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					                                                                    Fall 2012nnnnn
MIT Sloan
News and insights for the MIT Sloan community

                                                    The foundation and
                                                      future of finance

                                                  Professor Katherine C.
                                                    Kellogg, PhD ’05, on
                                                reform and resistance in
                                                    the medical industry

                                                          Alumni events
                                                       around the world
                                                       Master of Science in

   MIT Sloan
                                                       Management Studies
                                                            Class of 2012

News and insights for alumni
Vol. 6, No. 2

David Schmittlein
John C Head III Dean
                                                                                        Master of Finance
a s s ociate de an, external relations
                                                                                        Class of 2012
Kristina Gulick Schaefer

ma nag in g e ditor s
Catherine Canney
Kristin LeClair

co p y e ditor
Jennifer Liddiard

co n c e p t an d de sign
Robert Beerman, Onward Upward

co n tr ibu tor s
Zach Church                Lauren Krzynowek
Mikhail Glabets            Katherine Rockman
L. Barry Hetherington      Glen Summit
Justin Knight              Mary Tamer
                                                      Executive MBA
p r o ofr e ade r s                                     Class of 2012
Michael Perrone
Linda Walsh

p r i nting

MIT Sloan is published by the MIT Sloan Office
of External Relations in partnership with the
MIT Sloan Office of Communications.
Read the MIT Sloan Alumni Magazine online
Visit the MIT Sloan home page
Change of address
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For subscription information, permissions, and                                                MIT Sloan Fellows
letters to the editor, contact our editorial staff.                                               Class of 2012
Phone: 617-253-7164

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      	 4	 		 ervice,	leadership,	scholarship:		
            Celebrating	two	extraordinary	careers
            Former Deans Glen L. Urban and Richard L. Schmalensee retired last
            June. Their accomplishments, contributions, and impact on MIT Sloan
            over the past five decades are celebrated here.

      	 	 Innovation	at	work
      20	 		 hallenging	operations:	Implementing	medical	reform		
           	n	surgery
           Professor Katherine C. Kellogg, PhD ’05, spent two and a half years

           examining the complex ways that institutional reforms are accepted, or
           rejected, when they challenge long-standing beliefs, roles, and systems
           of authority. In this summary of her work, she shares her experience
           and her recommendations for effecting change.

      	 	 Feature	story
      	22	 		 he	foundation	and	future	of	finance
            MIT Sloan’s renowned Finance faculty reexamines the global financial
            crisis of 2008. Through research, teaching, and outreach, they seek ways

p12         to ensure a stable system in the future.


          2 Message to our alumni                  14 In the world

          3 Letter from the dean                   16 Reunion 2012

          6 MIT Sloanscape                         31 Class notes
            Campus happenings
                                                  50 In memoriam
      12 MIT Sloan Annual Fund
         Surpassing goals; providing

p22         On the outside and inside front cover:
            In celebration of the School’s largest graduation ever in June 2012,
            pictured on the front cover is the MBA Class of 2012. On the inside
            front cover are images of graduates from the other masters-level
            programs. To learn more about graduation activities, see the article
            “Graduation 2012” on page 6.
       Message to our alumni

MIT Sloan Alumni:
Resourceful. Principled.
Dear	alumnI,

As the new editors of the MIT Sloan Alumni Magazine, we are
pleased to welcome you to our Fall 2012 issue. The strength,
breadth, and depth of our alumni network have grown by
leaps and bounds during the past year, and the content in this             Catherine Canney                Kristin LeClair
issue is a testament to that trend.                                        Executive Director,             Director, Donor Relations
                                                                           Brand Strategy; Special         and Communications
Whether you submitted a class note, made a gift in support                 Assistant to the Dean
of MIT Sloan, attended one of our events around the world
this past year, or volunteered for your reunion committee, your
commitment is at the heart of our powerful global network.
As such, we hope that you will enjoy reading about your            As you consider your relationship to MIT Sloan, please join us
fellow alumni and your alma mater. MIT Sloan continues             at an alumni event, submit a class note, or visit us in Cambridge.
to be a rapidly evolving institution, always at the forefront      Your classmates want to hear from you, and your school looks
in understanding business challenges and creating new              forward to your ongoing engagement and participation in the
approaches. We look for your help in bringing that knowledge       MIT Sloan community.
to the world and to your work.
                                                                   Best regards,
With the academic year now fully in swing, we have
introduced a new cohort of students to our community.
Regardless of the program they have entered, each student
brings a unique and exhilarating perspective that will shape
class discussions, action learning projects, and the experiences   Catherine Canney                  Kristin LeClair
of those around them. Those discussions and experiences,           Executive Director,               Director, Donor Relations
which you may recall from your time at MIT Sloan, remain           Brand Strategy;                   and Communications
at the heart of the School.                                        Special Assistant to the Dean

2   MIT Sloan   |   Fall 2012
                                                                                                    Letter from the dean

Dear alumni and
friends of MIT Sloan,
Five years ago this fall, I was honored to become the eighth
dean of the MIT Sloan School of Management and to join
this extraordinary community. Reflecting back to those early
months, I recall feeling energized and inspired by the School’s
distinguished history and by the potential that the future held.
I had great confidence that if we worked together, if we grew
together, we would move rapidly toward the reinvention of
the School’s three core characteristics: academic programming                                 David Schmittlein
that offers customized value for leaders through all stages of                                John C Head III Dean
their personal and professional lives; high-touch action learning
within these programs; and the creation of knowledge that is
valuable now and will stand the test of time.                       our global financial system. We also share an excerpt from
                                                                    newly tenured professor and MIT Sloan alumna Katherine C.
Over the past five years, our world has experienced incredible      Kellogg’s book, Challenging Operations: Medical Reform and
political and economic upheaval. These are the times that call      Resistance in Surgery. Her work challenges many previously held
for principled, innovative leaders with the courage of well-        conceptions of how to spur positive reform in the workplace
found convictions—exactly the leaders we develop at MIT             and provides a surprising look into the medical establishment
Sloan. I have watched with pride as our faculty, students, and      in the United States.
alumni stimulate the thoughtful, sometimes controversial, but
always principled change necessary. Their leadership is evidence    This issue also honors two former deans, Glen L. Urban and
of our School’s strength, growth, and positive future trajectory.   Richard L. Schmalensee, who are stepping down from their
                                                                    full academic appointments. They are both change agents and
MIT Sloan faculty are pushing the boundaries of traditional         service leaders, and their commitment to the School and their
research, developing ideas that break new academic ground,          scholarship will continue to shape future generations of MIT
and responding to the world’s greatest challenges—this issue        Sloan students.
of the MIT Sloan Alumni Magazine celebrates some of this
work. The School’s Finance faculty, long recognized for             Finally, this issue provides us with a wonderful set of reflections
their contributions to the development of modern financial          on the MIT Sloan community outside of Cambridge. Many
theory, share perspectives on how academia should play a            of you submitted your latest news, which is included in Class
larger role in policy development and in teaching the next          Notes. Others shared their perspectives on their relationship
generation of young leaders. This work will prepare our             with the School through philanthropy and volunteerism.
students, policymakers, and government officials by providing       Take a moment to view the map of the world you’ll find on
the analytical and ethical foundation necessary to manage           pages 14 and 15—which provides a snapshot of the events
                                                                    where more than 3,000 alumni and friends of the School came
                                                                    together during the past year.

                                                                    MIT Sloan’s global network continues to expand its scope and
                                                                    impact through our faculty, our students, and you, our alumni.
The mission of the MIT Sloan                                        Thank you for your commitment to the School.
School of Management is to                                          Best regards,
develop principled, innovative
leaders who improve the world
and to generate ideas that
advance management practice.                                        David Schmittlein
                                                                    John C Head III Dean

                                                                                                               Fall 2012   |   MIT Sloan   3
Service,	leadership,	scholarship:
                           Celebrating two
                           extraordinary careers
Glen L. Urban and Richard L. Schmalensee—back-to-back MIT Sloan
deans who grew the School’s faculty and staff and built the iconic
E62 building—have retired.

Urban, a marketing professor, will           In addition to the innovations in           As dean, Urban worked with several
continue large-scale research by             curriculum and programming that             architectural firms nationwide to explore
helming a project with General               both men brought to MIT Sloan,              concepts for a new building. When
Motors to quantify the value of new          they took on the task of bringing           Schmalensee became dean, he persuaded
media advertising and a project with         MIT Sloan’s facilities up to par. “It was   MIT’s central administration to sign off
Suruga Bank on the effectiveness of          clear to both of us that space was our      on the site and specifications for the new
apps in building trust and generating        main problem,” Schmalensee said. He         building, and also led planning and the
consideration. In addition, Urban and        recalled an accreditation review from       $100 million fundraising campaign for
his wife, Andrea, gave a $1 million          the mid-1990s, after which a member         the new building. An initial $25 million
gift to MIT Sloan this past summer to        of the accrediting committee remarked       gift from E*Trade founder William A.
establish a PhD fellowship at the School.    that, “You’ve really got everything you     Porter, SF ’67, and his wife, Joan, began
Schmalensee will continue his research       need here — except for the facilities.”     the fundraising campaign with a bang
in energy and environmental economics,
as well as teaching the required social
science course in MIT’s Energy Studies                Richard L. Schmalensee
minor for undergraduates.
                                                    “Seeing E62 finished
MIT Sloan’s sixth and seventh deans,
respectively, Urban and Schmalensee led
                                                     wasn’t nearly as
the School from 1993 to 2007—a period                exciting as seeing it
of unprecedented growth—making                       full of students.”
MIT Sloan one of the world’s top
management schools.

During Urban’s tenure as dean from
1993 to 1998, MIT Sloan grew the
faculty, scaled up the School’s MBA
program, established partnerships
with Tsinghua University and Fudan
University in China, and fostered the
culture of entrepreneurship the School
is heralded for today. Schmalensee
continued that growth as dean from
1998 to 2007, restructured the School’s
financial relationship with the Institute,
and launched the School’s non-degree
Executive Education programs.

4   MIT Sloan   |   Fall 2012
                                                                                      Schmalensee served as dean from 1998
                                                                                      to 2007. He came to MIT in 1961 as a
                                                                                      college freshman and went on to earn a
                                                                                      PhD in economics, also at MIT. After
                                                                                      returning to MIT Sloan in 1977, he
                                                                                      held various titles, most recently the
                                                                                      Howard W. Johnson Professorship of
                                                                                      Economics and Management from 2007
                                                   Glen L. Urban                      until this year. He served as a member
                                                                                      of the President’s Council of Economic
                                                  “MIT has been good                  Advisers from 1989 through 1991, where
                                                   to me. Where else                  he helped design the groundbreaking
                                                                                      emissions trading program to control
                                                   can you go where you               acid rain.
                                                   can do whatever you
                                                   want, in whatever                  Over the course of his career,
                                                                                      Schmalensee has written influential
                                                   way you want, with
                                                                                      papers on the economics of advertising,
                                                   the support and                    credit cards, and new entry, as well as a
                                                   intellectual resources             range of other topics. He has long been
                                                   that you need?”                    connected to the MIT Center for Energy
                                                                                      and Environmental Policy Research
                                                                                      (CEEPR), acting as the center’s director
                                                                                      from 1991 to 1999, and again beginning
                                                                                      in 2008. He is currently co-director of
                                                                                      CEEPR and will step down from that
                                                                                      position next summer.

and ultimately led to the construction     in 1978, of ASSESSOR, a predictive         One of Schmalensee’s best-known
of the building. Today, E62, featuring     model for pre-market testing of packaged   CEEPR projects focused on the
the Porter Center for Management           goods. He also founded a number of         performance and regulation of the
Education, represents the physical and     successful marketing and management        electric utility industry. He collaborated
intellectual center of MIT Sloan.          science companies.                         on it with Paul L. Joskow, a former
                                                                                      director of CEEPR and the Elizabeth
“Seeing E62 finished wasn’t nearly as      Urban is known for his thoughtful          and James Killian Professor of
exciting as seeing it full of students,”   mentoring of doctoral students and         Economics, Emeritus, at MIT. The pair
Schmalensee said. “I remember running      his commitment to educating the next       published their findings in a 1983 book,
into a colleague soon after the building   generation of business leaders. It is      Markets for Power: An Analysis of Electric
opened. We stopped and looked around       fitting, then, that the $1 million gift    Utility Deregulation, which influenced a
at the students and faculty hard at work   will establish the Glen L. and Andrea      decade of debate about regulatory reform
and I thought, ‘This is it. This is what   W. Urban Unitrust to support a PhD         and the role of competition in the sector.
we worked for.’”                           fellowship in marketing.
                                                                                      Schmalensee’s most recent work has
Urban joined the MIT Sloan faculty         “MIT has been good to me,” Urban           explored the nature and function of
in 1966. He was the David Austin           said. “Where else can you go where you     platform markets, the future of the
Professor of Marketing for 46 years and    can do whatever you want, in whatever      electric grid, and the development and
the chairman of the MIT Center for         way you want, with the support and         impact of renewable energy.
Digital Business since its founding        intellectual resources that you need?
in 1999.                                   We were able to convert some of that       “My time at MIT Sloan has been a real
                                           into economic gains. And we’d like to      treat,” Schmalensee said. “And I don’t

One of his greatest achievements—          give some of that back to perpetuate the   expect it to stop. The dishes on the menu
a game changer in the world of             structure I benefited from.”               may change, but the meal will continue
marketing science—was his invention,                                                  to be interesting and impressive.”

                                                                                                        Fall 2012   |   MIT Sloan   5
Graduation 2012
In early June, MIT Sloan graduated a class of record size, awarding
719 diplomas to students in eight graduate programs, as well as 44
undergraduate degrees to MIT management students. To recognize
this momentous occasion, the School planned multiple convocations,                                                          Martin Trust, SM ’58
celebrations, and recognition events honoring our most recent graduates.

“At MIT Sloan, we graduate professionals with the skills,           you better understand what you don’t know, what questions to
capability, and inclination to improve the world,” said David       ask, and what will be important to find out in your careers.”
Schmittlein, John C Head III Dean. “There is no single
approach for this. Instead, our portfolio of degree programs—       “My sense is that, if and when you may be looking for a job,
and the focused tracks in our MBA curriculum—prepare a              the best employers will be more interested not so much in
diverse community of students for the jobs and industries that      what you think you know already, but rather what you are
require the insight offered at MIT Sloan and across MIT.”           capable of learning,” Trust continued.

MBA Convocation, which included graduates of the Leaders            Charles Frantz, MBA ’12, the student speaker at MBA
for Global Operations program and was held at the historic          Convocation, further defined the culture of MIT Sloan
Boston Opera House, featured Martin Trust, SM ’58, the              with his remarks about his classmates. He spoke about the
2012 recipient of the Dean’s Alumni Award for Excellence in         recruitment process and reflected on a uniquely “Sloan” aspect
Leadership. He told graduates that an MIT Sloan education is        of it. “Why would they [current students] jeopardize their
the cornerstone to a fulfilling life and career.                    candidacy by providing a competitive advantage to someone
                                                                    else? Because they want a fellow Sloanie to get the job,
“The MIT Sloan education doesn’t teach you all the things           because we are a community united.”
that you need to know,” reflected Trust. “Rather, I feel it helps

     MIT Sloan 2012
                                                                    EMBA = Executive MBA                   MSMS = Master of Science in
                                                                     LGO = Leaders for Global Operations           Management Studies
                                                                     MBA = Master of Business               SDM = System Design and Management
                                                                            Administration                    SF = MIT Sloan Fellows Program
     Graduates by program                                            MFin = Master of Finance               PhD = Doctoral Program

      EMBA              LGO/MBA          MFin            MSMS           SDM                  SF                PhD        Undergraduates

        62                      401       70               22            56                  102                 6                44

6   MIT Sloan   |   Fall 2012
                                                                                              MIT Sloanscape


Jacob Cohen
Associate Dean for Undergraduate and Master’s Programs

Senior Lecturer in Accounting and Law

When	the	opportunity	to	join	mIT	Sloan presented
itself, it was too good to pass up for Jacob Cohen,
who joined the School’s senior leadership this past
summer as the new associate dean for undergraduate
and master’s programs and senior lecturer. “MIT is an
international powerhouse in the educational world—
and I’ve always felt it attracts the smartest people
through its doors,” he says. “I felt it was an honor and
a privilege to join such a prestigious institution and to
become part of its leadership team.”
      Cohen comes to MIT after nine years at
INSEAD where he most recently served as MBA
dean overseeing the school’s MBA program on its
campuses in France, Singapore, and Abu Dhabi.
During his tenure at INSEAD, he executed a bold
international strategy and expanded the school’s degree
programs in scope and scale. “Jake’s experience in
managing a large and successful MBA program will
serve MIT Sloan well as we continue our movement
toward shared services and portfolio-level strategic
leadership across programs,” Dean Schmittlein stated
in a recent press release.                                        “I see a track record of tremendous
      As associate dean, Cohen is tasked with setting
strategic and operational direction for MIT Sloan’s
                                                                   accomplishment, as well as the
undergraduate management program and the growing                   potential for MIT Sloan to further
suite of master’s programs. “I see a track record of
tremendous accomplishment, as well as the potential
                                                                   itself in the management sphere.”
for MIT Sloan to further itself in the management
sphere,” Cohen says. “The portfolio of programs is
expanding to capture more of the brightest students at
various stages in their careers. But as we expand, we       delving into the details. However, at MIT Sloan,
are also simultaneously working on finding synergies        it was refreshing to see that the students not only
among all the MIT Sloan programs that create                wanted to understand the big picture, but they also
both a compelling and unique value proposition for          had the intellectual curiosity to understand the exact
prospective students.”                                      breakdown of the issues—details matter.”
      Cohen will also be serving as a senior lecturer            In addition to working closely with current
for MIT Sloan students. Having previously taught at         students, Cohen hopes that his role as associate dean
both INSEAD and Harvard Business School, Cohen              allows him to become more engaged with the alumni
has been especially impressed by the sharp, analytical      community as well. “We’re working to further MIT
nature of MIT Sloan students. “In most places I             Sloan as a global brand and strengthen its global
have taught, I focused on the big picture without           footprint for the next generation. I look forward to
                                                            engaging and hearing from the alumni community in
                                                            this process, and encourage alumni to reach out to me
                                                            for insight and feedback as we go.”

                                                                                                   Fall 2012   |   MIT Sloan   7
      MIT Sloanscape

                                                   Andrei Kirilenko to join
                                                   MIT Sloan Finance Group
                                                   in January 2013
                                                   mIT	Sloan	IS	ThrIlleD	To	WelCome Dr. Andrei Kirilenko to the faculty as Professor
                                                   of the Practice of Finance, effective in January 2013. Kirilenko will be joining MIT
                                                   Sloan after serving as the chief economist at the U.S. Commodity Futures Trading
                                                   Commission (CFTC).

                                                   Kirilenko began his tenure at the CFTC in May 2008 and was appointed chief
                                                   economist in December 2010. In that position, he had an active role in building
                                                   capacity on cost benefit considerations for the commission’s rules, and was also a
                                                   key contributor to implementing modern analytical tools and methods to improve
                                                   the commission’s ability to develop and enforce an effective regulatory regime in
                                                   increasingly automated, high-speed markets. In 2010, Kirilenko was the recipient
                                                   of the CFTC Chairman’s Award for Excellence, its highest honor.
        Andrei Kirilenko participated as a panel
      member at MIT Sloan’s inaugural Finance      “I am really thankful to Chairman Gensler and the commissioners for the
          Day, held in New York City in April      incredible opportunity I’ve been given at the CFTC to bring modern financial
                                                   theory into public policy,” Kirilenko said. “I will continue my public service
                                                   until my departure for MIT, where I plan to use my knowledge of markets and
                                                   regulation to validate the main tenets of the modern financial theory and educate
                                                   a new generation of industry leaders.”

                                                   Big Idea 2012:
                                                   Action learning: Confronting
                                                   global challenges
                                                   WITh	mIT	Sloan’S	long	TraDITIon	 of merging theory with practice, this year’s
                                                   theme of Action learning: Confronting global challenges was a natural fit for
                                                   the School’s annual Big Idea campaign.

                                                   Action learning is an integral component of many student experiences
                                                   at MIT Sloan. While action learning is offered in other business school
                                                   programs, the action learning curriculum at MIT Sloan is driven by a unique
                                                   process in which students constantly refine their learning through an iterative
                                                   sequence of theory, practice, and reflection.

                                                   To learn more, visit:

8   MIT Sloan   |   Fall 2012
2012 class gift reaches new heights
With four programs participating in this year’s MIT Sloan Student Class Gift effort, the
School raised a total of $330,042.

MBA students alone contributed more than $250,000
to support the MIT Sloan Annual Fund, the School’s
unrestricted giving program. A remarkable 87 percent of
this year’s 401 graduates participated in the fundraising effort,
with 54 students contributing at the Dean’s Circle level of
$500 or more.

MBA student class gift co-chairs Clara Brenner, MBA ’12;
Joshua Rider, MBA ’12; and Edward Liu, MBA/LGO ’12,
led a 21-person committee of student volunteers. Each
member of the group held one-on-one meetings with other
graduating MBA students about the importance of supporting
the Annual Fund.

“I think everyone here can agree that the MIT Sloan MBA
Class of 2012 is pretty exceptional; we hosted the largest sports
analytics and business conference in the world, and we started
a dozen new companies. We never do anything halfway,
and our class gift is no different,” said Brenner at the MBA
Convocation at the Boston Opera House on June 7.

Total raised           Pledges and cash         Class participation

	         MBA:		           $259,642			                 87%
	        EMBA:		             $58,014			                84%
	         MFin:		             $8,876			                73%
	       MSMS:		                $3,510			               82%

                                                                                           Fall 2012   |   MIT Sloan   9
       MIT Sloanscape

                                                  Robert Litterman receives
                                                  inaugural S. Donald Sussman
                                                  Dr.	roberT	lITTerman,    chairman of risk management at Kepos Capital, was named
                                                  the inaugural recipient of the S. Donald Sussman Award in May 2012. Awarded to
                                                  individuals or groups who best exemplify Donald Sussman’s career as a successful
                                                  investor in quantitative investment strategies and models, the award was given to
                                                  Litterman for his outstanding analytic contributions to the financial services industry.

                                                  “I’m delighted to bestow this award on Dr. Litterman,” said David Schmittlein, John
                                                  C Head III Dean. “In the wake of the financial crisis, it’s more important than ever
                                                  to recognize individuals and groups who exemplify best practices in this area. Dr.
                                                  Litterman sets a high standard for future recipients of this award.”
                              Robert Litterman
     Chairman of Risk Management, Kepos Capital   Professor Andrew W. Lo, director of MIT Sloan’s Laboratory for Financial
                                                  Engineering, agreed. “The MIT Sloan Finance Group is delighted with this choice.
                                                  Bob Litterman has been a thought-leader in many areas of investment management
                                                  and financial engineering, and is also a first-rate practitioner.”

                                                  Donald Sussman and many of the contributors to the award fund joined faculty and
                                                  students in Cambridge on September 20, 2012, for the first of three public lectures
                                                  by Litterman. The talk, entitled “The Price of Climate Risk,” was attended by several
                                                  hundred members of the community. To view a video of the lecture, visit:

Enterprise Management track launches
The	SChool	IS	exCITeD	To	announCe the launch of its newest MBA track: Enterprise
Management, which joins existing tracks in Finance and Entrepreneurship &
Innovation. The goal of the Enterprise Management track is to develop the capability of
students to apply integrated management perspectives and practices in their respective
roles within large organizations via innovative classroom and project-based activities.

“The Enterprise Management track is really exciting because it explicitly trains students
to apply their content expertise to address business issues in a holistic manner, preparing
them as future business leaders,” said Sharmila C. Chatterjee, academic lead for the
Enterprise Management track and a senior lecturer in marketing. Specifically, skills in
marketing, operations, and strategy will be developed into a coherent perspective on
driving innovation and performance.

The track will use MIT Sloan’s signature action-learning curriculum to promote an
integrated mindset toward viewing and addressing business issues. Students will be
broadly trained in the components of management within the context of core
requirements. The curriculum prepares students for tracks related to large organizations.
This includes consulting, functional and cross-functional positions—such as rotational
management programs, marketing, branding, strategy, and supply chain and operations
management, as well as product development and innovation management.

10   MIT Sloan   |   Fall 2012
Healthcare symposium gathers academic,
government & business leaders at MIT Sloan

                                                                                                              Moderator Jay Levine, ECG
                                                                                                              Management Consultants
                                                                                                              (far left) with healthcare
                                                                                                              symposium panel members,
                                                                                                              from left to right: Retsef Levi,
                                                                                                              J. Spencer Standish (1945)
                                                                                                              Professor of Management;
                                                                                                              Ann Prestipino, SVP of
                                                                                                              Massachusetts General Hospital;
                                                                                                              Dr. Kevin Tabb, president and
                                                                                                              CEO of Beth Israel Deaconess
                                                                                                              Medical Center; Dr. Jack
                                                                                                              Cochran, executive director of
                                                                                                              The Permanente Federation;
                                                                                                              and Thomas Kochan, George
                                                                                                              Maverick Bunker Professor
                                                                                                              of Management

                       In May, MIT Sloan hosted its first-ever symposium focused on alternative healthcare policy
                       options. Joining the conversation was a diverse range of state government officials (including
                       Governor Deval Patrick), executives from the healthcare and insurance industries, doctors,
                       community leaders, students, faculty, and media.

Discussions explored the structural changes needed to address         In his keynote address, Dr. Gary Gottlieb, president and
rising healthcare costs and the role of organization design in        CEO of Partners HealthCare, stressed the importance of
delivering affordable, quality care. The title of the symposium,      rethinking the American healthcare system. “Our vision is to
“Collaborating to Control Costs and Deliver Quality: The              deliver the right care in the right place—in the communities
Role of Organization Design and Capabilities in Healthcare            where our patients live,” Gottlieb explained. “We believe better
Policy,” spoke to the importance of working together—hospitals,       coordination will lead to improved quality and will lower the
insurers, officials—to find solutions to these pressing challenges.   entire cost of a person’s healthcare needs.”

David Schmittlein, John C Head III Dean, emphasized this              MIT Sloan was a natural host for this groundbreaking
point, saying that multiple perspectives “offer a path forward to     symposium. As then-MIT President Susan Hockfield shared in
a place that is patient centered, mission oriented, and financially   her opening remarks, there are more than 20 MIT Sloan faculty
sustainable.”                                                         members and other faculty across the Institute working on
                                                                      healthcare-related research. “We have a very deep commitment
A panel discussion featured MIT Sloan Professors Thomas               to using the Institute’s resources and our distinctive strengths
Kochan and Retsef Levi; Dr. Jack Cochran, executive director          to solve really hard problems in service to the nation and the
of The Permanente Federation; Ann Prestipino, SVP of                  world,” she said. “The opportunities for strategic collaborations
Massachusetts General Hospital; and Dr. Kevin Tabb, president         across a wide range of disciplines are enormous.”
and CEO of Beth Israel Deaconess Medical Center, and was
moderated by Jay Levine of ECG Management Consultants.                To see videos of the symposium, visit:
During their conversations, the importance of organizational          corporate/events/health-care-symposium/.
considerations, population health, and workforce strategies
was discussed as these topics relate to issues of healthcare cost,
quality, and access.

                                                                                                               Fall 2012   |   MIT Sloan    11
       MIT Sloan Annual Fund

Surpassing	goals,		
	     providing	opportunities
                           As the MIT Sloan Annual Fund surpasses a major milestone—$3.5 million in fiscal year
                           2012—the energy and excitement around new opportunities and initiatives at the School
                           are palpable. By providing the School with the ability to attract the very best students and
                           faculty and support students as they participate in projects around the world, the Annual
                           Fund is making a difference in nearly every activity at MIT Sloan. As Rebecca Kirk Fair,
                           MBA ’02, shares: “By giving to the MIT Sloan Annual Fund, I ensure that the School has
                           the fastest access to the funds and can direct them to the area of most need. I personally
                           feel that the School is best situated to determine where money is best utilized. I am always
                           confident that it will go to enhancing the educational experience.”

That confidence is shared by the more than 3,500 donors
to the MIT Sloan Annual Fund, including the 747 alumni
who chose to support the School at the Dean’s Circle level
during fiscal year 2012 (July 1, 2011 – June 30, 2012).
These generous donors provide support of $1,000 or more
to the Annual Fund ($500 for those donors who graduated
within the last five years). For Takako Ebata, SM ’92,
“a contribution to MIT Sloan is the best way to advance
innovation, technology, and management. I really appreciate
the culture, history, and environment at MIT Sloan. I hope
that my contributions will enhance the School and further its

Time after time, as alumni reflect on their own experiences at
MIT Sloan and on why they continue to be involved with the
School through volunteerism and philanthropy, they share a
consistent message about the impact the School has had on
their lives and careers. “The biggest reason that I give back is
that I am so appreciative of the experience that I had at MIT

Sloan,” said Peter Cooperstein, SM ’81. “The instructors,
the deans, the staff—all were so committed to the students                       MIT Sloan brought each of us
and to making sure that we had the best possible educational                     opportunities that changed our
experience. Our class had so many terrific people and a great
                                                                          lives forever. We also continue to be
camaraderie—giving back helps me stay connected.” When
recent graduate William Blodgett, MBA ’12, reflected on his               engaged with MIT Sloan in numerous
contribution to the Annual Fund through the class gift, he                ways, from taking advantage of
talked about the importance of providing support for future               ongoing education to staying
members of the community. “MIT Sloan was transformative
for me and continues to shape my life as an alumnus,” said
                                                                          connected with an amazing global
Blodgett. “The way the School inspires students to humbly                 network of classmates. It’s natural
make a significant difference in the world is a very unique               for us to support the School.”
experience. I want to show my gratitude and, like those who
came before did for me, do my part to take care of those who              Amy, MBA ’95, and Tim Rowe, MBA ’95
come after.”

12   MIT Sloan   |   Fall 2012
                                             Being part of the MIT Sloan network is another theme that runs
                                             through many of the comments we received about the Annual
                                             Fund. “I feel very fortunate to have the affiliation with the
                                             School and fortunate that it’s enabled me to further the quality
                                             of my life,” reflected Brad Peterson, SM ’89. “One of the reasons

                                             I give back is that attending MIT Sloan was a tremendous
                                             experience and a life-changing event.” During challenging
       MIT was recently recognized
                                             professional times, Kali Ramachandran, SM ’89, was able to
       as one of the top universities        rely on MIT Sloan. “MIT has given me friends throughout the
in this country in enhancing                 world. The two times in my life when I was out of work and
entrepreneurship. That achievement,          down on my luck, it was my MIT Sloan classmates and the
                                             MIT community that helped me get back on my feet again,”
stemming primarily from efforts and          reflected Ramachandran. “That is why I annually contribute to
programs launched by MIT Sloan,              the School.”
combined with our historic strengths
                                             While motivations vary, the repeated themes of confidence in the
in finance and in management                 School and its leadership, the importance of the network, and the
theory and techniques, has made              transformative impact of MIT Sloan on the lives of individual
MIT Sloan the most unique leading
institution in global management.
It is wonderful to have been a part               Growth of the Annual Fund
of this for over five decades and to
be able to contribute to its future
Edward Roberts, David Sarnoff Professor of
Management of Technology, SB ’57, SM ’58,
SM ’60, PhD ’62

                                                   FY08         FY09          FY10            FY11              FY12

                                                $2,563,105   $2,752,607    $2,166,213     $2,638,567        $3,523,580

                                                                                  Fiscal year dates are July 1 – June 30

                                             donors were common threads from the many generations of
                                             alumni who shared their thoughts on the MIT Sloan Annual
                                             Fund. Alumnus and faculty member Edward Roberts sums it
                                             up well: “I think that philanthropy is motivated by two quite
                                             different concepts: ‘pay it back’ and ‘pay it forward.’ I include
                                             MIT Sloan in my philanthropy for both reasons. First, I am
                                             paying it back for the education I received initially as a graduate
                                             student but far more significantly as a faculty member for the past
                                             51 years. I also must pay it forward and give to an organization
                                             that will so enhance the future of our society. MIT Sloan’s
                                             education programs make such powerful contributions to the
                                             mindset, knowledge, and skills of our students that contributing
                                             now generates an immense payoff in future years.”

                                             To make a gift to the MIT Sloan Annual Fund, visit:
                                                                                        Fall 2012   |   MIT Sloan    13
      In the world

building	bridges.	Forging	relationships.	
expanding	our	global	community.	
During the 2011 – 12 academic year, MIT Sloan hosted 57 open-call
alumni events and 27 events acknowledging those alumni and friends
who make MIT Sloan a philanthropic priority. Further, the School
partnered with regional clubs and alumni groups to participate in an
additional 40 activities.
To find out about upcoming events in your area, visit the MIT Sloan Alumni
events page: or email

                                 global	Financial	Challenges	          mIT	Sloan	alumni	                 Dean’s	Circle	Dinner
                                 and	business	opportunities	           gathering                         Where: London, England
                                 During	the	Crisis                     Where: Santiago, Chile            When: February 8, 2012
                                 Where: Madrid, Spain                  When: December 15, 2011           Attendees: 32
                                 When: November 16, 2011               Attendees: 38                     Members of the Dean’s Circle—
                                 Attendees: 323                        After a lively reception hosted   the leadership giving society of
                                 Hosted by the Fundación               by marcelo	larraguibel,	Sm	       the MIT Sloan Annual Fund—
                                 Rafael del Pino, this event           ’89, and Piero	Solari,	mba	       enjoyed a welcome reception
                                 featured a panel discussion on        ’98, Deputy Dean and Professor    and dinner, where they heard
                                 global financial challenges and       Richard Locke presented           the latest news about the School
                                 entrepreneurship with William         research from his book,           from Dean Schmittlein.
                                 Aulet, director of the Martin Trust   Improving Labor Rights in
                                 Center for MIT Entrepreneurship;      a Global Economy, due out
                                 Professor Stewart C. Myers; and       before the end of this year.
                                 Deputy Dean S.P. Kothari, which
                                 was moderated by Dean David

14   MIT Sloan   |   Fall 2012

mIT	Sloan	Sports	analytics	         networking	reception		                Finance	Day:	Financial	            networking	reception		
Conference	breakfast                &	Fireside	Chat                       markets	in	Transition              &	Fireside	Chat
Where: Boston, MA                   Where: Mountain View, CA              Where: New York, NY                Where: Tokyo, Japan
When: March 3, 2012                 When: March 20, 2012                  When: April 20, 2012               When: June 26, 2012
Attendees: 25                       Attendees: 110                        Attendees: 280                     Attendees: 105
This year’s conference, which       Planned in conjunction with the       MIT Sloan welcomed alumni,         In partnership with the MIT
attracted more than 2,000           MIT Sloan Entrepreneurship            current students, and affiliates   Sloan Society of Japan and
attendees, was chaired by           & Innovation track, in which          for the inaugural Finance Day.     the MIT Association of Japan,
Daryl	morey,	mba	’00, and           approximately 100 students            The event included research        this event featured a reception
Jessica Gelman. It provided a       participate in an annual trek to      talks, panel discussions, and      and fireside chat between
forum for industry executives,      California, this event featured       information on new initiatives     Dean Schmittlein and Takako	
leading researchers, and students   a fireside chat between Dean          and programs related to            ebata,	Sm	’92, member
to discuss the role of analytics    Schmittlein and Kevin	J.	Kinsella,	   finance at MIT Sloan. See          of the Japanese National
in the business of sports. Prior    Sb	’67, founder of Avalon Ventures,   videos from the day here:          Diet, discussing the global
to the conference, alumni were      discussing entrepreneurship and    economy.
invited to a breakfast.             venture capitalism.                   mitsloanfinance:2834.

                                                                                                             Fall 2012   |   MIT Sloan   15

                         During  Reunion 2012                      , over 1,200 MIT Sloan
                         alumni from all programs and their guests came to Cambridge from
                         37 countries and 27 states to reconnect with friends, classmates,
                         faculty, and the rest of the MIT Sloan community. Reunion 2012
                         featured a Friday night C-Function reception, Back to the Classroom
                         sessions with MIT Sloan faculty, alumni-developed workshops, class
                         dinners, and the MIT Sloan Community Family Cookout.

View	more	photos	from	reunion	2012	at:	   View	videos	from	back	to	the	Classroom	      sessions	and	alumni	workshops	at:	techtv.

16   MIT Sloan   |   Fall 2012
             any of the early years of MIT Sloan were presided          Lester C. Thurow,
             over by then-dean William F. Pounds, who returned to       conducted ground-
             campus during Reunion 2012 for a discussion about          breaking research
             the School’s formative period. The talk was led by         under Pounds’
David Schmittlein, John C Head III Dean.                                leadership.
     Pounds was MIT Sloan’s third dean and its longest serving,              “We were
holding the office from 1966 to 1980. With almost no money,             a little band of
alumni population, or reputation, Pounds said MIT Sloan in the          optimists, I think,
1960s and 1970s differentiated itself by attracting faculty and         trying to see if we
students who would find better ways to manage organizations.            could make it go,”
     “You just have to decide where you want to be,” Pounds             he said.
recalled telling faculty who were offered higher salaries at Harvard,        Though the School has grown—MBA class size has
Stanford, and other storied institutions. The implication was           quadrupled since Pounds’ tenure—its mission and people remain
that what MIT Sloan lacked in its budget, it made up for with the       as valuable as ever, he said.
opportunity to work among a unique group of colleagues.                      “I	have	devoted	my	life	not	to	saving	the	world	myself,	but	
     Incredibly, it worked for a time, and Pounds kept a group of       to	saving	the	world	through	the	people	I	can	help,”	he	said.	“I	
faculty in pocket that would set the bar in modern finance and          can’t	think	of	a	more	promising	group	than	the	students	who	
other important fields. Nobel Laureates Robert C. Merton and            are	attracted	to	mIT	Sloan	to	make	that	happen.”
Myron S. Scholes, as well as economists Paul W. MacAvoy and

                                                                                                                  Fall 2012   |   MIT Sloan   17
                                                                           … page 11

                                    … page 16

                                                                                                       … page 28
                      … page 10

                                                                                 … page 15

Unrestricted giving to the
     MIT Sloan Annual Fund
  supports:                                   • Expanded educational opportunities for our
                                                students, such as the Enterprise Management
                                                track (p. 10)

                                              • Alumni community gatherings and activities,
                                                like Reunion Weekend (p. 16) and events
                                                worldwide (p. 14)

                                              • Lifelong learning through conferences and
                                                symposiums, such as the healthcare symposium
                                                (p. 11) and Finance Day (p. 28)

                                              … and much more.

Join these alumni leaders by giving to the MIT Sloan Annual Fund:

                      … page 34   … page 36        … page 38   … page 40           … page 43   … page 48

                                                Give online:
Thank you
for supporting
the MIT Sloan
Annual Fund!
      Innovation at work

                                                                       by	Katherine	C.	Kellogg,	PhD	’05
                                                                         Mitsui Career Development Professor,
                                                                    Associate Professor of Organization Studies

                      Implementing medical
                      reform in surgery
                                                          OvER ThE LaST SEvERaL dEcadES, numerous attempts
                                                          to improve America’s healthcare system have been made. Most
                                                          of these efforts have fallen short. And so, when the American
                                                          Council of Graduate Medical Education attempted to remedy the
                                                          serious problem of overworked medical trainees by demanding
                                                          that hospitals reduce the hours their residents worked, I saw
                                                          an opportunity to observe firsthand how the healthcare system
                                                          implemented reforms—and why these reforms often failed. I gained
                                                          access to the surgery departments of three hospitals—Advent,
                                                          Bayshore, and Calhoun (pseudonyms)—and, donning surgical
                                                          scrubs to fit into the setting, for two and a half years I studied how
                                                          surgical residents and staff surgeons dealt with the new regulations
                                                          mandated by the reform.

                                                          Implementing—and	defeating—reform	at	three	hospitals
                                                          In order to reduce work hours, all three hospitals introduced “night
                                                          float teams.” Previously, surgical interns had often worked back-
In 2003, in the face of errors and accidents caused by
                                                          breaking shifts, arriving at the hospital at 4 a.m., leaving at 10 p.m.,
medical and surgical trainees, the American Council
                                                          and staying overnight on call every third night. Under the new
of Graduate Medical Education mandated a reduction
                                                          system, first-year residents handed off any work not completed by
in trainee work hours to 80 per week. Over the course
                                                          6 p.m. to the night float team, did not return to the hospital until 6
of two and a half years spent observing residents and
                                                          a.m. the next morning, and were rarely on call overnight.
staff surgeons trying to implement this new regulation,
                                                                This new system was a win-win situation; interns were no
Katherine C. Kellogg, PhD ’05, the Mitsui Career
                                                          longer exhausted by their 36+ hour shifts, and patients were less
Development Professor, discovered that resistance to
                                                          likely to be endangered by half-awake interns. And yet, these
it was both strong and successful. In fact, two of the
                                                          reforms were vigorously resisted at all three hospitals and were
three hospitals she studied failed to make the change.
                                                          successfully implemented at only one. How can one account for this
Challenging Operations takes up the apparent paradox
                                                          extraordinary outcome?
of medical professionals resisting reforms designed to
                                                                I discovered that reforms proved difficult because they
help them and their patients. Through vivid anecdotes,
                                                          disrupted the established authority relations and challenged long-
interviews, and incisive observation and analysis,
                                                          standing beliefs about proper medical care and the appropriate
Kellogg shows the complex ways that institutional
                                                          roles of interns and surgeons. At all three hospitals, defenders of
reforms spark resistance when they challenge long-
                                                          the status quo resisted change, punishing those who attempted to
standing beliefs, roles, and systems of authority.
                                                          implement the reforms. Cowed by the defenders’ superior positions
                                                          in the surgical hierarchy, interns at all three hospitals stopped
                                                          attempting handoffs.

20   MIT Sloan   |   Fall 2012
                                                                         At Advent, informally asking reformers how the new system
                                                                         was working allowed them to tell directors about defender
                                                                         resistance without violating the professional code of
                                                                         “covering each other’s back.”

                                                                        • Pay attention to gender and hierarchy
                                                                          Avoiding the creation of any visible programs for female
                                                                          professionals (or other lower-status professionals) that
                                                                          appear to favor them as a group minimizes threat. Similarly,
                                                                          reform systems should be structured to minimize the need
                                                                          for junior professionals to challenge the authority of senior

                                                                     recommendations	for	medical	providers
                                                                       • Think collectively
                                                                         Established roles and long-standing authority relations are
mobilizing	for	change	at	advent	and	Calhoun
                                                                         difficult to overcome individually. At the three hospitals I
But after this initial defeat, reformers at Advent and Calhoun
                                                                         studied, reformers were successful only to the degree that
rallied and began to build coalitions to challenge the status
                                                                         they acted collectively.
quo. Advent and Calhoun were successful, because, unlike
Bayshore, they had relational spaces—spaces where, isolated             • Identify allies
from defenders, reformers could meet face-to-face to try out new          Reformers should actively seek out others to support
tasks, play new roles, and discuss nontraditional ideas without           change, paying particular attention to those who receive
fear of retaliation.                                                      fewer rewards and opportunities for training and promotion
                                                                          under the traditional system, since they are more likely than
Failure	at	Calhoun,	success	at	advent                                     others to be potential reformers.
And yet, only at Advent were reformers able to face down
                                                                        • Find spaces apart from defenders of the status quo for
defenders’ renewed attempts to defeat them. Calhoun reformers
                                                                          new practice creation
folded under pressure. Why?
                                                                          In organizing their efforts, reformers must find spaces
     At both hospitals, defenders of the status quo attempted
                                                                          where, isolated from defenders, they are comfortable
to divide the reformers by negatively labeling reform practices
                                                                          talking about new ways of doing things. Face-to-face
as “feminine.” This tactic worked at Calhoun because, given
                                                                          interaction is also crucial, as is the inclusion of reformers
the unusually high number of female chief residents there that
                                                                          from all work positions.
year, male reformers were already concerned about the loss of
status. By contrast, at Advent initial status threat was low, and       • Minimize visibility of lower-status reformers during new
male reformers did not feel threatened. Too, sympathetic chiefs           practice creation
and senior interns at Advent, as well as interns from nonsurgical         Coalitions are vulnerable to the degree that their lowest-
specialties (who were less committed to traditional roles and             status members are exposed. Keep them out of the
practices), played critical supportive roles in making the reforms        limelight.
accepted practice.
                                                                        • Enlist transients to help roll out new practices
     My findings suggest several ways in which medical
                                                                          Since activism entails significant risk, those moving through
administrators and providers can facilitate reform.
                                                                          organizations—the less committed transients—may be the
                                                                          most effective change agents.
recommendations	for	medical	administrators
  • Create new accountability systems
                                                                           In sum, healthcare organization members who would benefit
    New accountability systems can make mid-level
                                                                     from reform (and their supporters) must understand how to
    professionals responsible for change. Until the directors at
                                                                     effectively engage in collective change processes, on-the-ground
    Advent, Bayshore, and Calhoun assigned the chief residents
                                                                     in everyday work, if they are to successfully accomplish it. To
    accountability for change, even those supportive of reform
                                                                     bring to fruition the opportunities hard won by external reformers,
    were not willing to work for it. Once they were made
                                                                     reformers inside organizations must successfully find relational
    accountable, they began to support change openly.
                                                                     spaces apart from defenders of the status quo to coordinate their
   • Provide new staffing systems                                    efforts across diverse work positions and social identities. They
     Staffing systems that allow reformers to mobilize together      must stand up to aggressive attempts to divide their coalition.
     in the absence of defenders—trying out new tasks, playing       And they must enlist transient reformers to put themselves on

     new roles, and discussing nontraditional ideas—are critical.    the line for change. Only by engaging in such robust collective
                                                                     action can internal reformers accomplish the reform that those
   • Use informal evaluation systems
                                                                     outside have fought so hard to promote.
     Providing reformers with nonrepressive evaluation systems
     will allow them to collectively challenge defenders.

                                                                                                              Fall 2012   |   MIT Sloan   21
         The	FounDaTIon		
         anD	FuTure	oF	

         With renewed investment and focus,
         MIT Sloan asks how global finance
         faltered and how it can be saved

22   MIT Sloan   |   Fall 2012
There has been wound licking and finger pointing, theorizing
and sermonizing, but four years after the global financial collapse,
there may be only one certainty: nobody—not Wall Street, not the
government, not regulators—was ready.

Today, MIT Sloan’s Finance faculty is reexamining what went wrong,
what must be done, and how the School’s network of established and
future financial leaders can help prevent a reoccurrence.

“Finance is truly global; it doesn’t
have meaningful borders,” said Nobel
Laureate and MIT Sloan Professor
Robert C. Merton, PhD ’70. “And,
if you look at the financial crisis,
one important element that senior
management and their regulators really
didn’t have was a rich enough, deep
enough understanding of their tools.”

MIT Sloan has a tradition of
leadership in financial education,                      In April, faculty, alumni, and current

                                                                                                                        The foundation and future of finance
but with new faculty, an emphasis                       and future students gathered in New
on policy analysis, a coming research                   York City for MIT Sloan Finance Day,
center, and a new, intensive one-                       a celebration of the School’s long and
year Master of Finance program, its                     accomplished history as a leader in the
potential impact on the financial sector                world of finance, yet as one not willing to
is significant.                                         rest on its laurels. The Finance Group and
                                                        its programs have grown and evolved with
“This is a time of dramatic change,”                    the field itself, both prior to and in light
said David Schmittlein, John C Head                     of the global financial crisis.
III Dean. “And it’s a time when MIT
and its broad community appropriately                   “Dave Schmittlein came in and committed
gathers to consider what’s been                         to invest in finance and increase faculty,”
happening, to consider what needs to                    said Stewart C. Myers, the Robert C.
happen, and to challenge each other to                  Merton (1970) Professor of Finance.
help create the kinds of futures in this                “That started before the crisis. The size of
important area of the economy that the                  the faculty, the composition of the faculty,
                                                                                                                        By Mary Tamer with Zach Church

world needs.”                                           and the programs that either are new or
                                                        expanded happened before the crisis, so at
                                                        exactly the right time.”

                                                        With three goals—innovative curriculum,
Pictured at left are excerpts from Robert C. Merton’s   investment in faculty and a new research
notes for course 15.438, Investment Banking.            center, and outreach to alumni and
Based on work done at MIT Sloan, Merton                 financial leaders—MIT Sloan is poised to
and colleagues Myron S. Scholes and Fischer S.
Black developed a pioneering formula to determine       continue its legacy in the science and art
the value of derivatives.                               of finance into the future.

                                                                                       Fall 2012   |   MIT Sloan   23
                                                  CurrICulum	 InnoVaTIon	                    concentration within the MBA
                                                                                             program, specifically for finance.
                                                                                             Beginning in the early 1990s, the
                                                  The way Bob Merton sees it, finance        School offered concentrations in
                                                  at MIT Sloan has been innovative for       Financial Management and Financial
                                                  decades, right up to the present.          Engineering for approximately 10 years.
                                                                                             In 2008, the two-year Finance track
                                                  “I’m not alone in thinking that finance    was introduced, and is now chosen
                                                  and financial engineering has a natural    by approximately one-third of MBA
                                                  place here at MIT,” said Merton, who       candidates, all of whom receive
                                                  returned to the Finance Group in June      a Certificate in Finance upon
                                                  2010 after two decades at Harvard.         completion of required and elective
                                                  “There was a theme that started 40 years   courses—as well as extracurricular
                                                  ago that good, leading-edge research       activities—specifically designed toward
                                                  has had a profound impact on finance       career paths in the financial industry.
                                                  practice…. It’s a theme of the Institute
                                                  and a theme of the Finance Group.”         The same is equally true for those
                                                                                             who embark on the one-year,
                                                  Another theme, it seems, is forward        intensive Master of Finance (MFin)
                                                  thinking. According to Andrew W.           program, launched in 2009 to offer
                                                  Lo, the Charles E. and Susan T. Harris     the specialized instruction required
                                                  Professor of Finance and the director      to train finance professionals in the
                                                  of MIT’s Laboratory for Financial          public and private sectors. Among the
                                                  Engineering, the Finance Group was         most competitive offerings at MIT,
                                                  the first among the School’s               the MFin was the first new degree to
                                                  faculty to propose a new curricular        be approved by the Institute in some

     “We see the challenges out
      there, and they suggest
      great opportunities.”

     robert	C.	merton, School of Management Distinguished Professor of Finance

24      MIT Sloan   |   Fall 2012
time, yielding over 1,400 applicants for      New courses for the MFin program
the available 124 seats this year. As Lo      include Merton’s on Retirement Finance,
noted, the program is “remarkable in          Lifecycle Investing, and Asset Management
its popularity and selectivity,” having       and Applied Fixed Income Strategies with
doubled in size from its previous class of    Saman Majd, SM ’79, PhD ’85, and Eric
73 students chosen from 974 applicants.       Rosenfeld, SB ’75, PhD ’80, among others.
                                              All students take part in a proseminar
“MFin was actually something that was         or practicum or both, which provide the
raised by the industry,” said Lo, who was     opportunity to focus on issues of ethics and
named to TIME magazine’s “100 Most            to build relationships with external partners
Influential People in the World” list in
April 2012. “Our philosophy has been to
focus on substance, not form; but over
                                                          The	mFin	program	takes	advantage	
the years, we have received enormous                      of	the	intellectual	ties	among	
feedback on needing more training” for                    finance	and	mathematics,	statistics,	
those working in finance.                                 operations	research,	computer	
For Program Director Heidi Pickett,                       science,	and	engineering.
who has worked in the financial services
industry for more than 20 years, the          while addressing a real-world problem
MFin program answers that call through        faced by a financial firm in New York City
the program’s core courses, combined          or elsewhere.
with electives and hands-on, action
learning practicums and proseminars.          In addition to economics, finance, and
With a focus on imparting both technical      accounting, the MFin program takes
skills and training for a successful career   advantage of the intellectual ties among
in finance, Pickett said what makes the       finance and mathematics, statistics,
program exceptional “is a strong core         operations research, computer science,
with the flexibility to tailor your degree    and engineering.
to meet your needs and objectives.”
                                              “We are focusing on a much broader
“When Andrew talked about this                application of skills in finance,” said
program, he said, ‘We need more, not          Lo, “and we see ourselves fulfilling a
fewer, people highly trained in finance,’”    broader mandate.”
said Merton, who was, in part, drawn
back to MIT by the new degree’s               “One of the themes that I saw I could
creation. “The MFin is designed to give       contribute to at MIT is training the people
a path in which we take recent graduates,     who go forward,” Merton said. “I saw it as
and they go in and have this intensive,       fulfilling a very important role of bringing
12-month program…. They gain their            highly trained young people to finance.”
experience, and their employers get a
highly trained staff that has been taught     Schmittlein added, “I stand with our Finance
by a very strong group of practitioners       faculty in believing that financial systems
and teachers.”                                are going to become more complex, not less

                                                                                              Fall 2012   |   MIT Sloan   25
                           complex, whether we like it or not,” said      pricing theory to real investments,
                           Schmittlein, “and we need leaders in the       corporate finance, and other real options;
                           sector, in government, who understand          equilibrium models of the term structure
                           that complexity and can drive the              of interest rates; binomial option pricing;
                           kinds of policies and practices that this      and the risk-neutral pricing kernel for
                           complexity is going to demand.”                pricing derivative securities.

                           	                                              Even after 24 years on campus, “I still

                           eVoluTIon	 anD	 exPanSIon                      feel like a houseguest in the house that
                                                                          Samuelson and Merton built,” said
                                                                          Lo. “Bob and his colleagues laid the
                           It was during Merton’s time as a student       foundation.”
                           in the late 1960s that the MIT Sloan
                           Finance Group was founded, long before         And, as Lo and Merton both noted, the
                           many other business schools recognized         foundation is continuing to grow, with
                           finance as a distinct field of study. In the   full-time faculty numbers expanding
                           ensuing years, and with an influential         from 13 to 19 in the last 10 years. New
                           collection of scholars including Merton,       faculty includes Deborah J. Lucas, the
                           Paul A. Samuelson, Fischer S. Black,           Sloan Distinguished Professor of Finance
                           John Cox, Franco Modigliani, Stewart           who served as assistant director at the
                           C. Myers, and Myron S. Scholes, these          Congressional Budget Office for the past
                           pioneers of modern finance received            two years in Washington, D.C., creating
                           an impressive collection of awards,            a group that uses financial analysis to
                           including several Nobel Prizes for their
                           breakthroughs in financial economics.
                                                                                      The	foundation	is	continuing	
                           “We have the history,” said Schmittlein.                   to	grow,	with	full-time	faculty	
                           “If modern finance was invented in any                     numbers	expanding	from	13	
                           one place, it was invented at MIT. There
                           comes with that a responsibility that this
                                                                                      to	19	in	the	last	10	years.
                           School’s faculty has taken up to be real
                           leaders.”                                      evaluate government policies; and Andrei
                                                                          Kirilenko, currently the chief economist
                           Included among the breakthroughs of            for the Commodity Futures Trading
                           those leaders are the Black-Scholes/           Commission, who will join the Finance
                           Merton option-pricing model; the               Group as a Professor of Practice in
                           Modigliani-Miller theorems; continuous-        January 2013.
                           time models of consumption and
                           portfolio choice; applications of option-

26   MIT Sloan   |   Fall 2012
                                                                                            “People talk about
                                                                                       the digital divide, but I
                                                                                      think there is a financial
                                                                                       literacy divide between
                                                                                          the government and
                                                                                             the private sector.”

                                                                               Deborah	J.	lucas, Sloan Distinguished Professor of Finance

“The fact that the group has grown so          Such levels of collaboration will continue     Among the center’s pursuits, Lo
much mirrors the demand, especially            with the spring launch of a planned            envisions ongoing analytic research on
the demand for training,” said Merton.         MIT Center for Finance and Policy, a           policy issues; education and training
“Research can go on anywhere, but the          cross-disciplinary effort to utilize the       for policymakers and their staffs; and
expansion of the faculty reflects that we      best that the Institute has to offer in its    periodic conferences to bring together
need to have the people to implement           faculty, programs, and research. With          policymakers, academics, visiting fellows,
and execute.”                                  oversight from the Finance Group, as           and a variety of interest groups on
                                               well as an advisory board of MIT faculty       neutral ground.
“We have seen a big change, and it             and industry leaders, the center will focus
feels like a big change,” said Antoinette      on the intersection of public policy and       “Aside from sponsoring research that’s
Schoar, the Michael M. Koerner (’49)           financial theory and practice, bringing        relevant to this, one of the missions of
Professor of Entrepreneurial Finance,          “a new level of intellectual substance         the center will be educational,” Lucas
now in her 11th year at MIT Sloan. “It         and rigor to an area previously thought        said at the Finance Day event in April.
is very exciting to me that we are still       impossible to quantify,” said Lo.              “Somebody earlier asked a very good
small enough that every person counts.                                                        question: ‘If you come up with these
You really engage with everyone, but we        “We have to be informed with the very          great ideas inside of academia, how do
are big enough that it is a critical mass of   best analytic thinking, and what’s been        you communicate them to the broader
people, so if someone is on sabbatical or      missing is nonpartisan analysis,” Lo said.     world? To policymakers?’ Today there’s
overseas, it is still okay. We have much       “Each of us has our own political leaning,     a big gap. People talk about the digital
more diversity of topics and interest, and     but we want to put those aside to make         divide, but I think there is a financial
that helps me in my own research. You          the best, most informed judgments. We          literacy divide between the government
draw on those stimuli.”                        don’t believe any organization is currently    and the private sector. This isn’t only
                                               doing this for finance and policy, so we       at the top; it permeates down to all
                                               have a unique opportunity.”                    staff levels and profoundly affects how
                                                                                              decisions are made.”

                                                                                                                 Fall 2012   |   MIT Sloan   27
     “We have to be informed
      with the very best
      analytic thinking, and
      what’s been missing is
      nonpartisan analysis.”

     andrew	W.	lo, Charles E. and Susan T. Harris Professor of Finance

                                                    “Policy is a little bit different because   “We had no idea it would be as popular
                                                    you are not actually telling someone how    as it was,” said Lo of the sold-out event.
                                                    to make a financial decision; you are       “The faculty enjoyed it, the students
                                                    saying what the rules of the game for       enjoyed it, and the alumni came out in
                                                    finance ought to be,” said Myers. “This     droves,” with some traveling from the
                                                    is a mea culpa. We’ve been too passive      West Coast, Europe, and Asia to attend.
                                                    about policy. We understood the savings
                                                    and loan crisis before and while it was     “We were stunned and pleased about the
                                                    happening, but we did not go down to        fact that our alumni and former students
                                                    Washington and beat the drum. This          were interested in engaging with faculty
                                                    is another area where MIT Sloan will        on a really high-level debate about issues
                                                    be much more powerful and prominent         ruling finance and the relationship of
                                                    moving forward.”                            financial markets,” said Schoar. “People
                                                                                                were pleased by the quality of the debate
                                                    	                                           and questions, and we were happy to see

                                                    ProaCTIVe	 ouTreaCh                         how much positive feedback and feelings
                                                                                                there are toward the Finance department
                                                                                                at MIT Sloan.”
                                                    In the months of planning leading up to
                                                    Finance Day in April, faculty from the      Based on its popularity, which Lo credits
                                                    Finance Group were not sure what they       to its roster of “star-studded speakers,”
                                                    could expect by way of alumni attendance    the event will likely be held on a
                                                    or their depth of engagement. As it turns   biannual basis in New York City. Similar
                                                    out, both were overwhelming.                upcoming finance events will take place
                                                                                                in London on June 13, 2013, and in

28      MIT Sloan   |   Fall 2012
Shanghai on July 19, 2013. In addition,      “We had the chance to teach a bunch
other outreach efforts by the Finance        of great students, and we were able to
Group continue to make an impact both        acquaint people at the Institute with what
on and off campus, from hosting and          we do,” said Merton, who noted that
participating in a June meeting of the       Lo taught the participants the basics of
Boston Financial Services Leadership         finance. “Even if they didn’t get the lyrics,
Council to sponsoring a day-long,            they got the tune.”
Institute-wide workshop on finance for
MIT faculty to aiding the establishment      As yet another means of outreach to
of the U.S. Treasury Department’s            alumni as well as financial industry and
Office of Financial Research (OFR).          academic partners, the Finance Group
                                             has its own 32-member advisory board,
On the latter initiative, Merton credits     charged with offering advice and guidance
Lo for his role in incorporating the         on all department initiatives.
OFR as part of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act. As an independent, nonregulatory                    “...	alumni	came	out	in	droves,”	
institution for finance, the role of the                 with	some	traveling	from	the	
OFR is to improve the quality and                        West	Coast,	europe,	and	asia		
analysis of data for policy and decision
makers to “produce, promote, and
                                                         to	attend.
sponsor financial research aimed at
developing the analytical tools we need      “We engage them when possible with our
to assess threats to financial stability,”   students,” said Pickett, “in networking,
according to the U.S. Department of the      receiving feedback on their pitches,
Treasury website.                            and through other career-advising
“That’s what we want for finance,” said
Merton. “If something fails, we want to      “All of the efforts of the Finance Group,”
know the facts.”                             said Merton, “fit very well in the Institute’s
                                             tradition of cutting-edge research and
Back on campus, a June course titled,        bringing it to bear to solve problems. We
Finance Made Difficult, drew nearly          see the challenges out there, and they
75 faculty members representing              suggest great opportunities.”
departments across the campus, all of
whom signed on for an opportunity to         “Not only do we know that finance is
gain insight into the workings of the        important, but politicians and the media

Finance Group.                               and the public know that finance is
                                             important,” said Myers. “We need to make
                                             it effective and efficient and fair.”

                                                                                              Fall 2012   |   MIT Sloan   29
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MIT Sloan : Celebrating our past, creating our future
   Help Us Make History
   To mark the 100th anniversary of the founding of Course XV,
   we’re publishing a beautifully illustrated commemorative book
   in December 2013—and we need your help to write the story.
   Through an eclectic mix of personal stories and memories
   from alumni like you, MIT Sloan: Celebrating our past,
   creating our future will take a fresh look at the people and
   programs, achievements and discoveries that made MIT Sloan
   what it is today. Management education at MIT has changed
   the world, but how has it transformed you?

   More than just a history book               Distinguished guest authors   Place your name in history

   Your personal recollections                 You can also expect to        Preorder the
   and keepsakes are what will                 read thoughtful essays        book today and
   make this hardcover volume                  from prominent                you’ll have the
   truly special. What’s your                  faculty members,              opportunity
   fondest memory? Favorite                    renowned alumni, and          to save on the
   anecdote? Do you have a                     School and Institute          purchase price
   treasure trove of photos                    leaders—names we’re           and see your name
   and souvenirs? We’d love                    sure everyone will            printed in the
   to see them!                                recognize!                    book for posterity.

To be part of MIT Sloan history and reserve a copy of the book, visit
      Class notes


         Dennis Kass, SM ’77
         Chairman, Jennison Associates
         An important part of Dennis Kass’s personal
         philosophy is the idea of giving back to the places
         and people who have given so much to him. “If you
         have been privileged to enjoy great opportunities and
         to grow personally and professionally because of the
         people and institutions that invested in you, you have
         an obligation to return their munificence with some
         of your own,” says Kass. “I view the act of giving back
         as one of the most rewarding life experiences a person
         can have.”
              And Kass certainly sees MIT Sloan as one of the
         important places in his life.
              “I received an extremely valuable education
         at MIT Sloan. It most certainly opened doors
         of opportunity and helped prepare me for the
         professional challenges I’ve faced,” says Kass. “In
         appreciation, I am committed to contribute to                  Currently, Kass is putting his shoulder to the
         MIT Sloan for the benefit of current and future           wheel as a member of the North American Executive
         students, and also for the continued improvement          Board. He feels honored to play a supporting role
         of the finest graduate school of management               in advancing the School’s mission by bringing his
         education in the world.”                                  perspective on strategic issues and initiatives the
              But Kass’s relationship with MIT Sloan goes          Board is asked to consider. He also appreciates the
         even deeper than appreciation. His gratitude is           opportunity to work closely with an inspirational
         augmented by his belief in, and commitment to,            dean. Says Kass, “After only a handful of interactions
         the School’s mission.                                     with Dean Schmittlein, I became convinced that he
                                                                   is one of the truly exceptional global leaders in the
                                                                   field of management education, who brings to his
“I view the act of giving                                          work exceptional intellectual and moral stature. In
                                                                   my mind, MIT Sloan has a game changer as its chief
 back as one of the most                                           executive. He is a visionary with big ideas, a doer,
                                                                   and a person whose high ideals and noble ambitions
 rewarding life experiences                                        make us all better.”
                                                                        For Kass, an additional benefit of serving on
 a person can have.”                                               the board is the access it provides to MIT Sloan’s
                                                                   impressive faculty and students. “I always find the
                “I don’t know of a more compelling mission         faculty presentations illuminating and indicative of
           statement in higher education,” says Kass. “I believe   the truly rare caliber of original scholarship going on
           the School takes the mission very much to heart as      at MIT Sloan,” says Kass. “It’s also exciting to meet
           evidenced by its standards, ambitions, and focus.       students who are clearly idealistic and committed to
           There is tremendous incentive to put one’s own          making a difference.”
           shoulder to the wheel to aid and financially support         One could make the same observation about
           institutions that champion and exemplify the very       Kass himself.
           highest ideals within their spheres of activity—
           especially if one has deep and specific knowledge of
           the good work they do to improve the world.”

36   MIT Sloan   |   Fall 2012
  ere are 100 good reasons to show up. Here's ve, for starters:
See old friends — catch up on the last five years.

Lots of changes on campus; check it out.

Re-connect with favorite faculty.

Inside info on [you name the subject]: the digital economy, finance,
philanthropy, entrepreneurship.

Social networking the old-fashioned way: face-to-face.
                                                    IN MEMORIAM
                      With deep sadness, the MIT Sloan School of Management reports the recent passing of fellow alumni.

       1928      Mr. Walter E. Hildick, SB — February 26, 2012              1960   Mr. William S. Autrey, SF — March 6, 2012
                                                                                   Mr. Thomas W. Lynch, Jr., SB — January 9, 2012
       1936      Col. Edson B. Snow, SB — November 24, 2011
                                                                            1961   Mr. Robert P. Caldarone, SB — December 4, 2011
       1939      Mr. Albert Herzberg, Jr., SB — January 9, 2012
                                                                                   Mr. John G. Hart, SF — June 20, 2012
       1940      Mr. John A. Eaton, SB — November 29, 2011
                                                                            1962   Mr. John F. Prendiville, Jr., SF — December 25, 2011
       1941      Mr. Theodore H. Guething, SB — November 16, 2011                  Mr. Carl B. Yohn, SB — June 2, 2012
                 Mr. Irving Koss, SB — April 14, 2012
                                                                            1963   Mr. Andrew F. Kazdin, SM — November 28, 2011
       1942      Lt. Col. J. J. Quinn, SB — January 21, 2012
                                                                            1965   Mr. Michael I. Valiquet, SM — January 27, 2012
                 Mr. Charles E. Ruckstuhl, SB — March 13, 2012
                                                                            1966   Mr. Stephen C. Taylor, SB — May 4, 2012
       1943      Mr. Bruce E. Horst, SB — February 22, 2012
                                                                                   Mr. Jerome I. Weiner, SM — April 22, 2012
                 Mr. John W. McDonough, SB — December 3, 2011
                                                                                   Mr. W. S. Zeigler, Jr., SF — March 22, 2012
                 Mr. S. James Spitz, Jr., SB — April 30, 2012
                                                                            1967   Mr. Wilfrid B. England, SE — February 20, 2012
       1945      Prof. Richard Maffei, SB — November 7, 2011
                 Mr. Albert R. Shelby, SB — November 30, 2011               1968   Mr. Gerald W. Chichurka, SM — April 26, 2012
                                                                                   Mr. Scott E. Cockrell, SB — December 1, 2011
       1946      Mr. Carroll J. Brown, SM — May 5, 2012
                                                                                   Mr. Robert L. Seaman, SF — April 27, 2012
       1947      Dr. Frederick P. Adams, SB — March 31, 2012
                                                                            1969   Mr. Keven J. Figgis, SE — November 6, 2011
                 Mr. William H. Brett, III, SB — January 25, 2012
                                                                                   Mr. Bruce A. Highstrete, SF — March 14, 2012
                 Mr. Norman A. Sas, SB — June 28, 2012
                 Mr. Alden A. West, SB — July 24, 2012                      1970   Mr. Dalton H. Cross, SF — December 15, 2011
                                                                                   Mr. Columbus O. Iselin, Jr., SF — March 29, 2012
       1948      Mr. Norman H. Kreisman, SB — May 27, 2012
                                                                                   Mr. John L. Newbold, SE — April 12, 2012
                 Mr. Robert L. Malkovsky, SB — November 12, 2011
                 Mr. Norman F. Nau, SB — March 26, 2012                     1971   Sir Robert B. Horton, SF — December 30, 2011
                 Mr. Frank J. Rossi, SB — December 26, 2011                        Mr. Robert T. Parry, SE — July 15, 2012
                 Mr. Milo V. Wilson, Jr., SB — December 28, 2011
                                                                            1972   Mr. Charles E. Craig, SF — January 30, 2012
       1949      Mr. William J. Ryan, Jr., SB — December 29, 2011                  Dr. Stanley B. Troup, SF — December 30, 2012
       1950      Mr. David W. Chaffin, SB — March 25, 2012                  1973   Mr. Albert J. Kullas, SE — December 11, 2011
                 Mr. William R. Wesson, SB — November 26, 2011                     Mr. Harry J. Reed, Jr., SE — June 26, 2012
                 Mr. Robert B. Wolf, SB — July 18, 2012                            Mr. John E. Traylor, SE — January 1, 2012
       1951      Mr. John H. Bergmann, SB — April 12, 2012                  1974   Mr. Dominique Hardy, SF — January 6, 2012
                 Mr. Charles F. Cordes, SB — February 15, 2012                     Mr. James R. Phillips, SE — March 15, 2012
       1952      Mr. James A. Cook, Jr., SB — March 20, 2012                1975   Mr. Donald E. Ridley, SE — December 14, 2011
                 Mr. Zenas Crocker, SB — March 12, 2012
                                                                            1978   Mrs. Burnetta D. Burns Williams, SM — December 13, 2011
                 Mr. James E. Jannetti, SM — March 5, 2012
                 Mr. Stewart J. Weiss, SB — June 26, 2012                   1980   Mr. George E. Lowe, SE — December 11, 2011
       1953      Mr. Richard P. MacCarthy, SB — April 11, 2012              1984   Mr. James Dennis, Jr., SE — January 26, 2012
                                                                                   Mr. Adrian J. Pallone, SE — January 3, 2012
       1955      Mr. Philip J. Gow, SF — February 29, 2012
                                                                                   Mr. Helmuth H. Schmolzer, SE — February 4, 2012
       1957      Mr. Harry B. Duane, III, SB — June 19, 2012
                                                                            1993   Mr. William P. Ochsner, SF — December 22, 2011
                 Mr. John D. Mueller, SM, SB ’56 — May 3, 2012
                                                                            1997   Mr. George W. Snyder, SF — February 13, 2012
       1958      Mr. Samuel J. Davy, SF — March 13, 2012
                                                                            2010   Mr. Alberto M. Recio, SB — May 2, 2012
       1959      Dr. Melvyn R. Copen, SM — March 12, 2012
                 Dr. Neal R. Des Ruisseaux, SB — November 30, 2011
                 Mr. George F. Howland, SM — January 2, 2012
                 Mr. Ralph C. Lenz, Jr., SF — April 22, 2012
                 Mr. Franklin J. Ross, SF — January 13, 2012
                 Mr. Lyle E. Schaffer, SE — December 4, 2011                       As of July 30, 2012

50   MIT Sloan   |   Fall 2012
                    MIT Sloan was saddened to learn recently of the passing of the following alumni.

1939   Mr. R. Barry Graham, SB — April 2008                     1967   Mr. David B. Iverson, SM — December 2009
                                                                       Mr. Jesse R. Lien, SE — October 2006
1944   Mr. Warren W. Carpenter, Jr., SB — September 2011
                                                                       Prof. Erik L. Newbigging, SM — January 2011
       Mr. Robert M. Copsey, SB — October 2011
                                                                       Mr. Peter L. Peterson, SF — October 2011
1946   Mr. Stanley A. Boul, SB — December 2010
                                                                1970   Mr. Harold A. Streaker, SE — October 1997
1947   Mr. Albert W. Cobb, SB — October 2002
                                                                1971   Mr. Max P. Boisot, SM — September 2011
       Mr. Charles A. Thompson, SB — October 2011
                                                                       Mr. William M. Hillborn, SE — September 2010
       Mr. Harry W. Turner, SB — September 2011
                                                                       Mr. Robert E. Naylor, SE — August 2004
1948   Mr. Jerry M. Zilka, SB — May 2011
                                                                1973   Mr. Franklin Y. K. Sunn, SE — June 2009
1949   Mr. Stanley F. Collis, SB — October 2011
                                                                1974   Mr. David H. Clark, SE — October 2008
       Mr. Frank H. Mauck, SB — October 2011
                                                                       Mr. Reinhard Frank, SF — December 2010
       Mr. Neil D. Morrison, Jr., SB — August 2011
                                                                1975   Mr. George J. Arnold, SE — April 2010
1950   Mr. James M. Baker, SB — December 2009
                                                                       Mr. Warde F. Wheaton, SE — July 2007
1951   Mr. John C. Monday, SB — September 2007
                                                                1977   Mr. Nabil I. Al-Bassam, SF — February 2007
1952   Mr. Robert F. Couillard, SB — August 2007                       Mr. James R. Crozier, SE — May 2011
1953   Mr. Bennett D. Buckles, SF — December 2010               1978   Mr. W. B. Dronen, SE — October 2011
                                                                       Mr. Frederick P. Glazier, SE — May 2011
1954   Mr. David M. Lyon, SF — September 2011
                                                                       Mr. Paul M. Grostad, SE — April 2011
1958   Mr. Robert L. Kahn, SB — July 2011                              Mr. James M. Templer, SE — June 2001
1959   Mr. Cecil P. Dotson, SE — June 2010                      1980   Mr. Shelby C. Pierce, SE — November 2008
       Mr. Francis L. Rees, SF — June 1999
                                                                1981   Mr. Wallace F. Dyste, SE — April 2010
1960   Mr. Robert W. Bybee, SE — September 2010
                                                                1985   Mr. Joe S. Davis, SE — September 2011
1961   Mr. James C. Phelps, SE — September 2008
                                                                1986   Mr. Harry E. Rhodes, SE — March 2011
1962   Mr. Richard A. Long, SE — January 2011
                                                                1987   Mr. Michael P. Morley, SF — November 2009
       Mr. Joseph R. Martin, SE — September 2010
                                                                1992   Prof. Teck-Meng Tan, SE — July 2011
1965   Mr. Gene B. Hale, SE — February 2004

                                                                       As of July 30, 2012

                                                                                                       Fall 2012   |   MIT Sloan   51
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52   MIT Sloan   |   Fall 2012
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                                                           MIT Sloan
                                                            The foundation and future of finance
                                                           Fall 2012
                                                           Vol. 6, No. 2

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