georgetown business fall/winter 2003

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


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


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


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.


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


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


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.


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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MBAs Host Fall Club Days


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.”

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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


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

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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


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.


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.


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


“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.”


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.


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


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.”


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


QQ

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.


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.


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.


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


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


“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


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


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


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)


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.


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.


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.


Other online job postings are also available

through Monstertrak, Monster.com’s execu-

tive site, 6FigureJobs.com, ExecuNet and

Degree Hunter.


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.


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.


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

[email protected].

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

[email protected].

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.


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.


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.



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


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

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ler

Tysd

al,

B’98

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ssic

a Bo

tta

Jess

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Stub

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B’98

Jake

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73


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

[email protected]

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.


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

[email protected]

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

[email protected]

’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

[email protected]

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

[email protected]

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

[email protected]

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.


mbaalumninotes

’99Class Agent: Mike Pastore

[email protected]

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

[email protected]

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

[email protected]

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

[email protected]


’99Class Agent: Alphonse Iudicello

[email protected]

’00Class Agent: Dan Gallagher

[email protected]

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

[email protected]

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

[email protected]

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

[email protected]

MBA and IEMBA AlumniRobert P. Johnson

Director of MBA & IEMBA Alumni Programs

(202) 687-3738

[email protected]

Reunions Planned

’54’59’64’69’74’79’84’89’94’99R E U N I O N S

2 0 0 4

georgetown business fall/winter 2003

Documents