georgetown business fall/winter 2003
DESCRIPTION
Georgetown Business, the magazine for alumni and friends of Georgetown University’s McDonough School of Business.Georgetown Business includes news and feature stories on current business issues, a class notes section, and reports on faculty, students. and alumni.The magazine is distributed free of charge to all alumni, friends of the school, corporate recruiters, schools of business, and various media professionals.TRANSCRIPT
McDonoughBusiness
Fall /Winter 2003
Beyond the Bottom LineTeaching Business Ethics at the McDonough School
LeadershipJohn W. Mayo Dean
Joseph B. Mazzola Executive Dean for Faculty
Ann-Mary Kapusta Associate Dean and Director Undergraduate Program
Marilyn A. Morgan Associate Dean and Director MBA Program
Lisa A. Kaminski Assistant Dean and Director International Executive MBA and Executive Education
Virginia N. Flavin Chief of Staff
Michael T. Boyd Director of Development
Linn Donaldson (IEMBA’98) Chief Financial Officer
John H. Carpenter Chief Technology Officer
Robert P. Johnson Director of MBA and IEMBA Alumni Programs and Volunteer Board Relations
Jessica A. BottaDirector of Communications
Board of Advisors
c h a i rJohn J. (Hap) Fauth, IV (B’67) President & CEO, The Churchill Companies
Joseph Amato (B’84) Head of Global Equity Sales, Lehman Brothers
Doreen Amorosa (B’79) Director, Talent Acquisition, Avaya Inc.
Robert L. Andrews (B’68, L’71) Partner, Vincent Andrews Management Corp.
James Atwater (B’85) Senior Vice President/Branch Manager,McDonald Investments
Thomas L. Bindley (B’65) President, Bindley Capital Corporation
Alison Lohrfink Blood (B’81)
John D. Bowlin (B’72) Former CEO, Miller Breweries
James J. BuckleyPractice Leader, Technology & Communications,Spencer Stuart
Marilouise Burns (B’80) General Zone Manager, Lincoln Mercury Division, Ford Motor Company
Gerald T. Cameron (B’77) Former COO, Ibis Technology Corp.
Michael L. Chasen (MBA’95) CEO & Co-Founder, Blackboard Inc.
Jerome J. Claeys III (B’65) CEO & Chairman, Heitman Capital Management
Michael J. Connelly (B’74) Managing Director, The Carlyle Group
Peter S. Croncota (B’83) Senior Managing Director, Bear, Stearns,& Company, Inc
William H. Diamond, Jr. (MBA’83) President, Technology Growth Partners
William T. Divane (B’64) Chairman & CEO, Divane Brothers Electric Company
Donn Dolce (B’67) Senior Vice President–Investments,Paine Webber Investments
Alfred J. Fisher, III (B’70) President, Fisher and Company
Lawrence P. Fisher, II (B’82) Senior Vice President, US Trust Company
Michael R. Fisher (B’80) President, Fisher Dynamics Corporation
Kristin M. Fletcher (MBA’84) Chairman, ABN-AMRO, Inc., and U.S. CountryRepresentative, ABN-AMRO Bank
Theodore Francavilla (B’74) Senior Vice President, JPMorgan Chase Bank
Christopher P. Franco (B’81) President, Rock Point Investment Partners
Mark G. Frantz (B’69) Chairman, Frantz Medical Group
J. Richard Fredericks (B’68) Chairman, Dionise Capital, Inc.
Bernardo A. Giacometti (B’77) President, Kipany Brazil
Michael J. Gibbons (C’60) Managing Director, JPMorgan Chase & Co.
Carol A. Grefenstette (B’78) Managing Director, Strategic Investment Group
Saadadeen R. Hariri (B’92) CEO, Saudi Oger, Ltd.
Michael E. Heisley, Jr. (B’86) Executive Vice President, Heico Companies
Peter W. Henderson, Jr. (B’81) Vice President, Fleet-Meehan Specialists
James F. Higgins (B’70) Senior Advisor, Morgan Stanley
Paul J. Hill (B’67) President, Harvard Development Inc.
William HoeflingCEO & Managing Partner, Chrystal PondCapital Partners, LLC
A. Lincoln Hoffman, III (B’65) Former Executive Managing Director,Global Relationship Banking, Citibank
Lee C. Howley (B’70) Owner & President, Howley Bread Group
Richard E. Joyce, Jr. (B’74) Managing Director, Merrill Lynch
Arlen Kantarian (B’75) Chief Executive—Professional Tennis,U.S. Tennis Association
Kenneth J. Kencel (B’81) Head of Leveraged Finance, Royal Bank of Canada
Gerard M. Kenny (B’71) President, Kenny Construction Company
Lisa S. Kleinknecht (MBA’99) Principal/Corporate, Kleinknecht Electric Company
Daniel K. Lahart, S.J. (B’83) President, Strake Jesuit College PreparatorySchool
Catherine Lawton (B’79) Principal & General Counsel, Sandler O’Neill & Partners L.P.
Jonathan R. Lynch (B’88) Partner, JPMorgan Partners
Philip A. Marineau (C’68) President & CEO, Levi Strauss & Co.
Robert E. McDonough (F’49) Founder & Vice Chair, Remedy IntelligentStaffing
William I. McInnes, S.J.Chaplain, Boston College
C. Allen Merritt, Jr. (B’62) Partner, Boston International Capital Partners, LLC
Lorraine A. Montero (F’68) Managing Director, Emerging Market RegionHead–Latin America, Citibank N.A.
Ellen Morrell (B’66) Vice President & Principal Broker, WashingtonFine Properties, Sotheby’s International Realty
Daniel J. O’Connor President & CEO, Paragon Computers
Charles Palmer (B’64) Managing General Partner, North AmericanCompany, LLP
Patricia Mulvaney-Pignataro (B’81) Partner, PricewaterhouseCoopers, LLP
Elaine Pochtar (B’79) Executive Director–Institutional Fixed Income Sales, Morgan Stanley
David Reyes (L’82) President, Harbor Distributing, LLC
Andrew Sachs (MBA’96) President, Bethany Partners, LLC
Charles F. Sarkis (B’62) Chairman & President, Back Bay RestaurantGroup, Inc.
Ann Misiaszek Sarnoff (B’83) Chief Operating Officer, VH1 & CMT
John Spirtos (L’92, IEMBA’00) General Partner, OCG Ventures, LLC
Thomas T. Stallkamp Vice Chairman & CEO, MSX International
Robert H. Steers, (B’75) Chairman, Cohen & Steers Capital
Timothy P. Tassopoulos (MBA’83) Senior Vice President, Chick-fil-A, Inc.
Michael A. Todman (B’79) Executive Vice President, Whirlpool Corporation,and President, Whirlpool Europe
Charles M. Trunz, Jr. (B’75) Chief Administrative Officer, North ShoreHealth Systems
Edmond D. Villani (C’68) Vice Chairman, Deutsche Asset Management
Parents Advisory Council
c o - c h a i r sRonald W. Tysoe Vice Chairman, Federated Department Stores, Inc.Arleigh Tysoe
Joseph F. Berardino Former CEO, Andersen WorldwideGail Hamilton Vice President of Advertising, Promotion &Publishing, McCall Butterick & Vogue Patterns
Lloyd R. Cunningham President, Cunningham & AssociatesSusie Cunningham
Donald J. Dawson, Jr.Cofounder & Chairman, Payroll 1 Inc.Mary Jo Dawson Director of College Placement, Academy ofthe Sacred Heart
Dan A. English Executive Vice President & Director,Puffer-Sweiven, Inc.Kay English
James Hackett Chairman & CEO, Ocean Energy, Inc.Maureen Hackett
Bruce Hall Executive Vice President & COO, PETCOSusan Hall
Robert Kushner Managing Partner, Kushner, Smith, Joanou & Gregson, LLPKaren Kushner
Max L. Lukens Acting President and Acting Chief ExecutiveOfficer; Chairman of the Board & Directors,Stewart & StevensonChris S. Lukens
Sanford Miller Chairman & CEO, Budget Group, Inc.Mary Kelly Miller
Greg Palmer President & CEO, Remedy Intelligent Staffing.Sally Palmer
Thomas Siebert Attorney, Patton Boggs, LLPDebbie Siebert Director of Business Development, NEWgameCommunications
Thompson M. Swayne Executive Vice President, JPMorgan ChaseSusan Swayne
Robert F. Woods Treasurer & Vice President–Finance,IBM CorporationMary Gene Woods
Martin E. Zweig Zweig CompaniesBarbara Zweig
Mollie Zweig
As of November 1, 2003
Volume 15 Number 3McDonoughBusiness is published twice a year by the Robert EmmettMcDonough School of Business foralumni, parents and friends.
EditorJessica A. BottaDirector of Communications
Contributing WritersWilliam M. Emmons III, Peter P. Gasca(MBA’03), Jeanne K. Miles, Madhavan M. Parthasarthy, Ada S. Polla, Tom Price,John Ries (MBA’02), Natasha Rodriguez,Marc B. Sherman, Eman Quotah
PhotographyJon Golden, Phil Humnicky, Karin H.Lesica (MBA’95), Yu Suguira (MBA’93),Lars Tray
DesignerNancy Van Meter
PrintingDelancey Printing
McDonoughBusiness welcomes inquiries, opinions and comments from its readers. Letters should beaddressed to:
The EditorMcDonough BusinessThe Robert Emmett McDonough School of BusinessGeorgetown University206 Old NorthWashington DC 20057
phone (202) 687-4080fax (202) 687-2017email [email protected]
Send address changes/additions/deletions [email protected] contact Alumni Records at (202) 687-1994.
Features19 Beyond the Bottom Line
22 Capital Markets Research Center
Celebrates 15 Years
25 MBAs Put Business Skills to Work
in Faraway Places
32 Reunion Weekend 2003
Departments3 Up Front
President and Provost Appoint Dean Search Committee
Board of Directors Votes to Continue Planning for New Business School Facility
Fall Rankings Results Reported
Case Team Finishes Strong at InternationalBusiness Challenge
Williams Named to U.S. Council on Foreign Relations
McDonough Parents Go Back to School
Executive Education Update
Women’s Leadership Initiative Hosts Meeting of Women’s Affairs Ministers
McDonough Hosts Real Options Conference
MBA Career Management Update
Undergrads Explore Careers in Capital Markets
MBAs Witness Historic Signing of EU Constitution
McDonough School Welcomes New andVisiting Faculty
MBAs Host Fall Club Days
Winkler Celebrates 80th Birthday
13 In the Media
Profile: Sally Buzbee (IEMBA’97)
15 Intellectual Capital
Faculty in FocusAssociate Professor Rohan G. Williamson
ProspectusSarbanes-Oxley: A Push Toward Better Corporate Governance
28 Corporate Profile
Citigroup
30 Dividends
FY03 Fundraising Update
MBA Minority Fellowships
Aggarwal, Ernst Named Stallkamp Fellows
McDonough Selects Connelly Foundation Scholars
34 Alumni Notes
Profile: Brendan Gaughan (B’97)
Profile: Mohammed Dewji (B’98)
Profile: Michele Giddens (MBA’91)
Profile: Hadi Bahrani (MBA’03)
Bellwether
John J. “Hap” Fauth, IV (B’67)
McDonoughBusiness
Fall /Winter 2003
McDonough Schoolcalendar2004
January12 First Day of Classes
February10 Dean’s List Reception
March7–13 IEMBA Current Issues Residency (Class of 2005)
13–20 MBA Global Integrative Experience (Second Years)
16–19 Competing in International Business
MBA Integrative Experience (First Years)
27–April 4 IEMBA Entrepreneurship/Small Business
Residency (Latin America)
April 2 Parents Advisory Council Meeting
15–16 Board of Advisors Meeting
24 IEMBA Class of 2004 Graduation Ceremony
May 4 Last Day of Classes
Georgetown Day
6 Beta Gamma Sigma Induction Ceremony
17 Senior Convocation
21 Graduate School Commencement Ceremony
MBA Award & Diploma Ceremony
Tropaia Ceremony
22 Undergraduate Commencement Ceremony
June 4–6 Reunion Weekend
(For classes ending in 4 or 9)
July 1–Aug 11 Oxford Program
August 7–14 IEMBA Overseas Residency
Dear Friends,
Your alumni magazine has a new name and a new look. We have
incorporated full color on all pages, launched several new features,
and changed the name to McDonough Business to celebrate our
vibrant and unique culture and to present the achievements and
best thinking of our faculty, staff, students, alumni, and outside
experts on the issues that are shaping our school, the business
community, and our world today.
There is a lot of exciting news at the McDonough School to report
in this issue. We have taken a major leap forward in our plans to
realize a new building for the school by securing Georgetown
University Board of Directors’ approval to proceed with the design
phase. Thanks in large measure to the generosity of our alumni,
we raised more than $22 million in philanthropic contributions in
fiscal year 2003, which have markedly advanced the cause for our
new building, the school’s research centers and career manage-
ment programs, and faculty research. Additionally, we welcomed
strong new classes to our undergraduate, MBA and International
Executive MBA programs, as well as accomplished new faculty to
our management and marketing areas. You will read about these
achievements and many others in the following pages.
The pride, loyalty and involvement of our graduates will be critical
for enhancing our academic excellence and culture in the years ahead.
As we begin 2004, I look forward with hope to a period of even
greater achievement by our students, alumni, faculty and staff as we
work together to bring the McDonough School to new heights.
Sincerely,
John W. Mayo
Dean
2 McDonough Business
dean’smessage
Jon
Gol
den
McDonough Business 3
upfrontPresident and Provost AppointDean Search Committee
Following up on Georgetown University
President John J. DeGioia’s August
2002 charge to launch an international
search for a permanent successor to former
Dean Christopher P. Puto, the university has
named a 10-person search committee. Pro-
fessor J. Keith Ord chairs the committee.
The other members are: Elsa Carlson
McDonough Professor of Business Admin-
istration Prem C. Jain; Associate Professor
Bardia Kamrad; Professor Douglas M.
McCabe; Professor Marcia P. Miceli; Asso-
ciate Professor Elaine Romanelli; Professor
of Government Anthony C. Arend; John J.
Fauth IV (B’67), President and CEO, The
Churchill Companies, member of the
Georgetown University Board of Directors,
and chair, McDonough School of Business
Board of Advisors; second-year MBA candi-
date Brent E. McGoldrick; and senior Julie
L. Davies. The university has engaged the
Washington, D.C. office of Isaacson, Miller
as its search consultant, represented by John
Isaacson and Barbara Stevens.
The charge of the committee is to provide
President DeGioia with a list of three to
five unranked candidates by early spring
semester 2004.
During the fall semester the committee
screened candidates and conducted prelimin-
ary interviews. The committee planned to
bring short-listed candidates to campus to
meet members of the McDonough School
and the Georgetown community during
December and January.
The Georgetown University Board of
Directors at its September meeting
voted to continue planning for a new
building for the McDonough School of
Business by authorizing expenses of $5.7
million over the next year. The vote means
that the McDonough School will initiate the
development of full architectural design and
construction documents for a new business
school facility.
“This is a major step forward in helping us
realize the dream of a new building for the
McDonough School of Business,” said Dean
John W. Mayo. “I am thrilled at the prospect
of a day in the not-too-distant future when
Financial TimesEMBA Ranking (October)
10th best EMBA program in the U.S.
15th best EMBA programworldwide
BusinessWeekEMBA Ranking (October)
11th Best EMBA program
1st in Strategy
3rd in Global Business
Economist Intelligence Unit“Which MBA?” Ranking(October)
27th best full-time MBA program worldwide
Forbes MBA Ranking (October)
24th best full-time MBA program
U.S.News & World Report(September)
27th best undergraduate program
7th in International Business
For more information
on rankings, visit the
McDonough School news
Web site at
msb.georgetown.edu/news
A conceptual rendering of the south facade of the new planned McDonough School building
we will be housed in one of the finest busi-
ness school buildings in the world.”
The school has already raised more than $43
million towards the new facility.
“I am very grateful to John Mayo and the
McDonough School leadership for their
work with the people in facilities, finance,
and the board in understanding and defining
the school’s ambitious and aggressive
response to the challenges this project will
propose,” said Provost James J. O’Donnell. “I
am confident that we will achieve in this a
new facility that will be of great importance
and value to the whole of the main campus
and indeed to the university.”
Board of Directors Votes to Continue Planning for New Business School Facility
McDonough School in the Rankings
4 McDonough Business
After defeating last year’s winning
school in the preliminaries, the
McDonough School’s undergraduate
case competition team narrowly lost to the
University of California, Berkeley in the finals
of the 10th annual International Business
Challenge (IBC) held at the University of
Texas, Austin in October. The invitation-
only event included teams from 18 universities
in North and South America, Europe, and
Asia. Georgetown’s team included McDon-
ough School of Business seniors Mary Clare
Haskins, Amol Luhadia, Jason F. Reid, and
Sharon L. Sweeney.
This year’s competition featured a case study
of BroadQ, an entrepreneurial software com-
pany specializing in streaming home media
software. Student teams were given 60 hours
to analyze the case and present their analysis
and recommendations to a panel of judges,
including BroadQ executives.
Participating in the competition for only the
second time, Georgetown’s strong perform-
ance took many IBC veterans by surprise.
Associate Professor William M. Emmons
III, faculty advisor for the McDonough
team, noted that “Georgetown faced a tough
challenge in its preliminary round against
three seasoned competitors, including Texas
A&M, whose team included two members
of the championship IBC 2002 team. But
Georgetown’s innovative analysis and flaw-
less presentation won over the judges, who
sent the team on to the finals.”
The final round pitted Georgetown against
teams from the University of Hong Kong,
Thammassat University of Thailand, and
Berkeley—a perennial powerhouse on the
case competition circuit. Emmons described
the outcome as a cliffhanger. “After grueling
45-minute sessions with a panel of 12 expert
judges, Georgetown and Berkeley were the
clear favorites,” Emmons said. Despite
Berkeley’s ultimate victory, BroadQ’s Vice
President of Marketing Mary Browning
declared Georgetown’s recommendations as
“the most creative solution presented at the
competition.” Stacey Zuniga, BroadQ’s Vice
President of Corporate Development, said,
“After seeing Georgetown’s presentation, I
have begun generating some new ideas for
ways we can approach the incredible chal-
lenges we face in distributing our innovative
software products.”
Georgetown’s performance also caught the
attention of faculty advisors from other par-
ticipating schools. Eric LeBlanc of Queen’s
University (Ontario) concluded that
“Georgetown has clearly demonstrated that
it is a contender at the highest level. This
will put the school ‘on the map’ for future
invitations to case competitions, not only in
the United States, but also to top interna-
tional events held annually in Canada,
Europe, and Hong Kong.”
Emmons had nothing but praise for the
McDonough School students, who were
selected to represent the school through a
rigorous application process conducted last
spring. “All four worked diligently through-
out the fall coaching sessions to prepare for
the event, then really came together as a
team in Austin,” he said. “I was incredibly
impressed with their presentation and their
ability to handle the tremendous pressure of
the competition, especially in the final round.”
In April, Georgetown will make its first
appearance at the Global Business Challenge,
held annually in Seattle at the University
of Washington. Members of the team will
include McDonough School seniors David
J. Gold, Daniel M. Moreira, Jennifer L.
Paragallo, and Kevin A. Tucker.
Williams Named to U.S. Council on Foreign Relations
Lawrence H. Williams, member of the
IEMBA Class of 2004, has been named
to the U.S. Council on Foreign Relations,
a nonprofit and nonpartisan organization
founded in 1921 by businessmen, bankers,
and lawyers determined to increase America’s
understanding of the world and contribute
ideas to U.S. foreign policy.
Williams was selected in June 2003 as part
of the Stephen M. Kellen Term Member
Program, which was established to reach out
to the next generation of leaders between
the ages of 28 and 34 and allow them to
interact with seasoned foreign policy veterans
such as former President Bill Clinton (F’68),
Louis Gerstner Jr., and George Soros.
“Now more than ever it is important for the
United States to maintain strong cooperative
relationships with other countries,” said
Williams. “Being a member of the Council
on Foreign Relations is a great opportunity
for me to help shape U.S. foreign policy.”
Williams has his own telecommunications
and technology consulting company,
Williams and Associates. Previously, he was
senior vice president of a global satellite
company, where he led the firm’s interna-
tional business development activities.
The McDonough School’s International BusinessChallenge case competition team (from left toright): seniors Jason F. Reid, Sharon L. Sweeney,Mary Clare Haskins, and Amol Luhadia, with Associate Professor William M. Emmons III
The MBA Distinguished Speakers Series Presents
Cyrus Friedheim, Jr.
Chairman and Chief Executive Officer, Chiquita Brands International
February 17, 2004
Bunn Intercultural Center Auditorium
In partnership with the Karl F. Landegger Program in International Business Diplomacy in the Edmund A. Walsh School of Foreign Service
Case Team Finishes Strong at International Business Challenge
McDonough Parents Go Back to School
McDonough Business 5
More than 550 guests, including par-
ents and siblings of McDonough
School undergraduates, visited
Georgetown for Business Day 2003, which
was held during Parents’ Weekend in October.
Attendees sampled the McDonough School
experience, from faculty seminars to religious
services. “Business Day is designed to make
our university community more attuned to
the challenges and opportunities available in
the business world,” said Associate Dean
Ann-Mary Kapusta.
Dean John W. Mayo welcomed the attendees
at a Dean’s Reception on Friday evening,
and the next morning kicked off the seminar
sessions with opening remarks in the ICC
Galleria. In the first series of seminars, John
J. Powers, Jr. Professor of Finance William
G. Droms led a discussion of the principles
of investing, Professor Alan R. Andreasen
conducted a session on marketing social
change, Associate Professor Thomas L. Brewer
discussed business issues related to global
warming, and Associate Professor William
M. Emmons, III discussed new business case
competition opportunities for undergraduates.
In the second session, Professor Douglas M.
McCabe moderated a faculty panel on the
school’s majors, which included faculty repre-
sentatives from each area: Assistant Professor
George Comer (finance); Assistant Professor
Marlene G. Morris (marketing); Associate
Professor Ilkka A. Ronkainen (marketing);
Assistant Professor Ivo Ph. Jansen (account-
ing); and Visiting Assistant Professor Betsy
Page Sigman (production and operations
management). Associate Professor Alan P.
Mayer-Sommer conducted a seminar on what
can be expected from the Sarbanes-Oxley Act,
Assistant Professor Brooks L. Holtom dis-
cussed the development of human and social
capital in organizations, and Adjunct Lecturer
Laura Mandala presented the application of
marketing research to business decision mak-
ing using the example of the lodging industry.
After the faculty seminars, J. Wayne Leonard,
chief executive officer of Entergy Corporation,
delivered the keynote address in Gaston Hall
on the Responsibilities of Business and was
presented with the Dean’s Medal for Busi-
ness Leader of the Year by Mayo and the
co-chairs of the Business Day committee,
senior Adrienne M. Piazza and sophomore
Mary R. Bakarich. Leonard is a champion
of environmental stewardship, low-income
customers, and competitive market structure
initiatives in the energy business.
“In an uncertain world, Wayne Leonard is
coming to speak to Georgetown’s community
about social responsibility and the importance
of ‘empowering the future,’” said Piazza. “We
hope that his speech shows students that suc-
cess in business is multifaceted. It is not solely
measured by financial or operational success.
These days companies
are judged by their
commitment not only
to the communities
they serve, but to the
global community on
the basis of social
responsibility and
environmental issues.”
Saturday evening fea-
tured the first Business
Day moonlight cruise
along the Potomac
River, and the week-
end’s festivities con-
cluded with religious
services on Sunday.
McDonough By the Numbers
A look at the profile of incoming
McDonough School of Business students
Undergraduate
Class of 2007
302 first years enrolled
661 mean Verbal SAT score
700 mean Math SAT score
31 states, Washington, D.C., and
Puerto Rico represented
15 other countries represented
12% ranked first in their class
8% ranked second in their class
6% ranked third in their class
MBA
Class of 2005
252 first years enrolled
70% male
30% female
62% domestic
38% international
28 years average age
5 years average work experience
40 countries of birth represented
34 countries of current citizenship represented
87% proficient in two or more languages
IEMBA
Class of 2005
52 students enrolled
77% men
23% women
15% minorities
23% international
34 average age
12 years average work experience
9 countries represented
Top industries represented:
information technology, defense,
telecommunications
upfront
Entergy CEO J. Wayne Leonard received the Dean’s Medal for 2003 BusinessLeader of the Year.
Executive Education Update
6 McDonough Business
Radio Broadcasters Tune In to Business
Building on its
success with a
similar offer-
ing for the National
Association of
Broadcasters, the
Office of Executive
Education held an
executive develop-
ment program for
radio broadcasters at the Australian Graduate
School of Management in Sydney in August.
Associate Professor Paul Almeida, Professor
N. Lamar Reinsch, Jr., and Assistant Professor
Brooks L. Holtom developed and taught the
program, which was attended by 20 senior
radio executives.
“The program is an exceptional opportunity
for radio managers and key decision-makers
to broaden their business skills and improve
their understanding of how their station or
network can deal with increased competition
and develop the characteristics that are essen-
tial for success,” said Joan Warner, chief execu-
tive officer of Commercial Radio Australia.
The executive development program, specif-
ically tailored for the radio industry,
included courses on competitive strategy,
financial analysis, presentation skills, leader-
ship and negotiation, human resources man-
agement, and the regulatory environment.
Korean Execs Tackle Global BrandMarketing at Georgetown
Associate Professor Ronald C. Good-
stein conducted a three-day program
on brand marketing for executives
of LG Group, Korea’s second-largest
business enterprise and a global leader in
chemicals, electronics, telecommunications,
distribution, and finance. The program
required LG’s executives to audit their busi-
nesses from a customer-centric standpoint,
develop new positioning strategies based on
this analysis, and then recommend branded
marketing programs to reach their new mar-
ketplace positions. “Customizing executive
education around the real problems a com-
pany faces rather than offering only ‘canned’
lectures is one of the unique aspects of the
McDonough approach,” Goodstein said.
The three days culminated in group projects
that gave participants the opportunity to
apply what they had learned to develop and
present recommendations for improving
LG’s corporate branding strategies.
OPIC Invests in Georgetown Executive Education
The Office of Executive Education and
the Overseas Private Investment Cor-
poration (OPIC) have teamed up to
deliver a six-month International Business
Management Program for OPIC’s managers.
The program, under contract for the next
five years, will help OPIC’s managers develop
important skills in all areas of business.
Twenty-two OPIC managers along with
senior officials from the Department of
Commerce, the World Bank, and the Federal
Almeida
Undergrads Explore Careers in Capital Markets
The Capital Markets Research Center sponsored “Careers in Capital Markets” for McDo-
nough School undergraduates on September 4. The program, developed by John A. Largay
Professor of Finance David A. Walker, included a series of corporate presentations, question
and answer sessions with recruiters, and informal networking. The program supplements the cor-
porate presentations offered through Georgetown University’s MBNA Career Center.
Representatives from the Association for Financial Professionals, Deloitte & Touche, Goldman, Sachs
& Co., MBNA America, Merrill Lynch, PricewaterhouseCoopers, and Promonotory Interfinancial
Network delivered presentations to the 150 attendees. Alumni and faculty participants included
James A. LaTorre (B’80), partner at PriceWaterhouseCoopers and adjunct lecturer in accounting;
Eric L. Schwartz (B’01), manager of information technology at Promontory Interfinancial Network;
and James R. Dalkin, senior manager of assurance and advisory services in Deloitte & Touche’s
Northern Virginia office and adjunct lecturer in accounting.
The Capital Markets Research Center also hosts a winter program on internships in capital markets.
Deposit Insurance Corporation have enrolled
in the initial program, which began in Sep-
tember and will continue through February.
The curriculum features courses on strategy,
international finance, accounting, interna-
tional marketing, and leadership. Professor
Reena Aggarwal is the faculty leader for the
program, and other program faculty include
Associate Professor Paul Almeida, Associate
Professor Ilkka A. Ronkainen, Associate
Professor Teri L. Yohn, and Professor
Robert J. Bies.
“Being in Washington, we are able to interact
easily with OPIC officials in designing the
program to suit their needs,” said Aggarwal.
“Students will be working on projects that
will integrate their learning across subject
areas, and these projects are directly related
to OPIC and its future planning.”
The program will give participants an
overview of international business principles,
create a common vocabulary to discuss
issues, and facilitate discussion on pressing
managerial issues specific to investment and
economic development in emerging markets.
McDonough Business 7
Women’s Leadership InitiativeHosts Meeting of Women’s Affairs Ministers
The Georgetown University Women’s
Leadership Initiative and the Council
of Women World Leaders, with the
support of the U.S. Department of State,
hosted the Meeting of the Ministers of
Women’s Affairs on October 8. The summit
offered the ministers a forum to discuss criti-
cal issues facing their ministries including eco-
nomic empowerment, political participation,
the education of women and girls, and the
impact of HIV/AIDS on women.
Participants included Her Excellency Mary
Robinson, former president of Ireland
(1990–1997); the Honorable Jean Augustine,
Secretary of State of Canada; the Honorable
Kim Campbell, former Prime Minister of
Canada; Benazir Bhutto, former Prime Min-
ister of Pakistan; Noeleen Heyzer, Executive
Director of the United Nations Development
Fund for Women; Angela King, U.N. Assis-
tant Secretary-General and Special Adviser on
Gender Issues and Advancement of Women;
and ministers and officials from Afghanistan,
Tunisia, Mauritania, Malawi, Guatemala,
Benin, China, Vietnam and Nicaragua.
Participants listened to country case studies
on fundamental issues and exchanged ideas
about solutions. Also participating were
intergovernmental representatives.
McDonough School of Business Associate
Professor Catherine H. Tinsley, the execu-
tive director of the Georgetown Women’s
Leadership Initiative and a critical force in
organizing the summit, said, “The meetings
helped establish the formation of a network
of ministers, so they can continue to discuss,
brainstorm with each other once they are back
home. There was also discussion of adding
IGOs to the network, since they are
really concerned with the same
programs and policies that pro-
mote women’s advancement.”
McDonough Hosts Real Options Conference
The McDonough School hosted the
Seventh Annual International Con-
ference on Real Options, “Theory
Meets Practice: Real Options Valuation in
the Connected Economy,” in July. The
four-day conference included research
presentations and panel discussions by
academic scholars and practitioners in
the field. More than 80 papers were
presented, and the overall conference
attendance exceeded 150. The conference
was organized by Associate Professor Bardia Kamrad and Professor Lenos Trigeorgis
(University of Cyprus and the Real Options Group), in cooperation with professors from the
University of California Los Angeles and Northwestern University. Previous Real Options
conferences in the United States have been hosted by Columbia University, Northwestern
University, and UCLA.
Companies in various industries are increasingly adopting the
real options approach in valuing contingencies and opportunities
inherent in capital investment projects. “Companies and con-
sulting firms are embracing real options as a decision-making
tool,” said Kamrad. “The technique provides a robust investment
valuation framework when a high degree of uncertainty and
management’s strategic response to changing market conditions
affect investment opportunities.”
Tom Copeland, chief corporate finance officer and head of
Monitor Corporate Finance, presented the keynote address on
July 10 during the practitioner segment of the conference and
Professor Alexander J. Triantis (University of Maryland) presented
the keynote address for the academic segment.
The Real Options conference was co-sponsored by the Capital
Markets Research Center, directed by John A. Largay Professor of Finance David A. Walker,
and by the McDonough School of Business. The Capital Markets Research Center also
hosted a dinner for special conference guests at the Historic George Town Club. Dean John
W. Mayo, Executive Dean for Faculty Joseph B. Mazzola, and Elsa Carlson McDonough
Professor Prem C. Jain provided additional support for the conference.
Associate Professor andExecutive Director of the
Georgetown Women’sLeadership InitiativeCatherine H. Tinsley
Tom Copeland of the Monitor Group moderated a panel discussion at the Real Options conference.
Associate Professor Bardia Kamrad
upfront
8 McDonough Business
Internships, Job placement up for 2003
The MBA Class of 2003 showed signif-
icant increase over the prior year in
offers received by graduation as well
as offers received 90 days after graduation
for those graduates seeking employment. In
addition, the class of 2004 achieved a solid
summer internship placement rate, and the
school saw a strong increase in the number
and types of companies coming to recruit
Georgetown MBAs. “These successes reveal
a strengthening of our corporate relation-
ships, an aggressive employer development
effort that focused on new opportunities in
industries that have not traditionally
recruited our MBAs, and excellent student
networking efforts among alumni and other
resources,” said Marilyn A. Morgan, Associ-
ate Dean and Director of the MBA Program.
Ninth Annual MBA Careers Extravaganza Kicks Off Recruiting Season
The ninth Annual MBA Careers Extravaganza was held on September 5, serving as the
official commencement of the roster of career activities for Georgetown MBA students
this year. It provided the more than 150 attendees with a glimpse into a variety of career
paths and an opportunity to network with professionals in a variety of fields.
Six facilitated panel discussions covered the following industries: financial services, marketing,
strategy and consulting, finance and treasury, socially responsible business, and for the first
time, government. Thirty companies participated in Careers Extravaganza 2003, including
AOL, Procter & Gamble, Citigroup, Booz Allen Hamilton, Cap Gemini Ernst & Young, JP
Morgan Chase, and Friedman Billings Ramsey.
Of the 40 corporate guests, 15 were Georgetown MBA alumni. The panels were facilitated by
McDonough School faculty, including Executive Professorial Lecturer Gary F. Blemaster;
Executive Professorial Lecturer Kenneth E. Homa; Associate Professor Paul Almeida; Profes-
sor Alan R. Andreasen; Associate Professor Rohan G. Williamson; and Assistant Professor
Bennett A. Zelner.
MBA Career Management Update
Michael J. Connelly (B’74), managing director atthe Carlyle Group and member of the McDonoughSchool Board of Advisors, gave first-year MBAstudents a real-world perspective in his presentationat the 2003 MBA Career Management Kick-Off on August 25.
Executive Professorial Lecturer Kenneth E. Homa (far left) moderated the marketing panel, which included Jennifer C. Thompson (MBA’00), James L. Rianhard (MBA’00), Brian G. Cooley (MBA’01), and James L. Callahan IV (MBA’96).
Neil A. Blinde (MBA’02), far right, an investment banker at Wachovia Securities, talks with first-year MBAs.
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FAST STATS
99% placement rate for first-year MBA students seeking summer internships in 2003(was 92% in 2002)
72% of graduates seeking employmentreceived job offers by graduation (was 55% in 2002)
92% of graduates seeking employmentreceived job offers by three months after graduation (was 77% in 2002)
66% increase in on-campus interviews
13 new companies recruiting on campus
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McDonough School Welcomes New and Visiting Faculty for 2003–2004
McDonough Business 9
Peter DeMaeyer joins the McDonough
School faculty as an Assistant Professor
teaching in the marketing area. DeMaeyer
comes from Columbia University, where he
completed his Ph.D. in marketing. His dis-
sertation research was a methodological
focus on optimization of media planning.
He earned his MBA in finance and interna-
tional business from the Helsinki School of
Economics and Business Administration
and his master of science degree in electrical
engineering from the University of Ghent in
Belgium.
Patricia F. Hewlin has
joined the McDo-
nough School faculty
as an Assistant Pro-
fessor teaching in the
management area.
She recently com-
pleted her Ph.D. in
management and
organizational behavior at New York Uni-
versity’s Stern School of Business, where she
also received her MBA in finance. Her dis-
sertation research was on facades in the
workplace and her related article has been
accepted for publication in the Academy of
Management Review. Hewlin holds a bache-
lor’s degree in Spanish language and literature
and English rhetoric and literature from Bing-
hampton University, and she has worked as a
vice president and branch manager for one
of Citibank’s largest branches in New York.
Brooks C. Holtom has
joined the McDon-
ough School full-time
from Marquette Uni-
versity, where he was
an assistant professor
of management since
2000. He has been a
visiting professor at
the McDonough School since 2002, teaching
management and organizational behavior in
the undergraduate program and the organi-
zational behavior core course in the MBA
program. Holtom received his Ph.D. in
organizational behavior from the University
of Washington and his bachelor’s and mas-
ter’s degrees in accounting from Brigham
Young University. His research focuses on
strategic human resource management and
employee retention. He has published ten
papers in refereed journals including the
Academy of Management Journal, Journal of
Applied Psychology, and Human Resource
Management.
Rick Johnston comes
to Georgetown as a
Visiting Instructor,
teaching introductory
accounting in the
undergraduate pro-
gram. He has taught
introductory account-
ing at the Wharton
School, where he is also a Ph.D. candidate.
Johnston has also worked as controller for
LPL Financial Services in San Diego, Calif.,
and as an auditor and litigation support
manager at Ernst & Young. He received his
MBA from the Ivey Business School at the
University of Western Ontario and a Bachelor
of Commerce degree from the University
of Toronto.
Olga M. Khessina
comes to the McDo-
nough School as an
Assistant Professor
teaching strategy. She
was previously at the
University of Califor-
nia at Berkeley, where
she earned her Ph.D.
concentrating in organization theory. Her
dissertation research focuses on technologi-
cal innovation and survival in the optical
disk drive industry. Khessina received her
master’s degree in sociology from Columbia
University and her specialist diploma in
sociology with high honors from Moscow
State University.
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Sanal Mazvancheryl is
teaching the under-
graduate Principles of
Marketing course as
well as the first-year
marketing core course
and marketing
research elective in
the MBA program as
a Visiting Assistant Professor. He comes to
the McDonough School from the Harriman
School for Management and Policy at the
State University of New York at Stony
Brook, where he is an assistant professor.
Mazrancheryl has also taught at George
Washington University and at the University
of Michigan at Ann Arbor, where he earned
his Ph.D. In addition to several years of
work experience in marketing and advertis-
ing, Mazvancheryl also holds a bachelor’s
degree in engineering and an MBA.
Amitabh R. Mungalé is a Visiting Assistant
Professor teaching Principles of Marketing
in the undergraduate program and the first-
year marketing core course in the MBA pro-
gram. His research interests include
psychological approaches to the study of
consumer behavior and advertising, experi-
mental design, health-care marketing, and
psychometric scaling. He has taught market-
ing courses to doctoral, undergraduate,
MBA, and executive MBA students.
Mungalé received his MBA from the
McCombs School of Business at the Uni-
versity of Texas at Austin and his Ph.D. in
marketing and consumer behavior from the
Warrington College of Business at the Uni-
versity of Florida, Gainesville.
10 McDonough Business
Winkler Celebrates 80th Birthday
Othmar W. Winkler, professor emeritus
at the McDonough School, celebrated his
80th birthday on June 5. “Eighty years
is a long, long time,” Winkler says. “Of these
I have spent 42 years at this university—that is
over half my life.”
Winkler taught applied statistics, business statistics,
statistics for accounting, production, price and
labor statistics, operations research, mathematics
for management, and decision theory during his
32 years of active teaching at Georgetown Univer-
sity. He was the first faculty member in the business school to be promoted to full professor, and was
also the school’s first professor emeritus. Retired since 1993, Winkler continues to ride his bike every
day to the university, where he does statistical research in preparation for his talks at international
meetings of statisticians. He also serves on the McDonough School’s Executive Council, and after 40
years, on the Undergraduate Admissions Committee.
Winkler’s family hosted a mass in Dahlgren Chapel and a reception in Old North on June 20 to cele-
brate. Many McDonough School faculty and staff and Georgetown alumni were in attendance.
Every year since his retirement Winkler has presented the Othmar W. Winkler Award to a graduating
senior at commencement. Established by his family, the award honors extraordinary service to under-
privileged youth in the Washington area.
The Georgetown Entertainment and
Media Alliance, founded by Richard
L. Battista (B’86), executive vice pres-
ident of Fox Networks Group, hosted its
first Entertainment & Media Career Spot-
light on October 22. The Career Spotlight,
held in conjunction with Georgetown’s
MBNA Career Center, featured accom-
plished GEMA alumni members in a panel
discussion of the industry. McDonough
School alumni on the panel included Jeffrey
Bronikowski (B’92), vice president of busi-
ness development for eLabs, Universal
Music Group’s digital music strategy and
business development division; and Ami
Vittori (B’95), vice president of development
and production at Josephson Entertainment.
Battista moderated the panel. Other pan-
elists included Gordon M. Bobb (C’93), an
associate with the entertainment law firm of
Del, Shaw, Moonves, Tanaka & Finkelstein;
Gerry Katzman (F’95), actor, stand-up
comedian, and corporate entertainer; Mal-
colm Lee (C’92), writer and director; and
Yvette Urbina (C’96), manager
of current programming, Fox
Broadcasting Company.
The Entertainment & Media
Career Spotlight will be held in
the fall and spring on the
Georgetown campus for under-
graduate and graduate students
as well as any interested alumni.
For more information, visit the
GEMA Web site at www.gema-
hoyas.org.
Family members, faculty, staff and friends toastProfessor Emeritus Othmar W. Winkler.
GEMA Hosts Inaugural Career Spotlight
Ami Vittori (B’95) and Jeffrey Bronikowski (B’92) at the GEMA
Career Spotlight.
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MBAs Witness Historic Signing ofDraft EU Constitution
Second-year MBA students Lars Tray
and Jennifer R. Blackmon and
MPP/MBA student Alexa M. Fernan-
dez were present in Brussels at the plenary
session of the European Convention on July
10, when Convention members ratified a
draft Constitution for Europe. Convention
Chairman Valéry Giscard d’Estaing, the for-
mer president of the French Republic, was
the first to sign the document. The students’
visit to the Convention was part of an EU
tutorial in the Graduate Business Program
in International Management at Oxford,
England. Tray, Blackmon, and Fernandez
spent three days in Brussels as part of the
tutorial, during which they participated
in meetings and lectures at the European
Parliament.
A European Convention member signs the boardbearing the Convention logo, which was presentedto the European Parliament along with the firstdraft of the Constitution for Europe.
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McDonough Business 11
Marketing Day Draws Alumni Panelists
The Graduate Marketing Association
hosted Marketing Day on September
12. MBA alumni returned to partici-
pated as speakers and panelists on topics such
as market research, financial services market-
ing, consumer marketing, and media and
entertainment. Keynote speakers included
Mark A. Jacobson, global brand advocacy
manager at ExxonMobil Corporation, and R.
Muge Yuzuak, business manager for online
acquisitions and sales and portfolio manage-
ment at CitiCards North America.
Scott S. Allison (MBA’02), assistant man-
ager in Pepsi-Cola Company’s Strategy and
Insights department, discussed “Pepsi Vanilla:
Second Mover Advantage?” in a presentation
on market research.
Demetrios N. Diavatis (MBA’97), vice presi-
dent of Institutional Sales at Friedman Billings
Ramsey; Rita R. Hanes (MBA’98), marketing
manager for merchant acquisitions at Ameri-
can Express; Melissa L. Henson (MBA’02),
e-business management associate at Citi Cards
North America; and Laura A. L’Esperance
(MBA’01), marketing manager for American
International Group’s National Union; partici-
pated in the Financial Services Panel.
Consumer Packaged Goods panelists included:
Susan R. “Sally” Burnett (MBA’00), Frap-
puccino and Starbucks Doubleshot brand
manager at Pepsi-Cola Company; Mark
Drexelius, director of business information
at Brown & Williamson Tobacco; William
H. Heuer (MBA’98), coffee brand manager
at Procter & Gamble; and Mark O’Brien,
brand manager at Miller Brewing Company.
Samantha Allen, director of marketing at
Discovery Health Channel; Chad A. Hill
(MBA’03), senior marketing manager at
America Online; Scott Hulse (MBA’02),
manager of new product development for
Time Life U.S.; and Rachel Kaufman, director
of media planning and marketing research at
XM Satellite Radio served on the Media &
Entertainment Panel.
Following the panels, Miller Brewing Com-
pany hosted a reception in the McDonough
Graduate Center.
“This year’s Marketing Day was a tremendous
success,” said Matt Parthasarthy, second-year
MBA student and GMA president. “We had
three times the number of panelists that
we’ve had in past years, giving our students
access to business leaders across a wide spec-
trum of industries. The number of alumni
panelists that participated is a tribute to
Georgetown’s reputation as a leading mar-
keting institution in the country,” he added.
MBAs Celebrate the Passion andChallenges of Entrepreneurship at GEA Conference
The Georgetown Entrepreneurs Associ-
ation hosted its first Entrepreneurship
Conference on September 26. The
conference featured more than 20 speakers
on three panels: Women in Entrepreneurship,
Building Entrepreneurial Businesses, and
Raising Capital. The conference was open to
all McDonough School students as well as
students from American University’s Kogod
School of Business and the University of
Maryland’s R.H. Smith School of Business.
“The Entrepreneurship Conference is exactly
the kind of thing we need to do more of
at Georgetown,” said Associate Professor
Elaine Romanelli, who serves as faculty
advisor to the GEA and is director of the
Global Entrepreneurship Program at the
McDonough School. “Such events deepen
students’ understanding of business practice,
and perhaps even more important, reveal
the passions and problems that real entre-
preneurs, managers, bankers, and venture
capitalists bring to their work.”
Beth Cole, president and CEO of the
Women’s Business Center, moderated the
Women in Entrepreneurship Panel, which
included Marla Malcolm Beck, CEO
and founder, bluemercury; Joan Hisaoka,
president, Hisaoka PR; Judy Kirpich, CEO,
Grafik; and Stephanie Sakoff, president
and creative director, Lucky Chick.
Verne Harnish, founder and CEO of Gazelles,
Inc., moderated the panel on Building Entre-
preneurial Businesses, which included Karen
Becker, founder and president of Becker
& Associates; John Heron, cofounder and
CEO of Cricket Cola; and Jim Hunt, presi-
dent of Cap Gemini Technologies. J. Timothy
Clarke (MBA’00), cofounder and vice presi-
dent of marketing for Infinite Spirits, sat on
the panel.
Brewster M. Crosby (MBA’02), associate at
New Vantage Group, spoke on the Raising
Capital panel, which was moderated by
David Geliebter, managing partner at Carrot
Capital LLC. Other panelists included Rob
Cerbone, associate at Telecommunications
Development Fund; Andrea Kaufman,
partner at Novak Biddle; Kevin LeClaire,
associate at SpaceVest; Laura Lukaczyk,
founder and managing general partner,
Avansis Ventures; and Jagtar Narula, vice
president of Core Capital Partners. The
panel ended with Ada S. Polla, second-year
MBA student and copresident of the GEA,
improvising an “elevator pitch” about her
new skincare venture, Alchimie Forever.
”We’ve received positive comments from both
students and panelists. It is our expectation
that this event will serve to strengthen the
connection between the McDonough School
and the entrepreneurial community,” said
GEA member Joshua M. Lerman.
“The organizers did a superb job in attracting
excellent panelists and moderators,” added
Romanelli. “The students who attended were
truly impressive and asked great questions.”
upfront
The Graduate Marketing Association talks to prospective members at the MBA Welcome BBQ in August.
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MBAs and IEMBAs Explore Express Delivery Industry
12 McDonough Business
The express delivery industry was the
subject of the first MBA Integrative
course, “Understanding International
Business,” and the IEMBA Opening Resi-
dency in August. Both programs featured
live case competitions at the conclusion of
an intense week of lectures, team-building
exercises, corporate and analyst presenta-
tions, and case preparation activities. The
Integrative Experience and the Opening
Residency introduce students to the case
method, build appreciation for both quanti-
tative and qualitative issues in business, and
provide an overview of business concepts
in a global context.
Students were given extensive management
information and financial data on the major
players in the overnight package delivery
industry, which formed the basis for analyses
conducted by faculty during the week. The
Opening Residency culminated in a case
competition in which each team represented
one of the major companies—UPS, Fedex,
Airborne Express, and DHL—analyzing a
strategic issue facing the industry and pre-
senting their recommendations to a panel of
judges. The MBA Integrative case competi-
tion focused on one player in the industry,
Fedex, with faculty and company executives
presenting a current situation involving an
international opportunity.
Fedex Chairman and CEO Frederick W. Smith presented his perspective of the company and theexpress delivery industry at the MBA Integrative Experience.
Bill Pekowitz, an analyst for Value Line, presented his insights into the express delivery industry at the IEMBA Opening Residency.
Faculty-student volleyball matches are a capstone experience at both the MBA Integrative and the IEMBA Opening Residency. The faculty team took the trophy for the first time at the MBA Integrative.
Incoming IEMBA students Todd R. Barnum of General Dynamics, Huong T. Pham of Rolls Royce,and Tyler M. Moynihan of America Online, Inc. at the Opening Residency.
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McDonough Business 13McDonough Business 13
CORPORATE GOVERNANCE
The Capital Markets Research
Center’s 15th Anniversary Confer-ence, “Improving Corporate Gover-nance,” was cited in three DowJones Newswire reports (9/26) fea-turing the comments of NASDChairman and CEO RichardGlauber, SEC Commissioner HarveyGoldschmid, and Senate BankingCommittee Chairman Richard A. Shelby on separating marketregulation from operations, newSEC rules for Wall Street analysts,and the potential for special Senate hearings on the New YorkStock Exchange.
The comments of Goldman SachsManaging Director Abby JosephCohen at the conference were alsofeatured in a special Wall StreetJournal report (10/27) on corporategovernance.
Adjunct Professor Marc B. Sher-
man served as a panelist on TheKojo Nnamdi Show (8/11) dis-cussing the effects of Sarbanes-Oxley on corporate governance,corporate operations and capitalmarkets. Sherman was also quotedin an Associate Press article (6/18)on the impact of the accountingscandal at Rite Aid.
Assistant Professor Edward
Soule was quoted in a Washing-ton Post article (5/26) on the $500million penalty imposed on World-Com for corporate wrongdoingand on potential new powers forgovernment prosecutors and regu-lators to go after the assets of cor-porate criminals.
AT WORK
The comments of Professor
Robert J. Bies were cited in aChicago Tribune article (5/21) onturning around a no-win situationat work. Assistant Professor
Brooks C. Holtom was alsoquoted in the Chicago Tribune(8/24) about the dynamics of man-aging a workplace with both per-manent and contract or temporary
employees in an article on theincreased use of temporary workersin the down economy. Associate
Professor Ronald C. Goodstein
was featured on WTOP Radio’s 10-part series (May) on customer serv-ice called At Your Service.
CREDIT AND DEBT
The comments of Distinguished
Teaching Professor Michael E.
Staten and the publications of theCredit Research Center were fea-tured in articles in the WashingtonPost (8/26), Bankrate.com (10/6),and the Portland Press Herald(9/15) on the pros and cons ofAmerica’s great credit binge, thepotential value and peril of rewardscredit card programs, and collegestudent credit card debt.
The Credit Research Center’smonograph, “Payday AdvanceCredit In America: An Analysis OfCustomer Demand,” was cited incoverage in the Associated Press(5/27), the Fort Worth Star-Telegram(5/20), and the Portland BusinessTribune (10/3) on the proliferationof payday lenders and their allegedpredatory lending practices.
EXECUTIVE PAY
Associate Professor James J.
Angel, Assistant Professor
Edward Soule, and Professor
Reena Aggarwal were quoted inarticles from Newsday (9/17),Reuters (9/12), and the Washing-ton Post (10/3), respectively, aboutthe controversy over former NewYork Stock Exchange chairmanRichard A. Grasso’s compensationpackage.
MBA MARKET VALUE
The McDonough School was fea-tured in a BusinessWeek cover story(9/22), “What’s an MBA ReallyWorth?” a survey of the full-timeMBA Class of 1992 from Business-Week’s Top 30 business schools.The survey revealed that George-town MBA grads had the 12thhighest average yearly salary andwere second only to Harvard in aver-age bonus and other compensation.
DO NOT CALL
In anticipation of the Federal TradeCommission’s national Do Not CallRegistry taking effect on October 1,the comments of Associate Pro-
fessor Ronald C. Goodstein onthe impact of the list were cited inreports from MSNBC (9/23), WMALRadio AM 630 (9/25), and the SanJose Mercury News (9/25). Good-stein also appeared on a CNBC’sBusiness Center program (9/22)discussing the effects of the Reg-istry on the telemarketing industry.
INTELLECTUAL PROPERTY
Visiting Associate Professor
Michael P. Ryan was tapped forhis expertise in intellectual propertyfor a CNBC Power Lunch report(9/8) and an article in Italy’s Corrier-Economia (9/15) on the RecordingIndustry Association of America’slawsuits against individuals thatillegally share music files. Ryan’sfirst-year undergraduate orientationseminar, “Napster: Theft or CivilDisobedience?”, was cited in aWashington Post article (8/27) aboutthe RIAA’s efforts to curb the digitalpiracy rampant on college campuses.
BUSINESS OF CAMPAIGNING
U.S. Senator (N.C.) and Democraticpresidential contender John Edwards’speech to Georgetown MBA stu-dents was cited in articles in theNew York Times, the CharlotteObserver, the News & Observer,and USA Today (6/18).
Democratic presidential candidateJohn Edwards addresses Georgetown MBAs.
DRUG MANUFACTURING
The pharmaceutical manufacturingresearch and benchmarking studiesbeing conducted by Assistant
Professor Jeffrey T. Macher anda colleague at Washington Univer-sity in St. Louis were the focus ofreports in the Washington DrugLetter (9/29), Drug Industry Daily(9/17), the Pharma Marketletter(9/15), and the St. Louis BusinessJournal (9/16) on the U.S. Foodand Drug Administration’s GoodManufacturing Practices initiative.
WORKPLACE SAFETY
Dean and Executive Director of
the Center for Business and
Public Policy John W. Mayo wasquoted in a Bloomberg article(8/13) on General Motors’ reduc-tion of workplace injuries to thelowest of all automakers and in aSafety Director’s Report article(June) about how better safety per-formance can improve stock prices.
MARKET MANIA
Associate Professor James J.
Angel’s expertise on the functionof the New York Stock Exchangewas cited in a number of articlesand reports from Bloomberg(10/16), public radio’s Marketplace(10/16), the National Post (10/15),Newsday (9/28), and PBS’ NightlyBusiness Report (9/22) on the roleof specialists firms, the businessversus regulatory structure of the
inthemedia highlights
Reena Aggarwal
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Making Headlines
Sally Buzbee (IEMBA’97) is back.She’s back in Washington, D.C., as the newly appointed assistant chief for news at the Associated Press‚ Washington bureau. She’s alsoback in the United States after several years abroad in far-flung places like Saudi Arabia and Tunisia,where she lived with her two daughters and her husband, who is a former journalist turned diplomatfor the U.S. State Department.
As the assistant bureau chief for news in Washington, Buzbee oversees news reporting on the StateDepartment, Congress, and the White House. Her MBA from the McDonough School and her interna-tional experiences both living and studying abroad are strong influences on her work as a news editor.
“The world is so interconnected, and I wanted to focus on that,” said Buzbee.“ My MBA education atGeorgetown provided a new framework to understand the world, and I am tuned in to different sidesof stories that I might not have been before.”
Since coming to Washington, D.C., for the first time in 1995, the Walla Walla, Wash., native has been a reporter, news editor, and world services supervisor in the Associated Press‚ Washington bureau. She also worked in AP bureaus in Topeka, Kansas City, Los Angeles, and San Diego.
For a monthly archive of the
McDonough School’s media coverage
visit McDonough In the News
on the News & Events section
of the school Web site at
msb.georgetown.edu/news/in_the_news.htm
14 McDonough Business
alumni in the news
NYSE, the open outcry system,and whether or not the NYSEshould go public.
Two Wall Street Journal articles(10/12, 10/27) on the speculativefever hitting the stock marketsand the record surge in trading ofOTC Bulletin Board shares featuredAngel’s comments. Angel was alsoquoted in MSN Money/CNBC.comarticles (8/20, 5/28) on insidertrading and stock shorting. TheFinancial Times (9/7) quoted Angelin an article examining the impactof rival electronic communicationsnetworks on the Nasdaq, and theChicago Tribune (9/9) and BaltimoreSun (8/24) featured his commentson the increasing popularity ofexchange-traded funds.
John J. Powers, Jr. Professor of
Finance William G. Droms wasquoted in CFA Magazine (Sept./Oct.)on the efficiency of modern clientportfolios and advisor-client relation-ships in an article on behavioral considerations in risk analysis, andwas also featured in a BaltimoreSun report (8/17) on bonds, bondfunds, and the bond market.
Elsa Carlson McDonough
Professor of Business Adminis-
tration Prem C. Jain’s researchon the value of stock marketexperts was cited in a WashingtonPost article (7/6) on the perform-ance of professionally managedand advertised funds.
Professor Reena Aggarwal wasquoted in an Associated Press article (6/12) on “demutalization,”or the switching of exchangesfrom mutual organizations tostock corporations.
AROUND THE GLOBE
Associate Professor Michael R.
Czinkota published an editorial inthe Japan Times (10/13) on howthe education sector can play amajor role in teaching how toimplement change around theglobe. Czinkota also co-authored aWashington Times editorial (5/27)on the implications of U.S. exportcontrol rules and the movement ofmanufacturing offshore.
Executive Professorial Lecturer
Richard F. America’s article“Advancing Africa” was featuredin BizEd (May), the semi-annualpublication of the Association toAdvance Collegiate Schools ofBusiness. America argues thatmodern management education isthe key to unlocking Africa’s richeconomic and academic potential.
Heisley Family Professor of
Global Manufacturing Kasra
Ferdows was quoted in an articlein The Irish Times’ Top 1000 Com-panies supplement (5/23) on whatIreland must do to adapt to achanging environment of foreigndirect investment.
John S. Orrico (B’82), a founderand portfolio manager of The Arbi-trage Fund, was interviewed for aNewsday (10/5) article on the fund,which focuses on mergers andacquisitions risk arbitrage.
Yoko Minami (MBA’00), head ofmerger and acquisition deals atNewsWatch Inc., a business newsclipping service subsidiary ofToshiba Corp., was featured in aNikkei Weekly (9/29) article on theMBA degree’s impact on women’scareer advancement in Japan, andthe switch to promotions based onmerit instead of seniority benefitsin that country.
Antonio Peña’s (MBA’92) entre-preneurial success was featured aspart of a BusinessWeek (9/22)cover story on the value of an MBAdegree, which was the result of asurvey of nearly 1,500 Class of 1992alumni from the magazine’s top 30business schools. Peña started aconstruction company out of thetrunk of his car and now owns oneof Mexico’s largest honeycombpacking-materials makers, Hexa-gonos Mexicanos, S.A.de C.V.
Colleen M. Arons (C’97, MBA’03)and Patrick Janin (IEMBA’02)were featured in separate articlesas part of the Wall Street Journal/CareerJournal.com (9/17) specialreport on the top business schools.Arons, now an advanced market-ing analyst in 3M’s corporate mar-keting development program, wasfeatured in an article on the value
of the MBA degree in advancingwomen into line jobs. Janin, who isnow president of Future MedicalSystems’ France operations, wasquoted on the caliber of his fellowIEMBA classmates in an article onMBA degree options.
Jonathan Sharp (F’94), a memberof the IEMBA Class of 2004, andhis cofounder, Landon Johnson,were featured in a WashingtonPost (6/23) profile of their start-upbusiness, Talant Ventures, whichsells software that helps salesdepartments quantify the value oftheir product or service. Sharp andJohnson, who were formerly co-workers at Step 9 Software,founded Bethesda-based TalantVentures in 2001.
Peter P. Gasca (MBA’03), nowworking for Pragma Corporation inAlmaty, Kazakhstan as a memberof the MBA Enterprise Corps, wasfeatured on the NBC (6/1) programHispanics Today about his experi-ence in the Georgetown MBA pro-gram as the recipient of a HispanicScholarship Fund.
Michele Giddens (MBA’91), executive director of Bridges Com-munity Ventures, which aims toproduce entrepreneurs and sustain-able businesses to tackle social dis-empowerment and decay in Britain,was the subject of a Guardian(5/27) article on the communityventures sector. See Giddens’ alumniprofile on page 36.
McDonough Business 15
Professor Reena Aggarwal published “Alloca-tion of Initial Public Offerings and Flipping Activity,”Journal of Financial Economics, Vol. 68, Iss. 1,April 2003. She also served as a discussant onIPOs at the Western Finance Association AnnualMeeting in June.
Associate Professor Paul Almeida published“Learning-By-Hiring: When Is Mobility MoreLikely to Facilitate Interfirm Knowledge Trans-fer?” Management Science, Vol. 49, Iss.4, April2003; and “Overcoming Local Search throughAlliances and Mobility,” Management Science,Vol. 49, Iss. 6, June 2003.
Professor Alan R. Andreasen authored “SocialMarketing and Consumer Research,” with J.Cohen and B. Kahn, published in the Associa-tion for Consumer Research News, Spring 2003.Andreasen presented “Social Marketing andAssociation Development” at the WashingtonHigher Education Secretariat in September, and“Selling Marketing Internally—Building Consen-sus” at the American Marketing AssociationNonprofit Marketing Conference in July. Hedelivered a luncheon address at the AmericanLegacy Foundation in June, and chaired “Vulner-able Consumers,” a competitive paper session atthe American Marketing Association’s Marketingand Public Policy Conference, in May. Andreasenalso gave talks at the London Business Schooland the University of the West of England in May.
Professor Robert J. Bies published “ConsumerPrivacy: Balancing Economic and Justice Consid-erations,” with M. Culnan, Journal of SocialIssues, Vol. 59, Iss. 2, 2003. He presented “TheQuestion of Injustice: Why Do Good People DoBad Things?” at the Academy of Managementin August.
Professor George G. Brenkert gave thekeynote address on “Corporate Integrity andAccountability: A Transatlantic Perspective”at theEuropean Business Ethics Network annual meet-ings in August. He presented a paper at a paneldiscussion on “Developing Moral Imagination in
Marketing Managers” at the Marketing and Pub-lic Policy Conference in May, and presented hisanalysis and evaluation of Verner Petersen’s book,Beyond Rules in Society and Business, at theAssociation of Practical and Professional Ethics inFebruary. He made a panel presentation on “Mar-keting and the Ethical Environment of Business”at the American Marketing Association Educator’sConference in February. Brenkert also delivered aspeech at Marymount University on “BusinessEthics and Business Scandals” in January.
Assistant Professor Sandeep Dahiya published“Financial Distress and Bank Lending Relation-ships,” Journal of Finance, Vol. 58, Iss. 1, Janu-ary 2003; and “Debtor-in-possession financingand bankruptcy Resolution: Empirical Evidence,”Journal of Financial Economics, Vol. 69, Iss. 1,July 2003.
Associate Professor Allan C. Eberhart pub-lished “The Long-Term Performance of Corpo-rate Bonds (and Stocks) Following SeasonedEquity Offerings,” Review of Financial Studies,Vol. 15, Winter 2002. Eberhart presented “AnExamination of Long-term Abnormal StockReturns and Operating Performance FollowingR&D Increases” at the European Financial Man-agement Association Meeting in June.
Professor Ricardo Ernst served as the guesteditor of Forced Migration Review, September2003. His article, “The Academic Side of Com-mercial Logistics and the Importance of ThisIssue,” was an introductory article in the issue. Hedelivered an invited presentation, “3PL Integrationin Latin America: A Case Study,” at WashingtonUniversity’s Olin School of Business in August. Ernst participated in a seminar on logistics issues at the Universidad de los Andes in June. He servedas the co-chair for “International Congress on e-Commerce and Logistics,” in conjunction withthe Latin American Logistics Center and EANCosta Rica in May. At the First Council of Human-itarian Logistics in January, Ernst presented paperson the importance of performance metrics in logis-tics as they apply to the humanitarian world andon the role of education, training, and certificationto standardize procedures and elevate the profileof logisticians in the field.
Associate Professor Patricia M. Fairfield andAssociate Professor Teri L. Yohn co-authored“The Differential Persistence of Accruals andCash Flows for Future Operating Income VersusFuture Return on Assets,” with J. Whisenant, inthe Review of Accounting Studies, Vol. 8, Iss. 2–3, June–Sept. 2003. Fairfield and Yohn also
co-authored “Accrued Earnings and Growth:Implications for Future Earnings Performance andMarket Mispricing,” with J. Whisenant, in theAccounting Review, Vol. 78, Iss. 1, January 2003.
Heisley Family Professor of Global Manufac-
turing Kasra Ferdows published “New WorldManufacturing Order,” in Industrial Engineer,Vol. 35, Iss. 2, February 2003.
Professor Robert M. Grant published “StrategicPlanning in a Turbulent Environment: Evidencefrom the Oil Majors,” in Strategic ManagementJournal, Vol. 24, No. 6, June 2003. He receivedfunding from Eni Corporate University to studyknowledge management in the energy sector.Principal investigators are Grant and Associate
Professor Paul Almeida. The project providedsummer internships to eight MBA students. Grantalso received a grant from the British Economicand Social Research Council to study knowledgeintegration and project-based organizing. Principalinvestigators are Charles Baden-Fuller and JosephLampel (both of City University) and Grant.
Assistant Professor Jeffrey T. Macher willperform research and analysis for the U.S. Foodand Drug Administration as part of its strategicinitiative to modernize the regulation of pharma-ceutical manufacturing and product quality.Macher, and Associate Professor J. Nickerson ofWashington University in St. Louis’ Olin Schoolof Business, will help the FDA improve the effi-ciency of its inspections by developing a modelfor predicting which types of manufacturingfirms have a greater probability of violating goodmanufacturing practices. Their research is fundedby the McDonough School of Business Centerfor Business and Public Policy; the Boeing Centerfor Technology, Information, and Manufacturing;the Center for Research in Economics and Strat-egy in the Olin School; and the National Bureauof Economic Research/Sloan Foundation.
Professor Douglas M. McCabe conducted theseminar titled “Mastering Employee Relations”for the Senior Executive Leadership Program forthe staffers of the U.S. Senate. He also taught“Organizational Development” in the Ph.D. Pro-gram of ESTE — School of Economic and Busi-ness Science of the University of Duesto in SanSebastian, Spain. McCabe was recognized by theNational Office of The Phi Beta Kappa Society forhis service as Chair of the Triennial Council FinanceCommittee.
intellectualcapital
Kudos
In the most recent editor’s report from the Journal of Finance,
Georgetown is sixth after Harvard,MIT, UCLA, Chicago and Northwesternfor publishing the most articles in theJournal of Finance in 2002, tied with
Cornell and Stanford.
16 McDonough Business
Assistant Professor
Marlene D. Morris
presented “Learningfrom the School ofHard Knocks: Ante-cedents of ConsumerFinancial Knowledge,”at the American Mar-keting Association’s Marketing and Public PolicyConference in May.
Professor Stanley D. Nollen delivered aninvited presentation at the Sixth Carnegie BoschInstitute International Conference in October.Nollen received a grant to support research on theIndian software industry, and he is also collaborat-ing with the International Finance Corporation ofthe World Bank on a study to compare Indian andChinese software and hardware industry growth.
Professor J. Keith Ord presented “The Estima-tion of Recent Intervention Effects in Transporta-tion Indicators” and “The Single Source of ErrorSpecification for State Space Models: AnAppraisal,” at the International Symposium onForecasting in June.
Assistant Professor Lee
F. Pinkowitz and Associ-
ate Professor Rohan G.
Williamson coauthored“Corporate Governanceand the Home Bias,” withM. Dahlquist and R. Stulz,in the Journal of Financialand Quantitative Analysis, Vol. 38, No. 1, March 2003.
Professor N. Lamar Reinsch, Jr. presented“Safety is Never an Accident,” at the ChristianScholars Conference, in Lubbock, Tex., in July.His speech was published in Vital Speeches ofthe Day, Vol. 69, Iss. 22.
Associate Professor Pietra Rivoli published“Labor Standards in the Global Economy: Issuesfor Investors,” in the Journal of Business Ethics,Vol. 43, Iss. 3, March 2003.
Associate Professor Elaine Romanelli wasreappointed to the editorial board of Administra-tive Science Quarterly. She presented “Anatomyof Cluster Development: The Case of U.S. Bio-therapeutics, 1976–2002,” at Northwestern’sKellogg School of Management (February), Har-vard Business School (April), and the SwedishGovernment Council’s Cluster Development Pro-ject (June).
Adjunct Professor Marc B. Sherman
presented “Sarbanes-Oxley:Restoring InvestorConfidence Through Ethics,” at the National BarAssociation’s 78th annual convention in August.
Associate Professor Edward Soule wroteMorality & Markets: The Ethics of Government
Regulation, published by Row-man & Littlefield Publishers, Inc.,2003. The book proposes a setof rules for determining themoral legitimacy of regulationand examines the morality ofregulation in contemporarycommercial disputes.
Distinguished Teaching Professor Michael E.
Staten published “The Impact of Opt-In Ruleson Retail Credit Markets: A Case Study ofMBNA,” with F. Cate, in the Duke Law Journal,Vol. 52, No. 4, 2003; and “The Value of Com-prehensive Credit Reports: Lessons from the U.S.Experience,” with J. Barron, in Credit ReportingSystems and the International Economy, 2003.Staten’s book, Financial Privacy, Consumer Pros-perity and the Public Good, coauthored with F.Cate, R. Litan, and P. Wallison, was published bythe Brookings Institution Press, 2003. This bookexplores the debate over states’ roles in regulat-ing credit bureaus. Staten delivered “Debt Bur-den, Delinquencies and the Quality of ConsumerCredit,” at the Consumer Balance Sheet Round-table, Federal Deposit Insurance Corporation inFebruary. He presented “Empirical Analysis andPublic Policy Toward Subprime Lending,” at theFederal Reserve Board Consumer Advisory Coun-cil in March. He gave testimony on “The Impactof National Credit Reporting Under the FairCredit Reporting Act,” at the U.S. House of Repre-sentatives, Committee on Financial Services, Sub-committee on Financial Institutions and ConsumerCredit Hearing, on “The Importance of theNational Credit Reporting System to Consumersand the U.S. Economy” in May. Staten also pre-sented “Case Studies Reveal the Benefits of Infor-mation Flows,” at the Federal Trade CommissionWorkshop on Information Flows in June.
Professor Robert J. Thomas was appointedinterim dean of the School for Summer andContinuing Education. He will continue to serveas executive director of the Center for Profes-sional Development and professor of marketingin the McDonough School of Business.
Associate Professor Catherine H. Tinsley
authored “Responses to a Normative Conflictamong American and Chinese Managers,” (with E. Weldon), in the International Journal ofCross-Cultural Management, Vol. 3, Iss. 2.
Business School ProfessorNamed to National AcademiesCommittee
Assistant Professor Robin L. Dillon-
Merrill was nominated to serve on
the National Academies Committee
on Opportunities for Accelerating
Characterization and Treatment of
Waste at Department of Energy
Nuclear Weapons Sites. The National
Academies advise the U.S. Govern-
ment on scientific and technical mat-
ters in public policy.
The project committee, whose 11
members are primarily nuclear, chemi-
cal and civil engineers and geologists,
will identify opportunities for improv-
ing the U.S. Department of Energy
Environmental Management Office’s
waste characterization and treatment
capabilities.
Dillon-Merrill will provide expertise in
project management and risk analy-
sis. Their study will focus on waste
streams for which current characteri-
zation, treatment, or disposition
pathways are difficult and/or expen-
sive, and for which improvements
would help reduce costs, schedules,
and hazards to workers, the public, or
the environment. The project began
in October, and the committee will
issue its final report in summer 2005.
Assistant Professor Robin L. Dillon-Merrill
Pinkowitz
McDonough Business 17
“My approach to teaching is to
help students build their intuition.
The ones that advance are
the ones that can answer and
address questions on their feet
in a concise way.”
or ‘What makes this happen?’” The bigger pic-
ture was calling him once again.
He decided that the Ph.D. was the best
fit to address his need to figure out those
whys. He earned his M.A. and Ph.D. in
finance at the Ohio State University, where
his dissertation research focused on foreign
exchange rate exposure and its impact on
firm value. At Ohio State, Williamson was a
Dean’s Fellow and a General Electric Fac-
ulty Development Fellow. He was also the
recipient of the Ohio State University Pace
Setters Award.
He still does work in the area of foreign
exchange rate exposure and also links it to
his other interests in risk management, cash
holdings, and corporate governance. “When
exchange rates change, firm value changes.
But firm value is not assessed in the same
way outside the U.S. because the relationships
between stockholders, bondholders, and cor-
porate management vary across countries,”
says Williamson. “Corporate governance is
how you manage the conflict between those
constituents.”
His research has resulted in a number
of papers including “Corporate Governance
and the Home Bias,” co-authored with
Assistant Professor Lee F. Pinkowitz, Mag-
nus Dahlquist, Stockholm Institute of
Faculty in Focus Rohan G. Williamson
When Associate Professor Rohan
Williamson was a kid, he loved cars and air-
planes. He majored in mechanical engineer-
ing at the University of Dayton and planned
to get a job designing airplanes or cars. He
started as an aircraft engineer at Lockheed
Corporation, but after working for a few
years he realized that he would never be the
person that would design the whole airplane.
He’d always just design one part of it. His
desire for the bigger picture sent him back
to school, this time for his MBA at Clark-
Atlanta University, where he was inducted
into Beta Gamma Sigma, the national busi-
ness honor society. It was there that he culti-
vated his interest in finance.
“I took a finance class as an undergrad,
and I enjoyed it, but I didn’t think too much
about it. It was doing my MBA that I started
to get more and more interested in finance,”
says Williamson. “I started to see that the
things I liked about engineering are very con-
sistent with the things I liked about finance.”
After earning his MBA, he started
work as a financial analyst at the Chrysler
Corporation. “I got my dream,” he says. “I
had designed airplanes for Lockheed and
now I was working in the car business.”
Williamson had several different finance
jobs at Chrysler that exposed him to the
long-range budgeting and analysis process as
well as an equity offering through Chrysler
Financial that allowed him to interact with
investment banks and consultants.
His experience at Chrysler gave him a
good perspective on the jobs that his MBA
students will have after they graduate; a per-
spective that informs his teaching. “I know
what a consultant does, what an investment
banker does, what a financial analyst at a
corporation does,” he says. “It helps me pre-
pare them to face the challenges of those
jobs.” Students appreciate that he can bring
anecdotes from his industry experience and
relate them to the cases discussed in class.
As he advanced in his own career, how-
ever, he wanted to investigate the hows and
whys of finance in companies and industries.
“You work for a company, doing project after
project and not really doing the whys,” explains
Williamson. “Not asking ‘how does this work?’
Financial Research, and Ohio State Univer-
sity’s Rene M. Stulz, which was published in
the Journal of Financial and Quantitative
Analysis and which he presented at the
American Finance Association meetings this
year. This research was cited in a March
2003 speech by Alan Greenspan at the Bank
of France International Symposium on
Monetary Policy, Economic Cycle, and
Financial Dynamics.
His work has also appeared in the Jour-
nal of Financial Economics, Risk Publications,
the Journal of Applied Corporate Finance, and
the Review of Financial Studies. “The Deter-
minants and Implications of Corporate Cash
Holdings,” a work he co-authored with Tim
Opler, Pinkowitz, and Stulz, was the winner
of the 1999 Jensen Prize for Corporate
Finance and Organizations.
Georgetown is a good fit for
Williamson, who teaches Advanced Corpo-
rate Finance and International Finance in
the MBA program and International
Finance in the undergraduate program. He
has also taught executive education courses
on International Corporate Finance and
Managing Foreign Exchange Risk.
“I wanted to work in a school with a
strong reputation that supported research
and also had a strong foundation in teaching,”
says Williamson. “Georgetown fit right in.”
The international nature of his research
mirrors the international culture at George-
town and in the McDonough School.
“Georgetown attracts international students
and U.S. students that want to do interna-
tional work,” he says. “It’s important for
them to realize that what happens [in the
U.S.] is not typical. It’s very different when
you look across the globe.”
Williamson hopes that his students come
away from his classes with at least one thing -
a strong intuition. “Georgetown students are
very bright, it’s just a matter of pushing them
to reach their full potential,” he says. “My
approach to teaching is to help students build
their intuition. The ones that advance are the
ones that can answer and address questions on
their feet in a concise way.”
18 McDonough Business
Prospectus Sarbanes-Oxley:A Push Toward
Better Corporate GovernanceBy Marc B. Sherman
The pressures of earnings
expectations, compensation,
job security, and greed
resulted in a number of
widely publicized corporate
earnings restatements and outright
accounting frauds in 2001 and 2002. The
largest restatement of all was by telecom-
munications giant WorldCom, which
reportedly classified $9 billion in expenses
as capital. The collapse of Enron and C-
level scandals at Adelphia Communica-
tions and Tyco International cost investors
billions of dollars, further shook investor
confidence and fueled the drive for reform.
As a result, the Sarbanes-Oxley Act of
2002 has brought about the greatest focus
on financial restatements and reporting
fraud in recent U.S. history, initiating
sweeping changes in corporate and financial
reporting oversight as well as a renewed
focus on the importance and quality of gov-
ernance and ethics in business. The message
of Sarbanes-Oxley is unequivocal: we need
increased transparency and reliability of
financial reporting, better control, and more
effective independent governance in publicly
traded corporate America. To accomplish
this goal, however, management and the
board must each take responsibility and
do their part.
Provisions of Sarbanes-Oxley
Sarbanes-Oxley seeks to address important,
but often lacking, independent oversight
of management’s financial reporting by
public company boards of directors. In
order to separate management’s account-
ing and operating decisions from board
oversight, Sarbanes-Oxley establishes spe-
cific requirements for an audit committee
of the board comprising only independent
(non-insider executive) directors. It is then
empowered with the sole responsibility for
the appointment, compensation, and over-
sight of the auditor; for establishing proce-
dures to handle complaints regarding the
issuer’s accounting practices; for engaging
advisors; and for funding the independent
investigations.
To emphasize management’s responsi-
bility for accounting and disclosures, Sar-
banes-Oxley requires the CEO and CFO
to certify that the financial statements and
disclosures contained in any filed periodic
report are appropriate and fairly present,
in all material respects, the operations and
financial condition of the company. The
Act recognizes that C-level executives are
not likely to have intimate knowledge of
the details and accordingly requires a vio-
lation of this provision to be knowing and
intentional in order to give rise to liability.
Nonetheless, management is responsible
for the accuracy of financial statements
and disclosures, and the board is responsi-
ble to independently oversee those state-
ments and disclosures.
To give teeth to these “rules of the
road,” Sarbanes-Oxley establishes criminal
offenses for “knowingly” destroying or cre-
ating documents to impede, obstruct, or
influence any existing or contemplated
federal investigation. The Act also extends
the statute of limitations on securities
fraud claims and implements fines and
imprisonment of up to 25 years. A willful
and knowingly false CEO or CFO certifi-
cation can carry a monetary penalty as
well as possible imprisonment. Addition-
ally, the CEO and CFO of a public com-
pany are required to forfeit to the
company certain bonuses and other incen-
tive and equity-based compensation
received after the filing of a financial
report that later requires restatement due
to material noncompliance as a result of
misconduct. In an encouraging message to
lower-level employees, Sarbanes-Oxley
provides whistleblower protection to
employees of issuers and accounting firms.
Corporate governance is taken seri-
ously by Sarbanes-Oxley. As directed by
the Act, the SEC now prohibits the list-
ing of any security of an issuer that is not
in compliance with the Act’s audit com-
mittee requirements. Additionally, the
SEC now has the authority to seek court
freezes of extraordinary payments to
directors, offices, and others during an
investigation of securities violations, and it
has the authority to prohibit officers and
directors who have violated certain securi-
ties laws from serving as an officer or
director of a public company.
Looking Ahead
Sarbanes-Oxley will force each member of
the “the public company,” individually and
together, to achieve new levels of disclosure,
accountability, independence, and trans-
parency. Only time will tell if Sarbanes-
Oxley, now more than a year old, will be
successful in driving companies to instill
and deliver on an ethical “tone-at-the-top.”
We can hope that the costs, both corporate
and personal, of failing to enhance ethical
standing will prove a powerful incentive
for change. A reemphasis on corporate
governance and ethics can only lead to
stronger companies, better-informed
investors, and a more vibrant economy. Of
course, perhaps the ultimate test is simply
long-term investor reaction — or do
investors in reality have short memories?
About the author:
Marc B. Sherman
is an Adjunct Professor
in the McDonough
School,where he teaches
forensic accounting in
the full-time MBA
program. He is a CPA
and attorney and
the Managing Director in charge of the
Washington, D.C. office of Huron Consulting
Group. He was formerly a partner at KPMG
LLP, where he led the forensic practice. John
Ries (MBA’02), a senior associate at KPMG,
contributed to the writing and editing of
this article.
McDonough Business 19
Ethics has played a central
role at the McDonough School since its
founding, and that has taken on special
significance in the wake of the recent
flood of corporate scandals.
“The last few years have seen just
horrible lapses of ethics across corporate
America, and ethics has become a much
more timely topic as a result,” said John B.
Maier II (MBA’86), a founding partner of
the Legacy Partners Group, a middle-mar-
ket financial advisory firm in New York.
Businesses now are paying more atten-
tion to ethics when they evaluate job
candidates, according to Maier, who held
executive positions in several large financial
services firms before helping to establish
Legacy.
Corporate recruiters today “want to
know that students have had to give
thought to some of the ethical issues that
arise every day in the business world,”
Maier said. That’s good for McDonough
School graduates, he added, because “at
Georgetown it’s always been part of the
curriculum and knowing that it’s part of
the curriculum is an important considera-
tion for recruiters generally.”
Business students confront the ethics
issues throughout their time at the
McDonough School. Courses devoted
to ethics are taught in all of the school’s
degree-granting programs. Ethics is
addressed in many other business school
courses, and is infused throughout the
broader Georgetown University experience.
“It’s almost like breathing,” second-
year MBA student Brent E. McGoldrick
said. “You’re not necessarily aware all the
time that it’s there. But it’s there.”
BEYOND THE
BOTTOM LINE
Teaching
Business Ethics
at the
McDonough School
By Tom Price
20 McDonough Business
The recent scandals
haven’t changed the way ethics is taught
in the business school, McDonough
Dean John W. Mayo said.
“The teaching of business ethics has
been part of our curriculum since the
inception of the school in the 1950s, and
really represents a continuation of the cen-
tral role of ethical principles in the educa-
tion of every student who attends
Georgetown University,” Mayo said.
As new programs have been added,
Professor Douglas M. McCabe said, ethics
always has been part of the planning.
“We felt that, not only should we have
a free-standing course on ethics for the
undergraduate and the MBA programs,
but when we established the International
Executive MBA program we felt it should
have a course,” McCabe said. “More
important, each professor ought to weave
into his courses the key ethical issues
impacting upon that subject matter.”
According to Mayo the recent scandals
have “helped us, in a curious way, to focus
the attention of students on the very real
ethical challenges that they are likely to
face as they enter the work force. I think
both recruiters and students seem to have
ethical considerations at the forefront of
the human characteristics that they care
about now.”
Undergraduate business students are
required to take Social Responsibilities of
Business as well as a philosophy course in
ethics. Business Ethics is part of the MBA
core curriculum and the International
Executive MBA program.
Undergraduates also can take a course
in International Business Ethics. Other
MBA courses include: Ethics in Employ-
ment Relationships, Current Issues in
Corporate Social Responsibility, Business
Ethics, Public Policy and Socially Respon-
sible Investing.
Outside the formal classroom, Net
Impact, an association of graduate stu-
dents and alumni, promotes business
responsibility. The
MBA Student
Association this
year adopted a
code of conduct
that was ratified
by 73 percent of
the MBA student
body. McDonough
supports the
Georgetown Busi-
ness Ethics Insti-
tute, which fosters
creation and dis-
semination of
knowledge about business ethics. Professor
George G. Brenkert, the center’s director,
edits Business Ethics Quarterly, the journal
of the Society for Business Ethics.
McCabe is the Journal of Business Ethics’
associate editor for international manage-
ment. Other professors research and write
on the topic. And many faculty and stu-
dents are active in the promotion of ethi-
cal and humanitarian causes.
“I view business ethics as a very broad
topic, as more than one class,” Brenkert
said. “Business ethics issues involve ques-
tions of poverty and justice as well.”
When he lists McDonough’s business
ethics courses, therefore, he includes
Strategies for Environmental Manage-
ment, Social Enterprise, Community
Reinvestment, Development in Africa,
and Humanitarian Assistance.
In addition to being a broad topic,
ethics — and the teaching of it — is com-
plex, Brenkert said. That’s a point that
James A. Schroer (C’72, MBA’84)
absorbed at Georgetown two decades ago.
“The biggest thing I remember, even
to this day, is that you have to take your
general guiding principle and dissect it
until you can apply that principle to the
specific incident that you’re dealing with,”
said Schroer, a management consultant
with Deloitte & Touche in Northern Vir-
ginia. “You might have a general principle
to be fair and honest with everyone, but
what does that actually mean in terms of a
specific situation?”
Schroer remembers McCabe weaving
ethics into a labor relations course, and
McCabe said Schroer has remembered the
lesson well.
“What a good professor can do,”
McCabe said, “is provide an intellectual
framework, or frameworks, to help stu-
dents solve potential real-life ethical situa-
tions that may slap them in the face.”
The role of the business ethics teacher
is not “coming in as bearer of the truth,”
Brenkert said. “I come in with some back-
ground in ethics and knowledge of relevant
cases that are important for the students to
consider. More important than ‘the right
answer’ is identifying the important ethical
aspects and dimensions.”
McDonough’s core ethics courses are
firmly grounded in the reality that stu-
dents will face once they become business
executives.
One section of the undergraduate
course, for example, required students to
grapple with the issue of sweatshops as a
way of exploring many aspects of business
and social responsibility. Readings ranged
from “The Nature of Morality” to selec-
tions from Nike’s Code of Conduct. A
Nike executive visited the class.
Second-year MBA student Rebecca J. Slisz is president of Georgetown’s chapter of Net Impact.
Lars
Tra
y
“Georgetown is a place where [students] can become engaged in both
business and social issues.”
McDonough Business 21
The case-based MBA course
addresses blockbuster incidents such as
Ford’s exploding Pintos as well as other
dilemmas in which an individual con-
fronts an ethical conundrum within a
small part of an organization.
“What I hope students come away
with is a sense of the relevance and
importance of the ethical business deci-
sion — that ethics is not something for-
eign to business, that it is integral to
business, and they must engage,”
Brenkert, who teaches both courses,
explained. “Next, I want to provide some
tools or frameworks that they can take
away from the class and use to think
about their own ethical situations when
they get into them.”
That’s exactly what Schroer took away
in 1984, and more recent graduates and
students echo his comments.
Ethics poses “an interesting dilemma
in the business world in which the
primary goal, most people would say,
is maximizing profit or value for
shareholders,” Todd G. Ries (MBA’03)
said. “But most people would also ask:
Based on what practices?”
Ries, a marketing associate with Kim-
berly Clark in Wisconsin, said McDo-
nough’s international focus made ethics
discussions particularly important and
interesting.
“What might be considered ethical or
unethical in various countries isn’t always
the same,” Ries explained. “If I’m doing
business in another country, I need to
understand their ethical framework. I
need to keep true to my own ethics in
business, at the same time respecting the
ethical practices that are the norm of
another country’s culture.
“It’s good to have thought and talked
about ethics [in class], rather than to have
to deal with it for the first time when you
find yourself in an ethically challenging
situation.”
“In general, there are a lot of allusions
made to ethics in accounting courses,
finance courses, marketing courses — to
the fact that there are practices that, while
legal, maybe are not ethical, and you want
to think twice about them,” McGoldrick
said. “The last question you ask yourself
when making a decision is if there is an
ethical dimension. What do we owe to the
community, employees, customers — and
do any of the deci-
sions we’re making
bump up against
any of these
responsibilities?”
Second-year
MBA student
Rebecca J. Slisz,
president of the
Georgetown Net
Impact chapter,
said the university
attracts business
students who care
about social
responsibility, and
that helps to
infuse ethics
throughout the
program.
“A lot of students from nonprofit back-
grounds or some other nontraditional
background come here, because they think
Georgetown is a place where they can
become engaged in both business and
social issues,” she said. “That was a reason
I came to Georgetown.”
Net Impact’s first annual convention
was held at Georgetown in 1993, and
Georgetown’s was one of the founding
chapters of the organization, which ini-
tially was called Students for Socially
Responsible Business. The group cele-
brated its 10th anniversary conference at
Georgetown in 2002.
A key ethics message at McDonough
is that “there are issues above and beyond
the bottom line,” McCabe said. Students
also learn that ethical misconduct can be
bad for business, as the recent scandals
have demonstrated, he added.
Both points motivated creation of the
MBA student conduct code, which
McGoldrick, the MBA student association
president, described as “standards of profes-
sional behavior.” The standards range from
the necessity for honesty to the advisability
of dressing well for job interviews.
“We’re trying to hold students account-
able for their behavior in how they deal
with recruiters, because these things do
affect our reputation over the longer term
with these companies,” McGoldrick said.
“If Georgetown is going to hang its
hat in part on ethics, then we have to do
everything we can as students to make
sure we not only live up to that standard
but we are above the standard that other
schools set.” �Professor George G. Brenkert is director of the Georgetown Business Ethics Institute and editor of Business Ethics Quarterly, the journal of the Society for Business Ethics.
Lars
Tra
y
“More important than ‘the right answer’ is
identifying the important ethical aspects and dimensions.”
Jon
Gol
den
22 McDonough Business
capital markets research center
celebrates
1155years
uite a few familiar financial faces
showed up for the Capital Markets Research Center’s
15th birthday bash in September.
The guest list, in alphabetical order, included former
United States Comptroller General Charles A. Bowsher,
Goldman Sachs Managing Director Abby Joseph Cohen,
National Association of Securities Dealers Chairman
and CEO Robert R. Glauber, Securities and Exchange
Commissioner Harvey J. Goldschmid, Nasdaq Stock
Market Vice President and General Counsel Edward S.
Knight, Public Company Accounting Oversight Board
Member Charles Niemeier, former Internal Revenue
Service Commissioner Charles O. Rossotti, and Senate
Banking Committee Chairman Richard C. Shelby.
And that’s just those who led the sessions at the
two-day conference on “Improving Corporate Gover-
nance” that marked the center’s 15 years of fostering
and disseminating knowledge about public policy and
financial issues at the Robert Emmett McDonough
School of Business.
The gathering of such financial star power was
impressive — but hardly surprising. The center rou-
tinely brings together the best minds in business,
government and academia to grapple with cutting-edge
issues that confront the financial industry. In the
process, it also enriches the education of McDonough
School students and helps faculty develop and enhance
relationships with top practitioners in their fields.
Eric L. Schwartz (B’01), manager of information
technology at Promontory Interfinancial Network in
Northern Virginia, is a good example.
Schwartz became involved with the center during his
first year and continued
throughout his time on cam-
pus, helping with the center’s
programs and doing research
for the center’s director, David
A. Walker, who is the John A.
Largay Professor of Finance at
the McDonough School.
Noting that the center’s
programs attract leaders from
around the world, Schwartz
told how he was able to “sit
down on a plane or a bus or at
a lunch table and pick the
brains of folks who have
incredible knowledge and are actually developing the
capital markets in their countries. I had breakfast with
the chairman of the Russian Stock Exchange and din-
ner with the top lawyer at the SEC well before my 21st
birthday.”
When Schwartz had trouble finding a summer
internship because he couldn’t return from his junior
year in Spain until late June, Walker helped him land a
position at Nextel through his former research assistant,
Michael B. Bryan (MBA’91), who is now Nextel’s direc-
tor of data warehousing. After Schwartz graduated,
Walker introduced him to Eugene A. Ludwig, chairman
and chief executive officer of Promontory, where
Schwartz now works.
“The center really merges academics and practical
business and allows students to get exposure to that,”
Schwartz said. “It allows practitioners to get a sense of
what’s going on in research, what students really are inter-
ested in when it comes to recruiting, and it allows them to
sort of get first dibs on students who are graduating.”
By Tom Price
David A. Walker
The Honorable Charles O. Rossotti, senior advisor to the CarlyleGroup and former commissioner of the IRS, was the Executive Policy Seminar speaker during the 15th anniversary conference.
McDonough Business 23
Recruiting is, indeed, one of the
benefits that business executives say
they derive from participating in the
center’s programs.
“Several years ago, prior to my involve-
ment with the center, we had zero
Georgetown graduates,” said James
Dalkin, senior manager of assurance and
advisory services for Deloitte & Touche in
Northern Virginia. “This past summer, we
had seven interns.
“From our perspective, we’ve found the
Georgetown students we meet through
the capital markets group are really more
well balanced in terms of their general
business knowledge. It’s not just accounting,
but they’re aware of the implications of
some of the accounting issues and trends.”
Similarly, Ludwig said Schwartz would
not have been prepared for the position
for which he was hired at Promontory had
it not been for the additional education he
obtained through the center.
“He is very talented, and he benefited
greatly from that experience at the center,”
Ludwig said. “We could not have hired
him if he came out of a normal background.
He would not have been as attractive a can-
didate without this program.”
In addition to the recruiting advantage,
business executives and public officials say
they benefit from the exchanges that occur
during the center’s conferences and semi-
nars.
“I think it’s good that they bring us
together to discuss these issues — stu-
dents, professors, people in professions, in
the business community, in government,”
said Raymond Ranelli, former vice chair
of PricewaterhouseCoopers. “You don’t get
that just anywhere. You don’t just walk
down the street and run into people like
that — really top-notch people.”
Ludwig, former
comptroller of the
currency and for-
mer vice chairman
of Deutsche Bank,
described the cen-
ter as “enormously
important for
American finance,
because serious
scholarship in this area makes an enor-
mous difference to the actual functioning
of the markets.”
The center’s programs stimulate
“debate at a high level that is not other-
wise available from an academic institu-
tion in the Washington area and is as
good as, if not better than, that kind of
activity that would exist in any business
school or school of economics around the
United States,” Ludwig said.
Because federal policy-makers fre-
quently attend the programs, he added,
the center “has to add to the richness of
what goes on in government.”
When he was comptroller of the cur-
rency, for example, Ludwig explained a
new risk-based supervisory mechanism at
a center seminar. “The ability to present
that at Georgetown and discuss it with an
intelligent audience was a very big deal,”
he said.
For faculty, said William G. Droms,
the John J. Powers, Jr. Professor of
Finance, the center “enhances the research
environment” by both underwriting
research and “getting faculty involved with
high-level practitioners.”
At the suggestion of then Dean Robert
Parker, the center was founded at the
beginning of the 1988-89 academic year
(initially as the Center for Business-Gov-
ernment Relations) with $7,200 in seed
money left from an academic journal
Walker had edited and a mandate not to
run a deficit. With assistance from George
R. Houston Jr., the university treasurer at
the time, Walker began recruiting finan-
cial support from the business community.
Coopers & Lybrand, Price Waterhouse,
and Arthur Andersen were the first to
sign on. Eventually, seven of the Big
Eight accounting firms became sponsors,
and companies from other areas of the
financial services industry began to con-
tribute as well. PricewaterhouseCoopers
remains a sponsor today, as are Deloitte &
Touche and the Nasdaq Stock Market
Educational Foundation. The center also
has 10 associate sponsors.
The center’s first event, in January
1989, set the stage for what was to follow.
It was an Executive Policy Seminar at the
George Town Club on Wisconsin Avenue
organized by the late Daniel J. Piliero
with U.S. Rep. Jerry Lewis of California
as the speaker.
There have been about 50 of the semi-
nars since, most at the George Town
Club, and some at Manhattan’s Midtown
Executive and Chemists Club. They fea-
ture remarks by a leader in business, gov-
ernment, education, politics or
international organizations, followed by
dinner and discussion. Participants include
corporate executives, public officials and
McDonough School faculty and students.
The roster of speakers is a roll call of the
top positions in domestic and interna-
tional finance: managing director of
Credit Suisse First Boston, managing
director of the World Bank, chairman of
the Federal Deposit Insurance Corpora-
tion, comptroller of the currency, commis-
sioner of the Internal Revenue Service,
president of the New York Federal
Reserve Bank and others.
The center’s first conference, “Finan-
cial Distress and Bankruptcy,” chaired by
McDonough School Associate Professor
Goldman, Sachs & Co. Managing Director Abby Joseph Cohen, Nasdaq ExecutiveVice President and General Counsel Edward S. Knight, and NASD Chairman andCEO Robert R. Glauber served on the conference’s finance panel.
Senate Banking Committee Chairman Richard C. Shelby delivered the keynote address at thecenter’s 15th anniversary conference.
24 McDonough Business
Allan C. Eberhart and NYU Stern School
Professor Edward I. Altman, was held in
May 1991. Since then, the center has
sponsored conferences on such topics as
“Emerging Markets,” “Alternative Struc-
tures for Security Markets,” “International
Accounting Standards,” “Evolving Stan-
dards of Securities Markets,” “Functioning
and Regulation of Capital Markets,” and
“The Political Economy of International
Finance.”
Conferences on international topics
routinely attract delegates from dozens of
countries. Through the Visiting Scholars
Program, private and public sector leaders
from other countries spend six to 12
months at Georgetown, participating in
center events, auditing classes and visiting
American financial firms and markets.
Two visiting scholars authored books
while in residence.
One of the Center’s most important
research projects, under contract with the
World Bank, identified factors of success
and failure in International Finance Cor-
poration loans to and investments in startup
companies in developing nations. Faculty
members Reena Aggarwal, Thomas L.
Brewer and Walker began the study in 1992
and published their findings in 1994.
In 1997, Walker published a mono-
graph titled “Credit Union Insurance and
Regulation,” and the Credit Union
Research Center moved from Purdue
University to Georgetown and became a
partner with the Capital Markets
Research Center on some projects.
The Capital Markets Research Center
regularly publishes summaries and edited
transcripts of its executive policy seminars.
The center’s newsletter, The Ledger, con-
tains research summaries and interviews
with leaders in finance as well as news of
the center’s activities.
The center’s contributions to students
include support for student assistants to
faculty researchers, advice and financial
assistance for student organizations,
annual student visits to the New York
Stock Exchange and the headquarters of
leading finance firms, and backing for stu-
dent-run conferences.
Early each fall at the “Careers in Capi-
tal Markets” program, finance executives
explain career options, discuss opportunities
at their firms, and offer advice on prepar-
ing for job interviews, compiling resumes,
networking and researching job opportuni-
ties. After the formal presentations, students
can meet one-on-one with the speakers. A
similar program in January helps students
prepare for summer internships.
Some student activities have garnered
significant attention. A research paper on
Islamic bank-
ing by Reena
P. Tilva and
Jay Tuli (both
B’03) was
accepted this
year for pres-
entation at
the European
Applied Busi-
ness Research
Conference in
Venice and at the
Multinational
Finance Society
Conference in
Montreal, for
instance. A study
last year by Chris
Villar, Lorena
Droba, and Kelly
Kirby (all B’02) —
which showed many banks were improp-
erly conditioning loans on the receipt of
other business — was reported by major
news media and led the Federal Reserve
Board to propose new guidelines for anti-
tying restrictions in the Bank Holding
Company Act. All five of these students
are now employed at major financial
firms, including Morgan Stanley, Gold-
man Sachs, Citibank, JPMorgan Chase,
and Credit Suisse First Boston.
The high caliber of McDonough stu-
dents is a key reason executives say they
are willing to participate in the center’s
programs. “We’re fortunate to have terrific
kids who can sit beside these people at
dinner and rub shoulders and ask them
good questions,” Walker said.
“The cachet of Georgetown University
is also absolutely critical,” Walker added.
“Without the cachet of the university, I
don’t think any of these people would have
come to the center’s earliest programs.”
But students, faculty and executives
offer one other reason: Walker’s energy,
determination and networking genius.
The center’s success “really is a tribute
to David,” Ludwig said. “He’s really some-
body who has a track record of putting
together programs that are of high quality,
that have intelligent audiences, where the
forum is serious.”
John B. Maier II (MBA’86), a found-
ing partner of the Legacy Partners finan-
cial advisory firm in New York, described
Walker as “an extraordinary networker”
who “has a very good nose for topics that
will be of interest to readers of the center’s
publications and to participants in the
seminars they host.”
“He’s indefatigable,” Maier said. “He’s
just an amazing guy.” �
Public Company Accounting Oversight Board Member Charles D. Niemeier (L’95), atthe podium, SEC Commissioner Harvey J. Goldschmid, and former U.S. ComptrollerGeneral Charles A. Bowsher served on the conference’s accounting panel. Bowsherwas the conference chair.
Edward C. Rossotti (MBA’00) of Friedman, Billings, Ramsey Group, sophomore Keith E. Olson, and seniors Kathryn-Ann Bloomfield, Jennifer A. Rooke, and Julie L. Davies.
McDonough Business 25
PuttingBusiness SkillstoWork
inFarawayPlaces MBAs Enlist in the Enterprise Corps
By Jessica Botta
k arin H. Lesica says it’s like
the Army: the hardest job you’ll ever love.
Even before she was accepted to George-
town’s MBA program, Lesica (MBA’95),
who had worked in art museum adminis-
tration, had the MBA Enterprise Corps in
mind. She only applied to schools that
participated in the Corps’ consortium.
Sometimes called the “Peace Corps for
MBAs,” the MBA Enterprise Corps sends
graduates from the top-ranked business
schools to countries with emerging or
transitioning economies where they prove
their skills in a “sink or swim” environment
for local companies. Enterprise Corps vol-
unteers commit to one year of service, but
many stay longer.
Back in the mid 1990s, when Lesica
was applying to MBA programs, “the world
was globalizing and the walls were coming
down,” she said. “It was legitimate that my
business experience was not going to be
constrained to the U.S.,” she noted. After
internships at the Overseas Private Invest-
ment Corporation doing project finance in
Eastern Europe and with an English lan-
guage newspaper in Budapest, Hungary,
Lesica crossed her fingers and applied to
the Enterprise Corps. She was accepted
and was assigned to Estonia, a country
more Nordic than Slavic with approxi-
mately one and a half million people.
Georgetown is one of 52 graduate busi-
ness schools that participate in the MBA
Enterprise Corps’ consortium. The organi-
zation was originally housed at the Kenan
Institute for Private Enterprise at the Uni-
versity of North Carolina–Chapel Hill. In
2000, the Corps merged with the Citizens
Development Corps, headquartered in
Washington, D.C. Three Georgetown
MBA graduates have served in the Corps
since its founding in 1990, and Peter P.
Gasca (MBA’03) left this summer–the
first Georgetown MBA to join the Corps
since Lesica and her classmates, Anthony
R. Corsello and Robb T. Doub went in
1995.
Before arriving at their work assign-
ments, Enterprise Corps volunteers receive
three months of language training in the
region, during which time they live with
host families. The Enterprise Corps pro-
vides a per diem and housing allowance,
which is about $1,000 a month, according
to MBA Enterprise Corps Program Man-
ager Phyllis Tutora. In the early to mid
1990s, most Enterprise Corps volunteers
worked in Central and Eastern Europe,
where the transition to capitalism was
rapid and businesses were emerging from
communist control. Today, the Enterprise
Corps has expanded east into Central Asia
to Kazakhstan, Kyrgyzstan, Tajikistan,
Uzbekistan, Azerbaijan, and Russia.
Georgetown MBAs at Enterprise Corps training in Chicago in July 1995. From left to right: Laurra and Tony Corsello (MBA’95), Karin Lesica(MBA’95), former Associate Dean of the MBA program Karen Newman, Siri Lise and Robb Doub (MBA’95).
Panorama of Tallinn, the capital of Estonia
Kar
in H
. Le
sica
, M
BA’9
5
26 McDonough Business
One of the most attractive aspects of the
Enterprise Corps is that it allows MBA
graduates to put the broad spectrum of skills
they acquired in business school immediately
to work at a high level in a company.
“As a young twenty-something with an
MBA you could add value to a company,”
said Robb Doub (MBA’95). “Getting com-
pany financials in order, operations or HR,
everything that you learned was valuable
because companies were doing it wrong or
not doing it.”
Doub served as an investment officer
for a $15 million venture fund in Poland
called Carasbac. The fund invested in
everything from biotechnology to cable
television, from pharmaceutical distribu-
tion to Internet and ERP software. “Half a
million dollars in Warsaw in 1995 was a
ton of money,” he said. “It really had a
tremendous impact.”
Carasbac’s managers eventually took
their fund global, building it up to more
than $100 million through Central and
Eastern Europe, Latin America, and
China, and rebranded it SEAF, for Small
Enterprise Assistance Fund. The fund
eventually moved its headquarters to
Washington, D.C., and Doub became a
vice president. He is now a managing
director of the New Markets Growth
Fund, a venture capital firm funding small
to medium sized early stage high-growth
companies in the greater Washington,
D.C., and Baltimore metropolitan areas.
“It was an incredibly entrepreneurial
time,” Doub said. “Everyone was thinking
opportunity.”
“[The Corps] was really a good oppor-
tunity to work at a much higher level very
quickly,” agreed Tony Corsello (MBA’95),
who was assigned to Bratislava, Slovakia,
working for a local investment company
called Penta Brokers, since renamed Penta
Investments. “You’d come in as a manager
at a company having responsibilities you
wouldn’t have as a new MBA in the U.S.”
There is a lot of support from the
Corps infrastructure in terms of matching
MBAs with companies, managing the
logistics and preparing participants as
much as possible for the experience. “Once
you are on the job,” said Corsello, “meeting
your company’s high expectations and
navigating cultural, language and business
challenges is entirely up to you.”
“What was best as well as most chal-
lenging was that, while I was hired osten-
sibly for finance, I ended up doing a bit of
almost everything,” added Corsello. “I
helped plan company strategy, performed
financial analysis, marketed services,
helped with client management, even
designed and wrote company literature in
English for foreign firms, which they
translated to Slovak for local companies.”
Corsello is now a vice president at
Washington Mutual in Seattle, Wash.
“The marketing and finance skills that
you learn at Georgetown are absolutely rel-
evant in a transitional economy,” said Doub.
“There were companies that we dealt with
that had never thought in terms of cash
flow or payable/receivable management.
The basic concepts you learn as an MBA
were a tremendous value add for them.”
Still, perhaps the biggest lesson the
Enterprise Corps volunteers learned is that
they didn’t know everything.
“I quickly discovered that they knew
much more than I did about competing in
an emerging economy, and I learned as
much, if not more, from them as they
learned from me over the course of a year,”
admits Corsello. “They taught me how to
react quickly, be more flexible, and have
more than one plan in mind. So much was
changing with privatization and politics
that we didn’t know which of the three,
four, or more scenarios was going to hap-
pen, but we had to be ready for any of
them. Surprises were the norm.”
Despite the vortex of change in Central
and Eastern Europe at the time, some
opportunities in those regions with little or
no exposure to free markets also demanded
patience.
“To work in the Corps in a developing
market you have to have patience,” said
Lesica. “It takes a lot longer to accomplish
something that as an MBA you think
should happen very quickly.”
Lesica’s first assignment in the
Corps was working for a recently priva-
tized currency and jewelry manufacturer.
There was a change in management, and
she left that job and found a new position
with a start-up ISP provider called Data
Telecom, which had recently become a
franchise of EUNet. “We had to be very
patient,” Lesica said. “And the small suc-
cesses that we had we celebrated. That was
part of what the Corps communicated.
Small steps over time and you’ll see it in
the end. And I did. It was quite challeng-
ing and gratifying.”
At EUNet, Lesica worked on stream-
lining the existing product line and defin-
ing new Internet offers. She implemented
research studies in the Baltics, Sweden,
and the U.S., she designed and imple-
mented pricing strategy for EUNet’s prod-
uct portfolio, and she designed a
marketing and advertising campaign to
rebrand its services.
She renewed her commitment to the
Enterprise Corps and stayed in Estonia
another year. Lesica now works in product
management for AT&T, where she over-
sees the investment management of the
global IP and data product portfolio
within AT&T’s enterprise networking
business.
Lesica, along with other Enterprise
Corps members in Estonia, founded the
American Chamber of Commerce in
Estonia with support from the American
Embassy and many Estonian businessmen
working for U.S. subsidiaries or companies
with U.S. interests. They built the organi-
zation, secured funding, grew the member-
ship base, hired an administrative director
and established the charter and commit-
tees to support the Chamber’s work.
The shared experience of MBA Enter-
prise Corps members creates a strong net-
work around the world both during and
after assignments. “One of the first things
I do whenever I move to a new city is to
contact any local Corps alumni,” Corsello
said. “They readily assist other alumni with
job leads, referrals and business partner-
ships, regardless of the school from which
they graduated.Alexsander Nevski Cathedral in Tallinn, Estonia
Kar
in H
. Le
sica
, M
BA’9
5
McDonough Business 27
“Surviving and succeeding in such a
sink-or-swim environment makes Corps
alumni attractive to companies that, in
addition to traditional MBA skills, value
flexibility, entrepreneurial skills, and the
ability to not only understand a new cul-
ture, but become part of it and be effective
quickly,” says Corsello.
The Enterprise Corps often leads to
good career opportunities, but the volun-
teers understand that it’s as much of a life
experience as it is a professional experi-
ence. “It’s a skill to be able to live in a for-
eign environment, overcome cultural
differences and still be effective,” Corsello
said. “To have the confidence to do it.”
The life experience was an important
factor in Peter Gasca’s decision to apply to
the Enterprise Corps. In July he left for
Bishkek, Kyrgyzstan, where he began three
months of intensive Russian language train-
ing. In October he headed to Almaty,
Kazakhstan, where he’ll work as a business
development consultant for Pragma Cor-
poration, an organization funded through
the USAID Enterprise Development Pro-
ject to expand opportunities for participa-
tion, livelihood and quality of life for the
citizens of the Central Asian Republics.
“We are all so interconnected,” said
Lesica. “It’s not much time in anyone’s
life to spend a year working in another
culture.” �
From Kyrgyzstan, With Love:
An MBA Enterprise Corps DiaryBy Peter P. Gasca (MBA’03)
When I applied to the MBA program at Georgetown University, I never
imagined that after graduation I would be living with a Russian family in the Central
Asian city of Bishkek, Kyrgyzstan. Well, that’s what I did!
Before getting my MBA, I had no international work experience, never lived abroad,
and never worked with a multinational corporation. In fact, I had never lived or
worked outside my home in Arizona. At Georgetown I had the opportunity to meet
and share experiences with a largely international MBA class as well as gain expo-
sure to large multinational corporations that recruited from the program because of
its international business emphasis. The MBA Enterprise Corps had a particularly
interesting offer.
The program seemed to have everything I needed: an opportunity to live abroad, to
learn a new language (in my case Russian, which would be very valuable in an inter-
national business sense), to work with foreign companies as a business development
consultant, and to develop a network of contacts who share similar interests and
career goals. I was not going to become instantly rich drawing the MBA-type salaries
I had read about prior to leaving my last well-paying managerial position, but I had
to believe that the long-term benefits of this experience far outweighed the short-
term benefits of a new big screen television and home surround-sound stereo system.
I applied to the program and was lucky enough to be offered a position. Although I
took the entire week to declare my interest (something we learned in our negotiations
class), I had made my decision almost immediately upon receiving my offer. I made
arrangements for my finances and what little assets I had remaining after grad
school, and set out for Central Asia in July. I can already say that this experience
has been more personally rewarding than I ever imagined. I have seen amazing
places, met fascinating people, and experienced a culture completely unique to me. All
of this would have never been possible working in a cramped cubical crunching num-
bers and turning paper. Of course, I have not yet experienced my first winter here
either, and from what I have been told, I will soon be cursing the cold and dreaming
of warmth and the amenities and comforts of home!
In October I moved to Almaty, Kazakhstan, where for the next twelve months I will
work for Pragma Corporation, an international development con-
sulting firm. My goal after completing my assignment is to seek
employment with a consulting company that focuses on business
development in this region or within Russia. I have met several
volunteers from previous assignments who have stayed in the
region to work for Pragma as a full-time paid employee or for
other consulting companies who focus on this upcoming developing
region. Not only do they continue to gain valuable business devel-
opment experience, as paid expatriates, they are living more com-
fortably than most MBA graduates I know.
For now, though, I will continue to enjoy the chai and the fabulous
Central Asian cuisine with my new local friends while working on
my Russian. I still have my dreams of a large screen television
and surround sound stereo system, but they can wait for now.Peter Gasca
28 McDonough Business
corporateprofile
CitigroupCitigroup is a preeminent global financial services company with some 200 million
customer accounts in more than 100 countries. Citigroup provides consumers, corpo-
rations, governments and institutions with a broad range of financial products and serv-
ices, including consumer banking and credit, corporate and investment banking,
insurance, securities brokerage, and asset management. Major brand names under
Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith
Barney, Banamex, and Travelers Life and Annuity.
Citigroup’s corporate philanthropy has been tied to recruiting at leading undergrad-
uate and graduate business schools, like the McDonough School, where the company
aims to provide career guidance and skills for the next generation of business leaders and
increase access to higher education and the workplace for minorities and women.
Citigroup has long been committed to making the communities in which it operates
better, and at the same time, setting industry standards for business practices and
corporate values. Similarly, the McDonough School of Business is dedicated to educat-
ing ethically responsible business leaders and producing new knowledge that will improve
both the management of organizations and the global society in which we live. With so
many synergies and mutually beneficial links, it’s easy to see why Georgetown has valued
its relationship with Citigroup for more than 30 years.
First in a new series of articles highlighting significant collaboration between the McDonough School of Business and its corporate partners.
connections� Citigroup has provided financial support
to Georgetown University in excess of $2
million, funding programs such as the Capital
Markets Research Center, the Corporate
Affiliate Program in MBA Career Man-
agement, the Citigroup MBA Minority
Fellowship, and the Georgetown University
Women’s Leadership Initiative Distinguished
Speakers Series.
� Citigroup is the largest employer of
Georgetown University graduates, with
more than 300 alumni in its employ (double
the nearest competitor); the company has
been one of the top three employers of
Georgetown students for the last three years
at both the undergraduate and MBA level.
� Georgetown University is a Citigroup
“focus school” for its recruiting efforts at
both the undergraduate and MBA level.
� Citigroup supports mock interviews
for MBA students, MBA orientation,
MBA Careers Extravaganza, and multiple
club events.
� Citigroup hires McDonough School
graduates for full-time positions as well as
summer internships in the following business
units: Citicards, Financial Management Asso-
ciate Program, Corporate & Investment
Banking, Global Transactions, and Consumer
Management Group.
� Citigroup supports the Georgetown Uni-
versity Wall Street Alliance with two senior
executives on its Executive Committee.
“I consider Georgetown’s undergraduate
and graduate programs in
business to be among the
best. I like the profile of
Georgetown students
because they embrace the
international environ-
ment in which we operate
and adapt well to
the Citigroup culture.”
Lorraine A. Montero (F’68)
Managing Director, Emerging Markets Region Head,
Latin America, Citibank
“Georgetown’s emphasis on international business
and the business-government relationship
means that its students are well-rounded and
have a good picture of the cultural and regulatory
challenges, in addition to the financial and
operational challenges, that can impact the success
of transactions.”
Mark D. Prybutok (JD/MBA’01)
Management Associate, Citigroup Global Markets Inc.
“Coming from a school that had just as many cul-
tures represented as Citigroup prepared me well
for the diversity that we value and support here.
The perspective and exposure that we gained
through the MBA program matches well with the
diversity of the Citigroup workforce.”
Melissa L. Henson (MBA’02)
Management Associate, CitiCards
“Whether interviewing students for admission to
Georgetown or applicants
for jobs at Citigroup, I am
looking for the best and
brightest that can con-
tribute as productive team
members. The partnership
between alumni, George-
town, and Citigroup con-
tinues to grow and
strengthen every year.”
Paul M. Donlin (B’83)
Managing Director, Head of Global Securitization
perspectives
McDonough Business 29
Executive Professorial Lecturer Kenneth E.
Homa teaches “Citibank: Launching the
Credit Card in Asia Pacific,” in his
Advanced Marketing Strategy elective for sec-
ond-year MBAs. The case centers on Citibank’s
Asia Pacific Consumer Bank in the late 1980s,
when the company was considering growing
its business in the region by launching credit
cards in one or more Asian Pacific markets.
Homa’s students position themselves as out-
side consultants to the head of Citibank’s
International Consumer business. Their job is
to develop a strategy for penetrating the Asian
market with credit cards and to present it to
Citi management.
Homa has been teaching the Citibank case
for five years. “The case is intended to be a
synthesis assignment that integrates global marketing strategy, new product development,
and financial analysis,” said Homa. “The case is so rich in content, so broadly applicable to areas
beyond credit cards, and so well-matched to the disciplines we emphasize throughout the
curriculum that I dedicate three class periods to it.”
In the first class session, the students work in teams to conduct a complex financial analysis of the
proposed strategy to launch credit cards in Asia Pacific in order to determine the number of card
members Citibank will need to make the initiative financially attractive. In the second class period,
the teams prepare an analytically-derived market entry sequence and proposed tactics for targeted
countries in the region. The teams rank the countries using a structured methodology that inte-
grates the quantitative and qualitative factors presented in the case. In the third session, the teams
propose their market entry strategies, including an issues analysis, assumptions and conclusions,
recommended course of action, and risk and return summary.
The multidisciplinary nature of the case is appealing to Homa. “The students have to use their
accounting and financial analysis skills to solve what is positioned as a marketing strategy prob-
lem,” he said. The Citibank case is also data rich, Homa adds, which means that it involves a sig-
nificant amount of quantitative analysis. “It’s more rigorous than typical descriptive cases.” The
international scope of the case also maps well to the Georgetown MBA experience.
This year, the students’ case experience was enriched by the participation of Muge Yuzuak, head
of online acquisitions and online sales for CitiCards, and Melissa Henson (MBA’02), a Citibank
manager, who spoke at Marketing Day in September. “Guest speakers provide an inside perspec-
tive that is invaluable,” said Homa. “Hearing the strategic thinking from the people involved helps
the students get a broader and stronger management perspective that is not available from the
public documents available with the case.”
Homa has also brought executives from AOL and XM Satellite Radio to his classes when teaching
cases on those companies. Homa often uses cases on local companies or companies that are top
recruiters of Georgetown MBA students. “More and more I’m using cases that directly relate to
what our students will be doing when they graduate,” Homa says. “After studying the companies
inside and out, they are in a much better position to succeed in interviews and, most important,
succeed when they hit the real world.”
Muge Yuzuak, head of online acquisitions and online sales for CitiCards, discussed key decision factors and challenges of international market development at MBA Marketing Day in September in Gaston Hall.
Cracking the Asia Pacific MarketMBAs Tackle Citibank Credit Card Case
Prominent Georgetown Alumni and Friends at Citigroup
Charles Prince (L’83) Chief Executive Officer, Citigroup Inc., Chairman and CEO, Global Corporate andInvestment Banking Group
A.M. DeRosa (B’64)Senior Vice President-Investments and SeniorPortfolio Manager, Smith Barney
Paul M. Donlin (B’83)Managing Director, Head of Global Securitization
A. Lincoln Hoffman III (B’65)
Former Executive Managing Director, GlobalRelationship Banking; Member of McDonoughSchool Board of Advisors
Thomas W. Jones (Parent)
Chairman and CEO, Global Investment Manage-ment and Citigroup Asset Management
Victor J. Menezes (Parent)
Senior Vice Chairman, Citigroup
Lorraine A. Montero (F’68, Parent)
Managing Director, Head of Global RelationshipBanking, Latin America; Member of McDonoughSchool Board of Advisors and Wall StreetAlliance Executive Committee
George Ross (B’63)
Chief Credit Officer
Joseph W. Sprouls (C’72)
Division Head, Corporate Realty Services; Mem-ber of Wall Street Alliance Executive Committee
Jeffrey A. Volk (B’74)
Managing Director, Head of Citigroup Agencyand Trust; Member of Capital Markets ResearchCenter Board of Advisors
30 McDonough Business
dividends
FY03 Fundraising Update
The McDonough School of
Business raised more than $22
million in philanthropic contri-
butions in fiscal year 2003, mak-
ing the year one of the most
successful in the school’s fund-
raising history. Major areas that
benefited were the planned new
business school facility and the
school’s career management
programs and research centers.
The school last year raised $15
million for the new building
project, says Michael T. Boyd,
director of development for the
McDonough School.
Constructing a new home for
the McDonough School, he
explains, will bolster the school’s
ability to expand its degree
offerings and its career and stu-
dent services, offer classroom
technology equal to that offered
by peer institutions, and lower
its student-faculty ratios by hir-
ing new faculty.
The school raised nearly $2.2
million in Annual Fund gifts
and other unrestricted contribu-
tions, which were used to
address areas of urgent need at
the school, such as fostering fac-
ulty research and strengthening
career management services,
Boyd says. As a result of the
dean’s investment in career serv-
ices in fiscal year 2003, the per-
centage of McDonough School
MBA candidates who had full-
time jobs 90 days after gradua-
tion rose from 72 percent in
academic year 2002 to 90 per-
cent in 2003.
Endowed and current-use
scholarships and other restricted
current-use funds accounted for
close to $2 million of the total
raised by the school last year.
Beneficiaries of restricted gifts
included the Center for Busi-
ness and Public Policy, the Cap-
ital Markets Research Center,
and the Credit Research Center.
McDonough Selects 2003Connelly Foundation MBA Scholars
The 2003 recipients of the Con-
nelly Foundation scholarships
are first-year MBA students
Miriam E. Leonard, Tabitha J.
Lens, Senthilkumar Sankaran,
Monica R. Sharpnack, and
Melanie R. Stout.
Ten half-tuition Connelly MBA
scholarships are awarded each
year, five for each MBA class,
from the pool of admitted MBA
students. Connelly Scholars are
selected for their academic
achievement, superior leadership
potential, and strong work ethic.
The Connelly MBA Scholar-
ship Selection Committee con-
sists of a representative of the
Connelly Foundation, Associate
Dean and Director of the MBA
program Marilyn A. Morgan,
Director of MBA Admissions
Monica Gray, and the faculty
chair of the Graduate Curricu-
lum and Standards Committee.
The Connelly Scholars met
with Connelly Foundation
trustees during a luncheon on
October 2 at Georgetown.
Aggarwal, Ernst NamedStallkamp Fellows
The Ann and Thomas Stal-
lkamp Fellowship has been
awarded for two years to two
McDonough School professors
in recognition of the excellence
of their research and teaching.
The award, say Stallkamp fel-
lows and McDonough School
Professors Reena Aggarwal and
Ricardo Ernst, will give them
more time to conduct research
and to present it to colleagues
around the world.
Aggarwal says the fellowships
demonstrate that “the school,
the university, and donors rec-
ognize the value of research.”
She adds, “I think [the fellow-
ship] also motivates other fac-
ulty to do research and publish
in top-tier journals.”
Aggarwal, a specialist in inter-
national stock markets, currently
focuses on corporate governance
in an international context. She
says the practical nature of her
work means she will be able to
bring new research made possible
by the fellowship into the class-
room to benefit students directly.
Ernst co-directs the Global
Logistics Research Program at
the McDonough School. His
research interests include strate-
gic analysis of logistics systems
in a variety of industries. His
work on humanitarian logistics
was featured in the
Spring/Summer 2003 issue of
Georgetown Business.
The Stallkamp Fellowship fos-
ters and rewards outstanding
teaching and research at the
McDonough School and is
awarded to senior faculty mem-
bers based on their research
records and demonstrated excel-
lence in teaching. Thomas T.
and Ann P. Stallkamp are par-
ents of Tim (B’98) and Gregory
(B’00). Thomas serves on the
McDonough School of Business
Board of Advisors, and Ann is a
member of the Georgetown
University Board of Regents.
MBA Minority Fellowships
First-year MBA students Tonya M. Davis and Carlos Urueta and second-year MBA student M. Alejandra Gonzales are this year’s MBA MinorityFellows at the McDonough School of Business.
Sponsored by JP Morgan Chase, Citigroup, and Toyota Motor Sales, USA,Inc., and in the past by Levi Strauss & Co., the MBA Minority FellowshipProgram has helped increase the number of U.S. minority studentsenrolling in the McDonough School’s MBA program, says Monica Gray,director of MBA admissions.
“The caliber of the fellowships draws highly qualified students to the[MBA] program,” Gray says.
Launched in fall 2001, the fellowship program also aims to create diverseleaders for the business community. It has been successful in doing so:May 2003 marked the graduation of the first students to receive MBAMinority Fellowships, and the first JP Morgan Chase Fellow, Leon Dunklin(MBA’03), whose fellowship included an internship with the company,began working fulltime for JP Morgan Chase in July.
Tonya M. Davis and M. Alejandra Gonzales (not pictured: Carlos Urueta)
McDonough Business 31
alumniconnectionsBenefits and Services for McDonough School of Business Alumni
Online Community
hoyasonline
Visit hoyasonline and update your contact
information, access e-mail forwarding,
search the alumni career network, and more!
www.georgetown.edu/alumni
Alumni Career Services
Career Advice From hoyasonline Career
Network Members
Search all Georgetown University alumni
and talk with alumni who have agreed to
offer career advice in selected career fields.
You may also do an Advanced Search by
class and employer.
www.georgetown.edu/alumni
Career Tools
Available to Career Network members
(All MBA/IEMBA alumni are members)
Join Career Tools and access premium
research databases, an exclusive web search
engine covering over 100,000 company job
sites and useful tips on conducting an effec-
tive job search. Enjoy a special relationship
between Georgetown alumni and Lee
Hecht Harrison located in 50 states and 20
countries. To join, go to hoyasonline and
select Alumni Career Services.
www.georgetown.edu/alumni
Global Workplace
Global Workplace is an international career
management and development platform for
alumni of the world’s top 50 business
schools. Join and search a database of inter-
national, access salary surveys and discover
tips on finding a job in the world’s key
employment markets.
www.msb.edu/mba/alumni
Online Job Postings
The MBA/IEMBA Alumni Job Board is a
board exclusively by and for McDonough
MBA and IEMBA alumni. For more
information, visit the MBA & IEMBA
Alumni site.
www.msb.edu/mba/alumni
Other online job postings are also available
through Monstertrak, Monster.com’s execu-
tive site, 6FigureJobs.com, ExecuNet and
Degree Hunter.
www.msb.edu/mba/alumni
Individual Career Counseling
For MBA & IEMBA Alumni
Schedule up to two one-hour sessions with a
career counselor and discuss issues such as
career transitions, job search strategies, and
resume development.
www.msb.edu/mba/alumni
Wall Street Alliance
The Wall Street Alliance helps to create and
participate in networking opportunities for
financial professionals and graduating stu-
dents. Contact the Wall Street Alliance at
(212) 704-0884.
Alumni Clubs Career Programs
The Georgetown University alumni clubs
offer career-related programs such as work-
shops and panel discussions featuring alumni
who have made career transitions.
www.georgetown.edu/alumni
MBA & IEMBA Class Programs
MBA & IEMBA Alumni Class Programs
are being developed to promote communica-
tions among classmates. Class officers pre-
pare electronic newsletters and help in
reunion organizing and the school’s fund-
raising efforts. Volunteers are being sought
for all classes. Contact Robert Johnson at
(202) 687-6738 or
Class Reunions
Reunion Weekend was established to cele-
brate the 5-year anniversary of classes each
June. Reunion 2004 runs from June 4–6,
2003. Undergraduate alumni should contact
Allison E. Hamilton at (202) 687-0805 or
[email protected]. MBA and IEMBA
alumni should contact Robert Johnson at
(202) 687-6738 or
MBA & IEMBA Alumni Groups
McDonough MBA & IEMBA Alumni
Groups have been established across the
U.S. and overseas in Japan, Mexico, and
London and focus on networking functions
including relationships with MBA alumni
from other top business schools.
www.msb.edu/mba/alumni
University Alumni Clubs
Forty-seven Georgetown University Alumni
Clubs exist within the U.S. and internation-
ally. The clubs serve as an excellent way to
meet other university alumni and offer a
variety of activities of particular interest to
McDonough School alumni.
www.georgetown.edu/alumni
University Alumni Special Services
The University Alumni Association’s special
services include an Alumni Credit Card
through MBNA, Alumni Travel Oppor-
tunities worldwide, and low-cost life and
medical insurance.
www.georgetown.edu/alumni
32 McDonough Business
reunionsit’s been so long since we last met...
Reunion Weekend 2003 was a great success. Three hundred and ninety business schoolundergraduates and 290 MBA and IEMBA alumni from the Classes of 1958, 1963, 1968,1973, 1978, 1983, 1988, 1993, and 1998 returned for four days of activities and remi-niscence on the Hilltop. Undergraduate alumni attended Main Campus Reunion, organ-ized by Georgetown University’s Office of Alumni and University Relations, with MBA and
IEMBA reunion activities receiving additional organizational support from the McDonough School’sGraduate Alumni Office.
The weekend kicked off for undergraduates on Thursday, May 29, with class parties at venues rangingfrom the ubiquitous Tombs to the Old Ebbitt Grill. On Friday and Saturday, there were golf tournaments,bike rides, community service activities, gallery talks and exhibitions in Lauinger Library, campus tours,activities for the kids, and a special forum moderated by President John J. DeGioia on “America’s Rolein the World” featuring former president Bill Clinton (SFS’68).
MBA and IEMBA alumni gathered Friday evening, May 30 for a Faculty-Alumni Reception in the CarBarn, after which they dispersed to local restaurants for class parties.
Saturday afternoon, more than 70 MBA and IEMBA alumni gathered at the Golf Courses at AndrewsAir Force Base for the Third Annual IEMBA Cup Golf Tournament, while another 90 MBA and IEMBAalumni and guests participated in the all-school alumni picnic, and visited the International SpyMuseum.
On Saturday evening, undergraduate alumni gathered for class receptions and dinner parties at loca-tions both on campus and off. More than 200 MBA and IEMBA alumni and their guests gathered atthe French Embassy for dinner and dancing, and to present class attendance awards. The MBA Classof 1993 took top honors at 35 percent , the MBA class of 1998 placed second with 31 percent, andthe IEMBA Class of 1998 came in third with 27 percent attendance.
Reunions Weekend ended with an all-class reunion Mass in Gaston Hall and a farewell breakfast onCopley Lawn — an opportunity to say goodbye and to make plans for 2008.
The McDonough School of Business would like to thank all business school reunion committee mem-bers and class leaders for their enthusiastic support of Reunion Weekend 2003.
Reunion Weekend will be held on June 4, 5 and 6, 2004 for class years ending in 4 and 9. For moreinformation and to volunteer for their class reunion committee, undergraduates should contact ActingDirector of Class Advancement Allison E. Hamilton at (202) 687-0805 or [email protected] andMBA and IEMBA alumni should contact Director of Graduate Alumni Programs Robert P. Johnson at(202) 687-3738 or [email protected].
Members of the MBA Class of 1998 gather in the Car Barn during the Faculty-Alumni Reception.
Yu S
ugiu
ra,
MBA
’93
Maxwell Owusu, Daniel Duku (MBA’93), Duk-ki Yu(MBA’93) and Yoonjung Yu at the French EmbassyMBA and IEMBA dinner and dancing party.
Associate Professor Alan Mayer-Sommer and Bonnie Mayer-Sommer.
Elmira Classen, Yu Sugiura (MBA’93) , Jordan J. O’Neill (MBA’93), Genevieve (Needham)Roberts (MBA’93) and Chris Roberts.
Yu S
ugiu
ra,
MBA
’93
Yu S
ugiu
ra,
MBA
’93
Yu S
ugiu
ra,
MBA
’93
McDonough Business 33
Associate Professor Harvey J. Iglarsh and Patti Iglarsh.
Kathy, Terrance, and Terrance M. McDermott(MBA’93).
Associate Professor Bardia Kamrad and ClassReunion Chair Taylor T. Simmons (MBA’93).
E. Michael Collins (B’93), Frederick W. Boxa (SFS’93), Michael A. Regent (B’93),Arthur C. Walker, Jr. (B’93, L’96, L’99), James A. Harron (C’93), Justin W. Grubbs(B’93) and Tyler T. Tysdal (B’93).
Rafael V. Berckholtz (C’98), Paula (Viu) Alayo (B’98)and Federico C. Stubbe (B’98) at the Class of 1998Tent Party on Healy Lawn.
Director of GraduateAlumni ProgramsRobert P. Johnson,Professor and Execu-tive Dean of FacultyJoseph B. Mazzola,and Class ReunionChair William H. Dia-mond Jr. (MBA’83)during the presena-tion of reunion classattendance awards.
Class of 1973 Reunion Chair Mark S. Collins(B’73) and Class of 1973 CommunicationsChair Anne Haire (C’73) at the home of Her-bert Menegus (C’73), Class of 1973 ReunionCommittee Chair.
Yu S
ugiu
ra,
MBA
’93
Yu S
ugiu
ra,
MBA
’93
Members of the IEMBA Class of 1998.
Elena Pisikina and Carlos J. Fonseca (MBA’98)
Jess
ica
Bott
aTy
ler
Tysd
al,
B’98
Jess
ica
Bott
aJe
ssic
a Bo
tta
Jess
ica
Bott
a
Fede
rico
Stub
be,
B’98
Jake
Bar
rett
, B’
73
34 McDonough Business
undergraduatealumninotes
’62C. Allen Merritt has joinedBoston International Capital Part-ners LLC as a partner. He was for-merly executive vice president andchief operating officer of LibertyFinancial Companies, Inc. Merrittserves on the McDonoughSchool’s Board of Advisors.
John T. Schweiters was electedto the Board of Directors of Dana-her Corporation. Schweiters is vicechairman of Perseus, LLC, a mer-chant bank and private equityfund management company, andwill chair Danaher’s Audit Commit-tee. He also serves on the boardsof Manor Care, Inc. and SmithfieldFoods, Inc.
’64Peter C. Schaumber (B’64, L’68)was nominated by President Bushand confirmed by the U.S. Senatefor a five-year term as a memberof the National Labor RelationsBoard.
’73James K. Griffin Jr. was namedexecutive vice president of Medal-list Developments, an internationaldeveloper of premier residentiallifestyle communities. Griffin willoversee acquisitions, project man-agement, and business develop-ment for the company’s east coastoperations, and will be based inJupiter, Fla.
’76James Fitzgerald joined the LosAngeles office of Stroock &Stroock & Lavan, a national lawfirm with offices in Los Angeles,New York and Miami. Fitzgeraldwill continue to practice trial workin the business litigation and insur-ance areas.
Stephen M. Wolpert was pro-moted to president of BrunswickBoat Group’s US Marine Division.Wolpert has previously served aschief operating officer for the USMarine Division. A global leader inthe leisure products industry,Brunswick’s marine goods includeSea Ray and Bayliner boats andMercury and Mariner engines.
’77Gordon M. ’Gibb’ Marchand is afounder and principal of Sustain-able Growth Advisers, LP, a NewYork based investment firm thatformally began operations in July2003. Prior to launching Sustain-able Growth Advisers, Marchandwas with Yeager Wood & Mar-
shall, Inc., for a total of 17 yearsand served as the firm’s chieffinancial and operating officer. Healso served as a manager of Price-Waterhouse’s Management Con-sulting Services Group.
’79David J. Elliott was named cor-porate controller of Cabot Corpo-ration, a specialty chemicalscompany. He was formerly directorof internal audits and joinedCabot in 2002. Prior to Cabot,Elliott held senior financial posi-tions with Lyondell Chemical Com-pany and ARCO ChemicalCompany.
Driven to Succeed
Brendan Gaughan (B’97) is on the fast track. . .the really fast track.
Gaughan, who started racing
dune buggies in the Nevada
desert when he was 15 years
old, has become a premier stock car—and truck—driver. He
won NASCAR’s Winston West Series stock car championship in
2000 and 2001. He was named the NASCAR Craftsman Truck
Series Rookie of the Year in 2002. This season he’s battling for
the truck series championship.
Sports have always been at the center of Gaughan’s life. He
was an all-conference place-kicker for the Georgetown football
team in 1993 and played on Hoya basketball teams that made
the NCAA tournament in four consecutive seasons. He attrib-
utes a great deal of his racing success to what he learned from
his father, Michael Gaughan, former Georgetown basketball
coach John Thompson, and his business school teachers.
Driving is only part of his job, Gaughan said. On the racing
team, he explained,“ I have to manage people—find a way to
have good human resources. I have to get sponsors, market
myself, market my race team. Then I have to use the money
properly. I learned a lot of that in my courses.”
Alumni Notes are accepted ona first-come, first-served basisbecause of space constraints.MBA and IEMBA alumni shouldsend notes via email to theclass agent indicated. Other-wise, email your notes to [email protected], or send them to Editor, McDonough Business, Georgetown University, 206 Old North, Washington, D.C., 20057, or fax them to (202) 687-2017. We do not accept engagementor pre-birth announcements.Posting notes on hoyasonlineis another option. Go towww.georgetown.edu/alumniand click on “My Information”in the upper left corner.
McDonough Business 35McDonough Business 35McDonough Business 35McDonough Business 35McDonough Business 35McDonough Business 35McDonough Business 35
Louis R. Moffa (B’79, L’82) joinedBallard Spahr Andrews & Ingersoll,LLP of Voorhees, N.J., as partner inthe Litigation Department andConstruction Group. He was amanaging partner of SchnaderHarrison Segal & Lewis, LLP inCherry Hill, where he co-chairedthe firm’s construction law practice.
’81James P. Kelly was named direc-tor, internal audit, at Cabot Corpo-ration, where he previously servedas director of investor relations.From 1998 to 2002, he served asfinance director for Cabot’s CarbonBlack business.
’82Lawrence P, Fisher II, senior vicepresident at US Trust Company andmember of the McDonough SchoolBoard of Advisors, met with under-graduates at the October 7 Break-fast with the Dean.
’83Adam R. Blackwood has joinedBanc of America Securities as man-aging director in equity sales basedin New York. He joined the firm inJuly after 11 years at JP MorganChase where he was most recentlya managing director coveringmajor New York-based accounts.
’84David J. Orrico has joined Sales-force.com as senior vice presidentand general manager of Americas.He previously served as vice presi-dent of Eastern Operations forSiebel Systems.
’88James C. Gaffigan married Jean-nie Noth, a fellow actor and come-dian, on July 26, 2003. They live inNew York, where Gaffigan appearsin Manhattan comedy clubs andperiodically on NBC’s “Ed” andFox’s “That 70s Show.”
’89Mark S. Spring and Sheila Y.
(Greaves) Spring (B’90) arepleased to announce the birth oftheir third child and first son, JuliusT. Spring, in June 2003. The familylives in El Dorado Hills, Calif., out-side Sacramento. For the last fewyears, Sheila has put her career onhold while concentrating on raisingthe couple’s two daughters. Markis the managing partner of theSacramento office of Carlton, DiSante & Freudenberger LLP, aCalifornia firm specializing in laborand employment law. Mark hasalso been coaching high schoolbasketball at Folsom High Schoolin Folsom, Calif., and broadcastinghigh school sports on www.network1sports.com.
’91Russ Jaeger started an accountingfirm, Jaeger & Co., in Dec. 2002.The firm specializes in tax, account-ing and wealth management forsmall businesses and individuals,and is based in West Hartford,Conn.
Missy Sue Mastel is the author ofTelecom Audit (McGraw-Hill,2003), a guide to telecommunica-tions cost reduction for corporatemanagers. Mastel is president andfounder of Mass-Tel Communica-tions Inc. in San Francisco, whichhelps businesses reduce theirtelecommunications bills.
Missy Sue Mastel’s (B’91) new book
’92Troy Thorn, wife Arlene, anddaughter Tatum Monet, announcethe birth of Gavin Mayur Thorn onMarch 10, 2003. Troy is hopingGeorgetown will have a division I Afootball squad soon so that his “lil’linebacker” can play at the Hilltopbefore joining the NFL. The Thornsreside in Fort Worth, Tex.
Saad Hariri was profiled in theApril 14 issue of Forbes for hiswork as head of Saudi Oger, the$3 billion Riyadh, Saudi Arabia-based construction conglomerate.
Giving Back
Mohammed Dewji (B’98)
knows that an international
education is a powerful
investment. That’s why in
August he was invited by the
American Embassy in Tanzania,
his home country, to provide a
keynote address at an orientation program for more than 40
Tanzanian students leaving to study in the United States.
“A U.S. education has a lot to offer,“ he told the students,“But even more than that, every one of you has the creativetalent to make a difference in Tanzania.“
Dewji is his own best example. The finance and internationalbusiness major that graduated summa cum laude went backto Tanzania after graduation and is now the managing directorof Mohammed Enterprises Tanzania Ltd. (METL), one of thelargest private companies in Tanzania. The conglomerate wasfounded 30 years ago by Dewji’s father and today is engagedin diverse fields of manufacturing, distribution, agriculture,and trading. METL has grown eightfold under Dewji’s leader-ship. The company employs close to 5,500 people and gener-ates more than $100 million a year in revenues.
Dewji says that his education at Georgetown is a constantguide to his achievements and successes. However, for Dewji,life is a long learning process. Dewji’s personal motto: “To live each day is to learn, and to learn something new is to enlighten one’s mind.“
Julius T. Spring
Mayo and FisherMayo and Fisher
undergraduate
’87Harvey Chimoff is managingdirector and CEO of Primos TradingCompany, LLC, an internationalcompany that imports, markets anddistributes Spanish wine in theUnited States. He co-founded Primosin 2001, and the company beganshipping wine in the fall of 2002.The wines have been well-received inthe national and local press. Web-site: http://www.primostrading.com.Chimoff is also continuing with hismarketing management-consultingcompany, Velocity 1 Consulting,Inc. Website: http://www.velocity1.com. Chimoff also reports that heloves his new house in central New Jersey.
Harvey Chimoff (MBA’97)
’89James Stafford is a realtor inJackson Hole, Wyo. with PrimeProperties. He invites his fellowHoyas to come see the majesty ofthe Tetons.
’90Class Agent: Lorraine Herr
George Coundouriotis has beentraining for the Chicago Marathonscheduled for October 2003. Hisgoal is to beat his previous personalbest set at the Virginia Beach Mara-thon in 1987—pre-business school.
Eileen Utter surprised Lorraine
Herr by traveling to Chicago inApril 2003 to celebrate Lorraine’sbirthday. Eileen, who resides in SanFrancisco, has been biking and hik-ing during the summer. She is alsoactive with several local non-profits.
36 McDonough Business
undergraduate’97Julie A. Ryan was married toEdward S. Burke on September 6,2003. Ryan is an equity analyst forOppenheimer Funds.
’01La Tasha Boone was named anAlumni Honoree by the NationalAcademy Foundation (NAF) duringthe organization’s 19th annual2003 Institute for Staff Develop-ment. She was one of 10 alumnihonorees selected from the 32,000graduates of NAF academies.Boone, a 1997 graduate of Dou-glas Byrd High School Academy ofFinance in Fayetteville, N.C., was adouble major in finance and inter-national business and was therecipient of the 2002 PriceWater-houseCoopers scholarship forComparative Business Study atOxford University. Boone currentlyworks as the portfolio coordinatorfor Modern Africa Fund Managers,LLC in Washington, D.C.
Eric L. Schwartz served as a pan-elist at the Operations and Informa-tion Management Majors Grouppanel discussion on October 15 inOld North. Schwartz is manager ofinformation technology at Promon-tory International Network LLC.Other panelists included MarilynStewart, LLC, executive director oftechnology and quality at NorthrupGrumman, and Geraldine MacDon-ald, senior vice president and strate-gic advisor at AOL.
’03Jay Tuli and Reena P. Tilva weregiven a Best Paper Award at theEuropean Applied BusinessResearch Conference in Venice,Italy, where they presented theirresearch on Islamic banking.
In Memoriam
John Timothy Jackson1981–2003
John T. Jackson (B’03) of Kansas
City, Mo., died in an accident on
June 29, 2003. He was 22. Jack-
son graduated from the McDo-
nough School in May and had
begun working in the research
department of the Chicago resi-
dential mortgage banking firm
Draper and Kramer. At George-
town, Jackson was a member of
the sailing team and studied
abroad in New Zealand his jun-
ior year. He was a National
Merit Scholar at Pembroke Hill
School in Kansas City, where he
was also on the soccer team and
in the Spanish Club.
In September 2003 the George-
town University Athletic Depart-
ment renamed its Georgetown
Team Race Regatta the John T.
Jackson Memorial Team Race
Regatta to celebrate Jackson’s
life and legacy at Georgetown.
A boat has also been named in
Jackson’s honor.
Jackson is survived by his par-
ents, Robert, a Kansas City pedi-
atrician, and Linda, as well as
two sisters, Lisa and Lindsey.
Memorial masses were held on
July 3 at St. Peter’s Catholic
Church in Kansas City and on
September 27 at Georgetown
University’s Dahlgren Chapel.
mba
La Tasha Boone (B’01) received analumni award and presented thekeynote speech at the NationalAcademy Foundation’s 2003 Insti-tute for Staff Development inPhoenix, Ariz. in July 2003.
Eric L. Schwartz (B’01) and his fellow panelists at the OPIM MajorsGroup discussion.
alumninotes
Simmons, class reunion commit-tee chair, thanks his fellow com-mittee members Jennifer Zydney,Jordan O’Neill, Tom Liu, andHiromi Satoh, as well as everyonewho came.
Taylor also writes that after a 20-year hiatus he was inspired by themovie “Dogtown & Z-Boys” totake up the extreme sport of skate-boarding again. He now visitsWashington, D.C.-area skateparksabout twice a month.
From David Benjack: “Chesa-peake Drywall and Acoustics isentering its tenth year of business.We are dedicated to commercialconstruction in the Southeastregion of Virginia and upper north-east region of North Carolina. Istarted a second business in 2002.Bacchus Wine Interiors is a nichedesign/build contractor that spe-cializes in custom wine closets andcellars. Our customers are bothcommercial and residential.Presently we are concentrating inthis region only, before consideringexpansion. My wife Claire and Iand our three sons, Andrew, Alexand Clay, live in Norfolk, Va.”
’94Class Agent: David Gee
I heard from Shubber Ali
([email protected])for the first time in a while. He’sliving in the DC area and commut-ing to Sydney which I believewould be the longest commute ofanyone in our class. He’s workingfor AstroVision Australia Limited—a satellite imaging company pro-viding live video of the Earth forthe Asia-Pacific region. Accordingto Shubber, the new gig satisfieshis two passions, space and start-ups. www.astrovisionaustralia.com
Holly Fulghum Tisdale
([email protected]) and husbandAndrew Tisdale announce the birthof Ava Eliot born May 6, 2003. Shejoins brother William DeWitt, age
John Anderson is the ManagingDirector at the John Hancock LifeInsurance Company in Boston. Inhis spare time he hones his graphicarts skills by creating his family’sannual holiday greeting card.
Bradley Hazelrigg launched anew ad agency in San Francisco.He is the founder of Firewood, an advertising agency specializingin direct and digital marketing, corporate identity, and collateral.Firewood’s client list includes Linde-mans (wine), Dewar’s Scotch, Bac-ardi Global Brands, Informative,ePolicy Solutions, and MarketCompass. Check out Firewood onwww.firewoodsf.com.
Bill Kummel is in Washington,D.C. He had a challenging Augustputting out a daily newspaper inspite of the blackout.
Beth Laboe Edgar and husbandJason enjoyed their Minnesotasummer making many trips up totheir camper with daughters Isabeland Colette. Beth continues withconsulting projects for 3M whenshe’s not volunteering at herdaughter’s schools.
’91Class Agent: Mary Pat Blaylock
’92Jonathan Foxman, president andCEO of Highland Cellular, was thesubject of a recent profile on thecompany in the Register-Herald(September 27). Highland Cellularis a local provider of Cellular Oneresidential wireless service inSouthern West Virginia and South-western Virginia.
’93Class Agent: Jordan O’Neill
Nearly 40 percent of the MBAClass of 1993 attended the 10 yearreunion this past spring. Taylor T.
McDonough Business 37McDonough Business 37McDonough Business 37
2. Holly continues to manage herhusband’s law practice, Shepard,Plunkett, Hamilton, Boudreaux &Tisdale, in Augusta, Ga.
Julie and David Petroni are busywith their two daughters, Megan(3 months) and Emily (2 years).They’re living on the east bay inNorthern California. David’s at Peo-plesoft ([email protected]) in business development.
Liz Coustan Rabinowitz
([email protected]) andBen Rabinowitz announce thebirth of their son, Aden, who wasborn in June 2003. He joins big sister, Maya, who is 4.
After a long gap I heard fromLaura Rousselot Rodman. Sheand Rick (MBA’96) are still inGeorgetown and loving life in thecity. She writes: “We were blessedwith the birth of our son William in
December 2001. He is a terrific lit-tle boy and we are having a blast!In the spring of 2001 I left my jobas a senior manager at Pricewater-houseCoopers and started my owncompany for interior design. In Fall2002 I took on a business partnerand we developed Legacy DesignGroup LLC. We anticipate revenuesjust over $300K this year with atotal project value of just under onemillion dollars—a nice start for our new company. We do mostlykitchens, baths and small additions.We also do some older homerestoration—a favorite of mine.”
Rick is now a senior manager atBearingPoint (formerly KPMG). Heseems to be hitting his stride thereand is now responsible for much ofthe Commerce Department account.Laura’s email is [email protected].
Investing in Community
Michele Giddens (MBA’91) invests venture capital forprofit and for good.
Giddens is one of four executive
directors of Bridges Community
Ventures, the United Kingdom’s
first community development
venture capital fund. The fund
invests in companies that have
high growth potential, are led
by skilled managers and do
business in deprived neighbor-
hoods. Its goals are to create
sustainable jobs, stimulate the
economy, provide entrepreneurial role models within the poor
communities, and encourage other venture capitalists to make
similar investments.
”To succeed,”Giddens said, ”we would have to create an attractive
financial return to our investors and demonstrate that the compa-
nies we invested in had positive impact on the local area.”
Giddens has been with the fund since its conception. She
advised a British government task force that recommended the
fund’s creation in 2000. The fund was established and made its
first investment in 2002. It met its 40-million-pound fund-raising
target in September 2003, with investments from some of the
world’s most-prominent financial corporations.
The fund is modeled on community investment organizations
that have been operating in the United States. Before joining
Bridges Community Ventures, Giddens worked for ShoreBank,
a leading U.S. community development bank.
McDonough Business 37McDonough Business 37McDonough Business 37McDonough Business 37McDonough Business 37
mba
Ed Greenfield ([email protected]) is no longer single! Hemarried Tiffany Reeder in her par-ents’ backyard in her hometown inMaine in August 2003. They cur-rently live in Lake Tahoe, Calif. Mattias Graff was in the wedding.
John T. Jacobs is now workingwith the United Nations in Geneva,Switzerland, as head of Marketing& Business Development for theUN agency for Telecommunica-tions, the ITU. John and Amy areproud to announce the birth oftheir second child, Emma, bornAugust 2002. Their first child,Owen, was born in October 2000.
’95Class Agents: Scott Shore and
Alison Daly Van Dyke
[email protected] [email protected]
Steve Oakley has worked forO’Neill, Inc. (the surf company) foralmost seven years now and isenjoying living in Santa Cruz, Calif.(and Monterey for about 1 year).Steve started with O’Neill as theproduction forecasting managerand has since held positions insales management (Europe andCanada), corporate strategy, andfinance. He is now currentlyresponsible for the financial opera-tions of O’Neill’s subsidiaries inEurope and Australia, and also getsinvolved in other matters such aslicensing and retail. The travel hasbeen a big plus being affiliatedwith a recognized global brand.Jack O’Neill is the founder and is atrue inspiration to the workers. Heinvented the wetsuit in 1952 andstarted the company a few yearslater; he is the perfect example ofwhat you can achieve when youare passionate about your work (heinvented the wetsuit not to makemoney but so he and his friendscould simply surf longer in thechilly San Francisco waters).
After three whirlwind years in theenterprise software business(1998–2001) selling supply chain
software solutions from Manugisticsto high tech companies, Sarah
Saunders got off the corporatetreadmill and started her own mar-keting and sales consulting busi-ness, Saunders Insights LLC. Shefocuses mostly on the private hightech sector (clients include CiscoSystems, Manugistics, Vastera, andDescartes), which probably makeshers one of the few businesses inthe Washington, D.C. area thesedays that isn’t trying to sell to thefederal government.
She and her husband and live inNorthern Virginia, not far fromTysons, and can be reached [email protected].
Scott Shore and wife Mari Lubecame parents again on August14, 2003. Victoria Jean was bornat Sibley Hospital in Washington,D.C. Both Mom and baby arerecovering nicely. Alexandra, hastaken on her role of Big Sister well.Every 40 minutes she reaches downto give Victoria a welcome kiss.
On the professional side, Scott leftIBM (formerly PwC Consulting)after four years. He has gone backinto the Active Component of theU.S. Army. The reasons for the movewere patriotic as well as professionaland personal. The first assignmentis at the Pentagon, serving as a“Personnel Support Officer” look-ing at how the Army’s force struc-ture impacts personnel issues.Scott and family are still in Wash-ington, D.C. for the time being.
Vicky and Eli Faskha had theirdaughter Shelly Faskha on August23. She is their first child. They stilllive in Panama and are thrilledabout the addition to their family.Eli is still running his internet secu-rity company in Panama.
Bruce Dincin and wife, Beth,became first time parents onMarch 21. Their son Jacob AubreyDincin was born on the first day ofSpring in 2003. Bruce is working atAmerican Express and when notmaking AmEx money, he can befound taking money from fellow
classmates Steve Genn and ScottShore during bi-monthly pokergames.
Ana Vanazuela just got an articleaccepted for publication at Journalof Marketing Research titled “Per-formance of Store Brands: A Cross-Country Analysis of ConsumerStore Brand Preferences Percep-tions, and Risk.” Coauthors areTulin Erdem (UC Berkeley) and YingZhao (HKUST).
Diana Wisler Beckmann is work-ing at the National Park Founda-tion in Washington, D.C., withKodak, a Proud Partner of Amer-ica’s National Parks. She travels toa number of National Parks allaround the country each year. Sheand her husband, Paul, had a sonon September 21, 2002 namedPeter Charles Beckmann. He is builtlike a Sherman tank! He has redhair and blue eyes and loves his sis-ter Bridget. She has her Mom’sattitude and apparently knowseverything.
George Serpa wrote in from thethird year of his sailing sabbatical:“My latest adventure was anAtlantic crossing which was finishedin the Spring of 2003. This was fullyreported on www.sportvela.com.But the good life is coming to anend very soon. This summer, thefamily will move from Rome, Italy—where they have been for thelast 21/2 years—back to NYC. Thismeans having to go back to thework. The family is doing great.Lucy, a true Manhattanite, is look-ing very much forward to goingback to NYC. Ben is now 11 yearsold, and Filipa, a GUMBA baby youmay recall, is now 8. Both of themseem to be taking well the factthat soon they will be back in theStates (although both of themloved Rome).”
’97Class Agent: Andrea Alexander
Adlai Harden III (MBA/JD) hasreturned to the states after spend-ing time in Asia. He is now practic-ing bankruptcy law in New Yorkwith Skadden Arps.
Grant Pickering and his wife Kristihad their second child in January2003, a baby girl, named Claire.She joins their son, Benjamin, whowas born in 2000. Grant wasrecently promoted to Senior VicePresident of Operations for Den-dreon Corporation, where he runsthe clinical, marketing and projectmanagement sides of the business.The company’s first product,Provenge, an immunotherapeuticfor late-stage prostate cancer, isslated to be on the market in 2005.
Karri Ludwick is working as theDirector of Sales Compensation atAT&T in Bedminster, N.J.
Andrea Alexander has moved toNew York City. She is now workingat Pfizer on the Celebrex team.
Robin Young and her family havemoved to Costa Rica. She is stillwith Development Alternatives Inc.Robin, Carlos and Nicolas are hop-ing for (and expecting) more visi-tors at their new home.
Keri Tuwiner (MBA/MPP) marriedMike Schoenbrun on May 31. Keriis working at the Corporate Execu-tive Board in Manhattan.
John and Whitney (Lucas)
Rosenberg had a baby girl on July21. Hadley Chance Rosenberg isdoing well.
’98Class Agent: Brian Knox
Ana (Martinez) and Fredrik
Malmqvist had a baby girl,Isabella Lourdes, on July 31, 2003in Baltimore, Md. Ana writes thatshe is still with P&G and will be onmaternity leave until February2004. In the meantime, she isenjoying every sleepless minute ofmotherhood.
Fredrik is still with Accenture,based in Reston, Va., and will beon a project locally. This is greatsince he is typically out of townduring the week on projects. It lit-erally takes two MBAs to take careof Isabella!
Ana also reports that Yasemin
Yucelik (MBA/SFS ‘99) had a babyboy, Tanner Theodore, on July 14.
38 McDonough Business
mbaalumninotes
’99Class Agent: Mike Pastore
In September 2002, Derek
Baumer left his M&A consultingjob at PricewaterhouseCoopers tolearn Japanese and make a differ-ence in the world. He’s now anEnglish teacher with the JET Pro-gramme and in a state of perpet-ual bliss…as he engages,entertains and educates more than800 kids in his quiet Japanesetown.
Smrithi T. Prabhu now calls LosAngeles her home. She movedthere two and a half years agoafter getting married to her high
school sweetheart, Sanjeev. Sheleft the world of managementconsulting at AMS in Fairfax, Va.and has found herself in the non-profit, entertainment arena.
She is currently Director of Devel-opment for the Indian Film Festivalof Los Angeles (www.indianfilm-festival.org), a nonprofit dedicatedto enhancing the awareness ofIndian Arts and Culture in LosAngeles. Their first year was aphenomenal success with morethan 6,000 attendees and severaldistribution deals being sealed forthe talented independent filmmak-ers. Smrithi is responsible for allfundraising as well as developingkey relationships in the entertain-ment arena in India and the U.S.She’s loving it.
’96Class Agent: Thomas
Arnsperger
J. Gilberts in Mclean, Va., was themeeting place for a small group ofIEMBA I and II alumni. Recent new-lywed, Terrell Mellen McDermid,who has joined the prestigiousSotheby’s residential real estate inDC, stopped in. Thom Arnsperger
who has been enjoying the chal-lenges of being part of a newstrategic IT consulting practice atDigitalNet (formally Gentronics &Wang/Honeywell Federal Systems)in Herndon, Va., visited. Bill Harri-
son, EXIM Bank, kept the groupentertained with stories from hisinternational travels and the worldof global project finance. Susan
McVay, Marriott International,shared stories about her systemsrole of measuring guest satisfac-tion for the lodging giant. And,Marie Royce, visiting and teachingon the West Coast, has beenworking on setting up a tourismprogram in Russia for The CollinsSchool of Hospitality Managementat Cal Poly. She was joined by herhusband Ed.
Mark Bloom reports from hisoffices in New York, that this sum-mer has been all work and no play(only played 12 holes of golf allsummer). He is in the process ofdelivering a complete overhaul ofJP Morgan Chase’s retail branchteller systems to all of its branchesin the Northeast and Texas. Hereports that although he survivedthe blackout it was, as you canimagine, pretty bad from a personalpoint of view and from a bankingperspective it was even worse andthat it will take several more weeksto recover. Mark says hi to all Is.
Ben Cass is still working at Siebel’sLife Science Global Competency inPennsylvania and also checked into say hi to all IEMBA Is.
McDonough Business 39McDonough Business 39
’01Robert Getzoff rang the openingbell at the New York StockExchange on Sept. 15, 2003 withU.S. Representative Rahm Emanuel(Ill.). Getzoff is the LegislativeCounsel for Emanuel and workson finance committee projects.
Robert D. Getzoff (MBA’01), former NYSE chairman and CEORichard A. Grasso, CongressmanRahm Emmanuel, and Andy Blocker(IEMBA’02) at the Opening Bell on September 15.
Julia L. Brys (MBA’03) addressedfirst-year MBA students in the firstIntegrative on August 22, whichfocused on Fedex in a live case.Brys also participated as a judge inthe Fedex case competition.
Brooks A. Robertson (MBA’03), second-year MBA Mark A. Daven-port, Michael J. Galetto (MBA’03),and second-year MBA Aarti Malikgather for a Georgetown MBAhappy hour in San Francisco in July.
Going Home
When he spoke withMcDonough Business, Hadi Bahrani (MBA’03)was packing for a journey
on a C-130 aircraft that would take him from Washington, D.C.,
to Kuwait and finally to Baghdad. His ultimate destination is
the Republican Palace of former Iraqi president Saddam Hus-
sein, where his new employer, Bechtel, has established the
headquarters of its Iraq Infrastructure Reconstruction Project.
Bahrani, a dual Iraqi-American citizen, aggressively pursued a
job as a project manager on the company’s emergency infra-
structure repair and rehabilitation contract with the U.S.
Agency for International Development after attending Bechtel’s
May conference on subcontracting and purchasing tendering
processes and requirements in Washington, D.C.
But Bahrani’s journey really began in the early ‘90s when, dur-
ing the Gulf War, he left Saddam Hussein’s Iraq and eventually
moved to the United States to join relatives in Texas. He
earned his bachelor’s degree in chemical engineering from the
University of Houston, and worked as an engineer at Honey-
well before coming to Georgetown to pursue his MBA. The
confluence of circumstances and world events that led him
back to Iraq is a source of amazement for Bahrani, who says he
never thought it would happen. His homecoming is filled with
hope and anxiety. “The risks are high,” Bahrani said. ”But so are
the rewards. One day I can tell my kids that I gave back to my
country. This is my time to do something big.”
iembamba
Chip Christian is back in Harrison-burg, Va. having accepted a posi-tion with Dynamic Aviation, asupplier of aerial platformsthroughout the world. The companyprovides aircraft and crews to sup-port a variety of highly specializedmissions including Airborne DataAcquisition, Fire Management, Aer-ial Application, and Sterile InsectTechnique. Chip is the company’sVice President Human Resourcesand Administration and guides thehuman resource activities of thecompany where he administersand directs employee benefit pro-grams and is responsible for allpersonnel policies and issues.
Ron and Susan Pippin are verypleased to announce they haveadded another boy to their clan.Carter Anthony Pippin was bornon April 16, 2003. Ron says:“Susan is amazing, she worked outdaily right up until the last week,so she came through like a trooper—insisted on checking out the dayafter Carter arrived. Carter is athriving happy little guy. He is veryinterested in his world, likes to bemoved around a lot, and lovesattention from big brothers Alexan-der and Spencer.” Ron confessesthat he and Susan are enjoying thehigh points of their last timethrough this amazing process—but, three is enough, he is draftingthe final two players for his basket-ball squad.
’97Class Agent: Lynn Miller
Sally Buzbee has been appointedassistant chief of bureau for newsin Washington, D.C., at the Asso-ciated Press. Washington is theAP’s largest bureau. See profile on page 14.
’98Class Agent: Debbie Weil
40 McDonough Business
’99Class Agent: Alphonse Iudicello
’00Class Agent: Dan Gallagher
Charles Santangelo moderated a discussion on international per-spectives on Iraq Reconstructionbefore 500 top U.S. and foreignbusiness executives on July 1, 2003,as part of Equity International’s second Iraqi Reconstruction Con-ference. Santangelo is president ofThe Santangelo Group and assis-tant professor of international busi-ness at the American University.
’01Class Agent: Bob Wagoner
Chris King returns to the aca-demic life after deciding to acceptan appointment to Senior ServiceCollege at National Defense Uni-versity. NDU educates military and
civilian leaders through teaching,research, and outreach in nationalsecurity strategy, national militarystrategy, and national resourcestrategy; joint and multinationaloperations; information strategies,operations, and resource manage-ment; acquisition; and regionaldefense and security studies. Theuniversity is located at Ft. McNairin Washington, D.C. Chris feelsthat since he’ll be getting paid bythe Army to go to this school com-bined with the fact it will be hisfull time job makes it much lessdaunting than the IEMBA program.
Tatiana Koleva has been pro-moted to Area Operations Director,Eastern Region for Pitney Bowes ina recent company reorganization.Pitney Bowes is a global leader inthe mail and document manage-ment industry with a full range ofinnovative products and services ofintegrated solutions that cut costs,streamline operations, uncover rev-enue opportunities, and add maxi-mum value to customers’ mail anddocument processes. Tatianareports her new position hasincreased decision-making author-ity that was previously handled at
In Memoriam
Joseph Eugene Beh
1917–2003
Georgetown University Regent Emeritus Joseph E. Beh (F’41) died on Aug. 15, 2003. He was 85.
Beh was a veteran of the U.S. Army Air Corps, a prominent business man, and active in civic
affairs in Atherton, Calif., where he lived for more than 50 years. A native of Iowa, he graduated
from Georgetown University in 1941. He was a member of the Georgetown Alumni Council and was
an emeritus member of the McDonough School Board of Advisors. He was elected to the university’s
Board of Regents and served for six years. He received the John Carroll Award in 1983 in recognition
of his lifetime achievement and service to the university. A dormitory in the university’s Alumni Square
bears Beh’s name.
Beh is survived by his wife, Allanah Cleary Beh of Atherton, Calif., and Nova Scotia; and his sister, Mary
Louise Beh of Menlo Park, Calif.
A Eucharistic Liturgy was held at the Church of the Nativity in Menlo Park on August 20, at which the
Most Reverend William J. Levada, Archbishop of San Francisco, presided. The principle concelebrant
was the Reverend Charles Beirne, S.J., president of Lemoyne College in Syracuse, N.Y., and former asso-
ciate dean of Georgetown University’s School of Business. Among the eulogists was James A. Donahue,
president of the Graduate Theological Union and former dean of students at Georgetown University.
iembaalumninotes
her manager’s level. She hopes tobalance the new position with herand her husband Ali’s family lifewhich is focused around their twochildren—Aliana, who is startingfirst grade, and Milena, who ismaking her first steps.
E-mail update:Elizabeth Aguirre:[email protected]
’02Class Agent: John Fitzgerald
Corrections:
We incorrectly identified Emily ChenCarrera and John Agwunobi in thespring/summer 2003 issue of Georgetown Business. Carreragraduated from the McDonoughSchool of Business in 1988, not 1998,and Agwunobi graduated from theIEMBA program in 2000, not 2001.We apologize for the errors.
McDonough Business c3
Bellwetherone who leads or initiates
John J. Fauth, IV
John J. “Hap” Fauth (B’67) never
watches anything happen. He
makes things happen. “I’m a change
agent,” he says.
That holds true both in his professional
life and in his connection to Georgetown
University. As chairman, president, and
CEO of the Churchill Companies, the
business he founded more than 20 years
ago, he buys companies that have gone
astray and gives them a second chance.
And as a longtime volunteer for George-
town (he spends about four days a month
on campus), he’s helped his alma mater
raise almost $1 billion in the Third Century
Campaign, seen the university’s new South-
west Quadrangle go from idea to fruition,
and contributed $10 million of his own
money to the new facility being planned for
the McDonough School of Business.
“I feel Georgetown has almost unlimited
potential because of its history, its Catholic
and Jesuit identity, and its location in
Washington,” he says. “And helping
or working through the implementation
of what Georgetown is going to be next
is just amazingly exciting to me.”
“If you’re not happy
and passionate about your business
and the people that are part of that business,
you’ll never be optimally successful.”
Career highlights: A Long Island, N.Y., native,
Fauth joined Citicorp’s offices in New York in
1967, just after graduating from Georgetown. In
1976, he moved to Minneapolis to open the com-
pany’s new Midwest regional office. He left Citi-
corp in 1981 to start the Churchill Companies, a
private investment firm with a diversified portfo-
lio of investments and operating companies and a
private equity fund business.
Education: Georgetown University, B.S. in Busi-
ness Administration, 1967.
Alumni activities: McDonough School of Busi-
ness Board of Advisors (chair); Georgetown Uni-
versity Board of Directors (Executive Committee;
vice chair, Finance Committee; chair, Director’s
Task Force for Capital Enhancement); Third Cen-
tury Campaign Steering Committee; McDonough
School of Business Campaign Steering Committee;
1789 Society (donors with $1 million or more of
cumulative giving to Georgetown); Alumni
Admissions Program.
Former alumni activities: Third Century
Campaign Planning Committee; chairman, McDo-
nough School of Business Board of Visitors; McDo-
nough School of Business Graduate Advisory Board;
president, Minnesota Alumni Club.
How he got his nickname: As his mother
tells it, on his second birthday, Fauth dubbed him-
self “Happy,” a pet name that stuck with him
through high school and college. When he started
working at Citicorp, he needed a more mature
moniker, but his given name, John, just didn’t
work for him. So, he became “Hap.”
Family: Fauth and his wife, Geren, reside in
Wayzata, Minn. They have three children:
Cameron (24), Forrest (22), and Morgan (19), who
is a sophomore at the McDonough School.
Hobbies: Fauth has raced sailboats from the time
he was 7 years old. He plans to take his new 120-foot
sailboat, built in Amsterdam, around the world in
segments over the next five years. Other hobbies
include skiing and fly-fishing.
Affiliations: Director, University of St. Thomas,
St. Paul, Minn.; former director, Children’s Health-
care, St. Paul, Minn.
His view of success: “If you can’t have a good
time at what you’re doing, you will never reach your
potential. That applies in the worlds of philanthropy
and business. If you’re not happy giving back, then
you shouldn’t be doing it. If you’re not happy and
passionate about your business and the people that
are part of that business, you’ll never be optimally
successful.”
—Eman Quotah
Office of Alumni and University Relations
Jessica Botta
Non Profit Organization
US Postage
P A I DWashington DC
Permit 3901
Georgetown University
Old North Building
Washington DC 20057-1008
Save the Date! June 4, 5 and 6, 2004For more information
Undergraduate AlumniAllison E. Hamilton
Acting Director of Class Advancement
(202) 687-0805
MBA and IEMBA AlumniRobert P. Johnson
Director of MBA & IEMBA Alumni Programs
(202) 687-3738
Reunions Planned
’54’59’64’69’74’79’84’89’94’99R E U N I O N S
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