the original Pollock holds a superior aesthetic value even if the Midas touch is part of the underlying reason. Unfortunately, none of the arguments for this view work, as I have argued in the Journal of Value Inquiry. The reasons are outlined below. 1. Historical rstness Suppose we discovered, among the ruins of the City of Atlantis, a painting visually indistinguishable from Pollocks Number 19. And suppose it predates Pollocks by several hundred years. Would we downgrade the Pollock? Its hard to believe we would. If we would not, then historical rstness does not seem to matter for distinguishing the superior aesthetic value of originals over duplicates. 2. First in our art history Perhaps we care about rsts in our art history. However, consider this: Many artists were historically rst with a particular 40
STEVE MCCRACKEN
style or technique, only to languish in obscurity. Indeed, we often wait until a style or technique is perfected before we take notice. For example, the rst impressionist paintings are not as revered as later works, such as Monets Water Lilies series. 3. Original creative act Many obscure artists remain obscure despite creating innovative work. Likewise, many artists paint derivative work despite never overtly copying or imitating anyone. The same applies in elds other than art. For example, the telephone was invented simultaneously by at least two different people. The television was, too. Just as there are plenty of simultaneous and independent inventions, many artists paint pictures using techniques and styles they wrongly believe they are inventing. We may admire the originality, but we hardly make space for derivative works in our museums. 4. Inuence on art Some say it matters that a well-regarded original painting not a duplicate inuenced the art world. But a duplicate surely could work in the same way. In the modern era, not all artists go to museums for inspiration. Many of them go to a Google Image search. And you can imagine that Vermeer, say, would teach someone to paint by asking them to copy him stroke for stroke, weight for weight. Now, suppose an earthquake shook their studio and mixed up their paintings so they could not tell whose was whose. If they misidentied the paintings, would it matter? It might but not for inuence. Since duplicates can, and often do, inuence subsequent art, this property alone fails to make originals more aesthetically valuable than duplicates. The bottom line: A high-quality duplicate contains the same aesthetic value as the original. In fact, a duplicate Number 19 is indistinguishable from the original without the help of advanced scientic instruments. The main difference is it was never touched by Pollock. Clearly, sentimental value matters. But if all you care about is aesthetic value, get a plane ticket to Dafen and skip the trip to Christies and Sothebys altogether.
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Board of Advisors
Robyn Abraham (EMBA 97) Senior Vice President HB Global Zubaid Ahmad (B 82) Vice Chairman, Institutional Clients Group Citi Global Markets Inc. Joseph V. Amato (B 84) President & CIO Neuberger Berman Group LLC William D. Anderson Jr. (B 88, JD 94) Partner Goldman, Sachs & Co. Dewey John Awad II (MBA 96) Managing Director Brookside Capital LLC Joseph Patrick Baratta II (B 93) Global Head of Private Equity The Blackstone Group Natalie Barth (B 96) Founder & Principal Barth Advisors LLC W. Robert Berkley Jr. (B 95) President & COO W.R. Berkley Corporation Justin Berman (B 99) Founder and CEO Berman Capital Advisors Lawrence Robert Botel (B 88) Managing Partner JOSS Realty Partners LLC Mark J. Casella (B 80) Partner PwC LLP Peter N. Crnkovich (B 78) Managing Director Morgan Stanley Rajeev Donald De Mello (MBA 92) Head of Fixed Income Schroder Investment Management Ltd. Mohammed G. Dewji (B 98) CEO MeTL William H. Diamond Jr. (MBA 83) Oclaro Inc. William Paul Doucas (B 82) Chairman eLutions, Inc. Dasha S. Dwin (B 95) Managing Director & Chief Human Resources Ofcer Grosvenor Capital Management Glenn Eisen (B 87) Chief Marketing Ofcer Dish Digital Karim El Solh (MBA 91) CEO & Co-Founder Gulf Capital John J. (Hap) Fauth IV (B 67, MBA 74) Founder, President, & CEO Churchill Companies Michael R. Fisher (B 80) President & CEO Fisher Dynamics Corp. Thomas M. (Terry) Fitzgerald III (B 80) Managing Partner Longbow Capital Partners Marc L. Flamino (B 89) Managing Director RBC Capital Markets Robert J. Flanagan (B 78) Executive Vice President Clark Enterprises Inc. Paul J. Hill (B 67) Chairman, President, & CEO Harvard Developments Inc. David M. Hooper (B 89) Partner & Head of Private Equity Centerview Capital Yongsoo Huh (B 94) Senior Vice President GS Holdings Sarkis Izmirlian (B 94) CEO TradeInvest Asset Management Ltd. Lew Jacobs (B 98) President PIMCO Daniel S. Jaffee (B 86) President & CEO Oil-Dri Corporation of America Jerry Longarzo (JD 87, B 84) CEO JLD Media Inc. Jonathan R. Lynch (B 88) Managing Director CCMP Capital Advisors Herbert S. MacArthur (MBA 97) President Capital Advisory LLC David McBride (C 69, JD 73) CEO McBride Enterprises Inc. Timothy B. McBride (JD 75, L 80) Chairman & CFO McBride Enterprises Inc. Paul Francis Murphy (MBA 94) Partner Sentinel Capital Partners Robert Bernard Nolan Jr. (B 74) Managing Partner Halyard Capital Fund Geoffrey Allen Oliver (B 77) CEO and Managing Partner Hilltop Advisors LLC Patricia Mulvaney Pignataro (B 81) Partner PwC LLP Wayne Clarke Plewniak (MBA 85) Managing Director GAMCO Investors Inc. Elaine N. Pochtar (B 79) Principal Morgan Stanley Peter Pritchard President and CEO Pritchard Industries Inc. Michael G. Psaros (B 89) Founder & Managing Partner KPS Capital Partners LP Marc Puntus (BSBA 89) Partner Centerview Partners Hossam Y. Radwan (B 92) Senior Partner Abraaj Saudi Arabia Ltd. David Edward Rappa (B 97) Portfolio Manager, Global Equity Fund Beck, Mack & Oliver LLC Ann Misiaszek Sarnoff (B 83) COO BBC Worldwide America William Sonneborn (B 92) Senior Advisor KKR Robert H. Steers (B 75) CEO Cohen & Steers Timothy P. Tassopoulos (MBA 83) Executive Vice President, Operations Chick-l-A Inc. Gil Ashley Tenzer (B 84) Partner Contrarian Capital Management LLC Stephanie Tolleson Chair Womens Sports Foundation John F. Vitalo (B 90) CEO, Middle East & North Africa Barclays Abbas Falouq (Eddy) Zuaiter (B 89) Managing Member Zuaiter Capital Holdings LLC
If we have a proper vision of what we can be, and the business know-how, we can get there.
Mohammed Dewji (B 98) Read about Emerging Africa on page 18.
Peter Johnson Peter Johnson Partners Arlen H. Kantarian (B 75) CEO Kantarian Sports Group Kenneth J. Kencel (B 81) Managing Director of Carlyle GMS Finance The Carlyle Group Laurie Hodges Lapeyre (B 83) Alison Lohrfink Blood (B 81)

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BUSINESS

Georgetown University McDonough School of Business Flavor for the

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inside look at Executive Education

Alumni tap emerging markets

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Undergraduates Pilot Innovative Global Business and Leadership Program

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listed 12th for schools known for international business.

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Preeti Choudhary and Jason Schloetzer, Assistant Professors of Accounting

Christopher Long, Assistant Professor of Management

Christine L. Porath, Associate Professor of Management

Michael Czinkota, Associate Professor of International Business

William R. Baber, Robert E. McDonough Professor of Accounting

Robert H. Davidson, Assistant Professor of Accounting

Prashant Malaviya, Associate Professor of Marketing

Turan Bali, Robert S. Parker Professor of Business Administration

Sunita Sah, Assistant Professor of Business Ethics

Ronald Goodstein, Associate Professor of Marketing

Douglas M. McCabe, Professor of Management

Peter Jaworski,Visiting Assistant Professor of Strategy

Mary-Hunter McDonnell, Assistant Professor of Strategy

Victor Jose, Assistant Professor of Operations and Information Management

Neeru Paharia, Assistant Professor of Marketing

Jie Yang, Assistant Professor of Finance

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Mohammed Dewji (BSBA 98) campaigns for Tanzanias parliament in 2010.

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