Darden School of Business Annual Report InsIde From the

Darden School of Business Annual Report 2007-2008 InsIde 3 4 6 From the Dean Robert F. Bruner Darden Students Full Time MBA Sets More Records Programs Developing Leaders for an Ever-Changing Business World 10 Diversity Good Business Includes Everyone 12 Sustainability Good Business Is Green 15 Research & Innovation Improving the World Through Knowledge 18 Darden Around the Globe Taking a Broad, Global Perspective 20 The Campaign for Darden Reaching Higher 22 From the Chairman of the Darden School Foundation Board of Trustees John G. Macfarlane III (MBA ’79) 23 Operational Highlights 24 Financial Statements 26 Leadership Upholding the darden Mission Dean Bob Bruner announced in September that the Darden School’s nearly 20-year-old mission statement has been revised. The mission is now expressed as follows: the darden graduate school of Business improves society by developing principled leaders for the world of practical affairs. to accomplish this, we: • Embrace a rigorous and collaborative approach to learning that inspires informed judgment, decisive action, and a global, enterprise perspective; • Create knowledge that advances managerial practice, pedagogical excellence, and thought leadership; • Build enduring relationships that motivate and sustain growth in people and organizations; and • Foster a diverse community that broadens understanding and elevates performance. The revision reflects the School’s evolution over more than half a century as a premiere graduate program delivering an unparalleled business education experience. The mission statement was drafted based on extensive input from key stakeholders, led by Professor Bob Landel, who worked with a 14-member faculty and staff committee to develop the language of the revised statement. from the dean December 9, 2008 Dear Friend, The contents of this report show a school with momentum. In the fiscal year ending June 30, 2008, the faculty, staff, and leadership of the Darden School of Business and the Darden School Foundation continued the trend of advancement established in recent years. I invite you to read the stories in the Annual Report to see the great things that took place at Darden during the 2007–08 academic year. There is much here of which you can be proud. Can this trend be sustained? We aim to make it so, in spite of the turbulent economic events that have taken place since the beginning of the 2007–08 school year. At Darden, we have held three “all hands” meetings of alumni, students, faculty, and staff to discuss the financial crisis. We are crafting new case studies and teaching modules to carry fresh insights to students. In November, we co-sponsored, with the McIntire School of Commerce, the first “Value Investing Conference” that shared insights about the recent events with an audience of over 400 participants. We are reaching out to a wider spectrum of applicants and companies to engage them in our programs. At the same time, we have frozen faculty and staff salaries and are implementing expense controls. Our spirit throughout this is to build a school that is stronger and more vibrant than ever. At a time when we are usually enjoying the fruits of a year of invention, of hard work, of prudent risk-taking, and of helping customers and clients, many of us are counting our losses. The Darden Community remembers particularly our graduates who find themselves in transition in employment. There is no disrespect in such transitions; indeed, the typical MBA graduate will make several transitions over the course of his or her career. The current crisis respects no expertise, length of service, or meritorious work. Darden’s Alumni Career Services is a best-in-class source of career counseling, and we ask you to spread the word—to remind your classmates about this resource. Also, our alumni in transition need information about job openings, coaching, and moral support. Let those of us who can, help those who need. My main request of all graduates and friends of the School is, “Speak up for Darden.” Help the world learn about us and what it is that makes Darden special. The contents of this Annual Report can help to inform what you might say. Darden alumni have always been the best advocates for the School. We need you to carry your advocacy to prospective applicants, potential corporate partners for recruiting and executive education, and to the general public. Thank you for all you do to lift the Darden School of Business. We are serving students and the business profession in ways that are better than ever. With your continued support, we will continue to advance the fulfillment of our mission. Sincerely, Letter from the Dean robert f. Bruner Darden School of Business Dean, Charles C. Abbott Professor of Business Administration Distinguished Professor of Business Administration 2007 – 2008 a n n ua l r e p o r t 1 DARDEN STUDENTS Full Time MBA Sets More Records Capitalizing on the strength of the alumni network, the Admissions Office planned more than 50 joint Admissions-Alumni receptions around the country and abroad last year. More than 1,300 prospective students and 600 alumni attended, leading to 648 applications from attendees. The increase in applications translated into a record-high average GPA and GMAT score—figures that are used in several of the most prominent business school rankings—as well as an increase in the diversity of the class. This fall, Director of MBA Admissions Sara Neher welcomed the new students in the Abbott Center Auditorium: “I’m here today to welcome you and to tell you who you are. You are a select group. You have the highest-ever class GMAT score at Darden. You are doctors, teachers, and business professionals. You are pilots, sailors, musicians, and singers. You are professional athletes, college athletes, founders of nonprofits, and holders of records in the Guinness Book of World Records. You have run with the bulls at Pamplona and piloted a submarine. You are outstanding volunteers who are involved with Little League, Habitat for Humanity, Boys & Girls Clubs, and countless types of environmental organizations. We’re happy you are here, and we wish you nothing but success while at Darden.” Consisting of 333 students, the Class of 2010 comes from 35 different countries, 6 continents, and 28 U.S. states. Ninety-seven women are in the new class, contributing to a record number of women on the Darden Grounds. The Class of 2010 is also notable for a jump in underrepresented minority students, from 7 percent to 9 percent, and a record number of Hispanic students. around Darden and the University of Virginia. Connecting Admitted Students The Admissions Office, working closely with the Office of Student Affairs and Enterprise Systems, created a new personalized website, called “DardenCommunity,” for admitted students in 2008. In addition to its social networking capabilities, the portal contains valuable information, including upcoming admitted student events, career development opportunities during the summer, regular announcements and updates from Darden staff, and recent videos, news, and blogs that help admitted students get a feel for the Darden experience. For the first time, admitted students were also able to use “DardenCommunity” to get to know one another throughout the spring and summer, to connect with future roommates, and to set up happy hours and informal events around the United States and abroad. Click here to visit Darden Admissions. What’s New This Year? In an effort to stay at the forefront of communications, Sara Neher launched a new video blog directed toward prospective students and applicants. One of her first video blogs discussed tips for writing application essays. The Admissions team also introduced a new written blog, which features admissions and application updates and news from 2 DarDen School of BuSineSS For the third year in a row, the Darden Admissions team’s Operation Top Talent achieved double-digit percentage growth in applications. Click here to go to Darden Admissions The Class of 2010 set off on a Voyage of Discovery for First Year Orientation. The event was patterned on the mission of the Lewis & Clark expedition of 1804 — exploration and commerce — as authorized by President Thomas Jefferson, founder of the University of Virginia. Students were organized into teams, then set loose on the Darden Grounds for a series of competitions and exercises. Voyage of Discovery events were designed to foster a collaborative mindset among the new students while serving as an icebreaker and bonding experience for individuals who will be working closely together for the next two years. Exercises included trail blazing, bartering and negotiating, traversing a rope course, and tossing ersatz buffalo chips (bean bags). Events concluded with an awards ceremony and dinner for the individual learning teams. Some of the Class of 2009 student bloggers. Click here to visit the student bloggers page. mike murphy Vika osipenko amanda Lozano Christof meyer Bill Gray roshan Shanker 2007 – 2008 a n n ua l r e p o r t 3 pROgRAMS This year, the School expanded its joint-degree program by partnering with the University’s School of Medicine. Students such as First Years Kurt Miceli, MD (left), and medical student Amir Allak (right) can now combine their MBA and MD degrees, giving them the opportunity to work with faculty at Darden and the School of Medicine to focus on the management of health care–related businesses and models for addressing health. 4 DarDen School of BuSineSS Developing Leaders for an Ever-Changing Business World Committed to lifelong learning, the Darden School of Business offers programs to meet the needs of students and professionals, no matter what their career stage. Whether it’s the full time MBA curriculum, the newer MBA for Executives Program, or specialized business courses in Executive Education for working professionals, the Darden Experience consistently delivers the knowledge and skills people need to advance their careers and enrich their lives. to offer a combined MBA/MD degree. This opportunity enables students to work with faculty at Darden and at the School of Medicine to focus on managing health care–related businesses and models for addressing health. “The medical students will make a unique contribution to the Darden Experience,” said Professor Ken Eades. “Most will have spent the years the other Darden students worked studying medicine, practicing in hospitals and dealing firsthand with issues of the health delivery system.” Students combining an MBA and an MD degree are often more focused on issues of equity and access to markets and more sensitive to issues of race and gender and of life and death. “They will bring a broad perspective to the classroom that goes beyond commerce,” said Eades. Click here to visit the Darden MBA Program. Full Time MBA: Shaping Tomorrow’s Leaders Faculty refer to the two-year MBA program as the Darden Leadership Experience, which is a “market facing” description of how the School impacts students through the case method pedagogy, enterprise perspective, cold calling, and a general management point of view. Darden’s MBA is a high engagement, high-octane educational experience that gives students the tools and competitive edge they need to succeed in an ever-changing business world. Darden’s Leadership Experience emphasizes four key themes that are built into course offerings: Leading Organizations, Management Communication, Strategic Thinking and Action, and Business Ethics. This year, Darden expanded its joint-degree program by partnering with the University of Virginia’s School of Medicine MBA for Executives: Action Learning Darden’s MBA for Executives Program leverages the school’s ability to deliver a top-flight MBA experience to an executive audience. “Consistent with the market recognizing this strength, demand for the program has risen consistently since its launch in June 2006,” said Professor Paul Simko, Associate Dean, MBA for Executives. “We graduated our first class in May 2008 and enrolled our third class in June. Applications to 2007 – 2008 a n n ua l r e p o r t 5 “Students leave the MBA for Executives program ready to make a significant impact in their organizations. All enter the program with management skills, but leave ready to lead an organization and take action. The program clearly produces results.” —Paul Simko, Associate Dean, MBA for Executives Program pROgRAMS Paul Simko Sarita Chauhan, mBa for executives Class of 2010 the program have risen each year, and we have likewise seen a steady increase in enrollment.” Despite increased enrollment, average GMAT, average GPA, and the number of women and underrepresented minorities have each steadily increased over the three years. At a time of intense competition, Darden MBA for Executives faculty and staff strive to maintain a program that stays relevant in a changing business world. The program requires students to take an enterprise perspective, both through a required enterprise perspective course and through direct integration of topical areas. Faculty from different disciplines are frequently in the classroom teaching side by side, which reinforces this perspective. As part of the core curriculum, students participate in four week-long leadership residencies, which require students to consider personal and organizational leadership challenges around distinct themes. One of the week-long residencies is held in an emerging economy, such as China. Each term, students must complete an action learning paper that directly addresses the ways in which they or their organization copes with the topics they have studied. The program produces results, Simko said. “Students leave the program ready to make a significant impact in their organizations. All enter the program with management skills, but leave ready to lead an organization and take action.” Click here to visit the MBA for Executives Program. Executive Education: Fresh Perspectives For working professionals, Darden’s Executive Education program remains the best in the business. The Financial Times has rated Darden’s open enrollment programs #1 for faculty for the past five years and #1 for course design for the past six. In 2008, FT ranked Darden as the #2 provider of open enrollment programs worldwide. “This year has brought us new, high-profile clients like CIGNA, Intel, Pitney Bowes, and SAIC,” said David Newkirk, CEO of Darden Executive Education. New programs include “Becoming a Strategic Leader,” designed to help CFOs drive the corporate agenda, and “Online Marketing Update,” which brings together experts and practitioners from the world of new media. In the fall, Executive Education took its programs around the world, to London, Beijing, Tokyo, and Hanoi. Ongoing relevance is the key to maintaining Executive Education’s competitive edge. The programs begin with Darden’s core strengths: a committed faculty of world-class educators, an understanding that business issues are interrelated, and a focus on leadership as the essential skill. “Like the rest of the school, we continue to apply these in new ways to new challenges,” Newkirk said. Executive Education draws on the Batten Institute’s research to help clients like Harris and Westinghouse strengthen innovation. The programs use technology to engage 6 DarDen School of BuSineSS “Darden Executive Education is increasingly seen as a key tool for embedding new strategies and creating new capabilities. ” —David Newkirk, CEO of Darden Executive Education participants before they arrive and to support them back in the workplace. New programs combine “learning and doing” so that individuals and companies can use real problems to hone their skills while advancing their business. This year has seen a rise in the number of alliances. The Center for Creative Leadership has provided coaching and assessment to both custom and open enrollment clients. “We’ve partnered with Henry Mintzberg and McGill to deliver an international program built around Mintzberg’s ideas on managerial development. And we’ve hosted leading practitioner-oriented thinkers, including Michael Gelb, Bob Rosen, and Tim Ogilvie,” said Newkirk. The result? Darden Executive Education participants report that the School delivers on its promise, giving them a fresh, broad perspective on their businesses and on themselves. “Our participants go back with new skills, new resolve, and new energy. At the corporate level, Darden Executive Education is increasingly seen as a key tool for embedding new strategies and creating new capabilities,” said Newkirk. In one case, as reported by Business Week, Nick Liparulo at Westinghouse Electric used a Darden program to help create a growth culture. Similarly, Genworth brought 14 business unit teams to Darden to learn strategic skills to apply to challenges in their markets. The program noticeably raised the quality of their plans. Click here to visit Darden Executive Education. The Financial Times has rated Darden’s Executive Education open enrollment programs #1 for faculty for the past five years and #1 for course design for the past six. In 2008, FT ranked Darden as the #2 provider of open enrollment programs worldwide. 2007 – 2008 a n n ua l r e p o r t 7 DIvERSIT Y Good Business Includes Everyone Diversity is a cornerstone of Darden’s strategy to differentiate itself as one of the world’s best business schools. Diversity is everywhere at Darden. It’s in the people—in the classrooms, faculty offices, alumni gatherings, and staff meetings. And it’s at the center of the School’s mission: to foster a diverse community that broadens understanding and elevates performance. Dean Bob Bruner has said that the greatness of an academic community can be measured in part by its diversity —by the breadth of its outreach in creating and disseminating knowledge and by the diversity of its community in terms of gender, race, sexual orientation, and international origin. “Darden has learned a lot about the determination of individuals to rise against the odds, and about the worth of a diverse and inclusive culture,” he said. To leverage diversity at Darden, Bruner appointed Martin Davidson as Darden’s Associate Dean for Diversity and Chief Diversity Officer on July 1, 2008. Davidson succeeded Erika James, who ended her successful three-year role as the School’s first Associate Dean for Diversity. Pipelines for Diversity During the 2007–2008 academic year, Darden made great strides toward promoting diversity as one of the School’s top values. A Diversity Advisory Council of Darden alumni was formed, and the School launched a diversity scorecard to stay focused on key diversity goals and objectives across the enterprise. In order to reach the most qualified MBA students, including women, Hispanics, African Americans, Native Americans, and international students from around the world, Darden sought out new resources and pipelines through partnerships with organizations such as Management Leadership for Tomorrow, Forté Foundation, National Association of Women MBAs, National Black MBA Association, and the National Society of Hispanic MBAs. In October, the Admissions Office hosted Discover Darden, an annual, two-day program that showcases the Darden School to underrepresented minorities. The Black Business Student Forum (BBSF) accomplished great things this year. For the launch of its new alumni newsletter called “The Connector,” 2007–2008 BBSF President 8 DarDen School of BuSineSS “Having diversity at Darden provides the opportunity for everyone to learn what it means to work, live, and learn in a pluralistic organization.” —Martin Davidson, Associate Dean for Diversity and Chief Diversity Officer Below and right: the international food festival diVerSe VoiCeS oPen mindS Each year, Darden hosts multiple conferences and events that bring speakers to the School to share their insights from distinct industries and corners of the world. • At the Asian Business Conference in November 2007, keynote speakers from Nike and Visa discussed opportunities and challenges across the Pacific Rim. • The Darden African Business Organization hosted The Spotlight on Africa Lecture Series in January 2008. • Women’s Leadership Week in February 2008, sponsored by the Darden chapter of the National Association of Women MBAs, inspired candid discussion about gender issues and the role of women leaders in business. • At the Emerging Domestic Markets Conference, sponsored by the Black Business Student Forum in April 2008, Robert L. Johnson of Black Entertainment Television shared his experience as the founder of the first African American–owned company to be publicly traded on the New York Stock Exchange. Folake Omotola (MBA ’08) wrote, “From the ‘Lessons in Leadership Lecture Series’ and the 2008 Darden BBSF Conference to the first annual ‘Take a Kid to Class Day,’ BBSF rose to new heights and made a lasting impact on the Darden, Charlottesville, and UVA Communities.” Davidson to Drive Diversity New Chief Diversity Officer Martin Davidson is imminently qualified to carry forward Darden’s diversity initiatives and to show the Darden community how differences can enhance the School’s experience. “To engage, diversity means to explore ways to leverage differences present at Darden to elevate our performance as an institution of management education,” he said. Davidson’s own research, teaching, and consulting focuses on how leaders can strategically use diversity to create a sustainable competitive advantage for organizations, both domestically and internationally. His research on the impact of culture and ethnicity on career development and on conflict management appears in top managerial and academic publications. Through his studies on four continents, Davidson has identified the critical competencies for managing effectively across national boundaries. These findings serve as the foundation for his emergent work on utilizing or “leveraging” difference to create competitive advantage. Davidson recently concluded his term as Chair of the Academy of Management’s Gender and Diversity in Organizations Division. Davidson’s goals as Darden’s Chief Diversity Officer are three-fold: to attract and retain diverse talent, to create a cutting-edge diversity scholarship, and to build a rigorous and diverse learning agenda related to differences. In an increasingly global economy, Davidson believes the Darden community must learn how to work with difference effectively. “There is a set of skills and capabilities for doing so,” he said. “Having diversity at Darden provides the opportunity for everyone to learn what it means to work, live, and learn in a pluralistic organization.” Click here to visit Diversity at Darden. 2007 – 2008 a n n ua l r e p o r t 9 SUSTAINABIlIT Y net impact at darden conducts a yearly trash audit. 10 DarDen School of BuSineSS “Achieving Darden’s sustainability vision will require great effort, but we are energized by the task. ” —Erika Herz (mba ’01), manager of Sustainability Programs, The batten Institute Good Business Is Green This year, Darden announced its goal to be a zero waste, carbon neutral enterprise by 2020, and a top 10 school for teaching and research on sustainability by 2013. Darden frames this goal in terms of “How We Live and How We Learn,” knowing that the School will most effectively teach about the principles and practices of sustainability by integrating them into its daily operations. “Achieving Darden’s sustainability vision will require great effort, but we are energized by the task,” said Erika Herz, Manager of Sustainability Programs at Darden’s Batten Institute. In the 2007–2008 academic year, Darden offered two new electives on sustainability, and the coming year will bring additional changes. Topics currently addressed include sustainability concepts and frameworks, sustainable design of products and facilities, climate change risks and opportunities, renewable energy, sustainable finance, and strategic sustainability implementation. “We have established a new faculty task force on sustainability, chaired by Professor Richard Brownlee, that will determine learning objectives and recommend immediate and long-term strategies for integrating sustainability issues into the entire Darden curriculum,” said Herz. “We will initially focus on innovations in the full time MBA program, and ultimately extend our efforts to the MBA for Executives Program and Executive Education.” One of the keys to success is engaging Darden alumni working in sustainability-related roles. “We are also collaborating with the rest of the University on sustainability research, curriculum development, and operational improvements,” Herz said. “A multidisciplinary, cross-functional approach is necessary to achieve our goals.” Zero Waste, Zero Carbon Darden has established a team to focus on the zero waste, zero carbon goal. Since the announcement of this vision, innovations have sprung up across the School. They range from reducing waste and incorporating locally sourced foods into the dining facilities, to the launch of the “Darden GreenPod,” a new podcast series of interviews with scholars and business leaders on sustainability topics. “In the fall, we will release our first baseline Greenhouse Gas Assessment and conduct a trash audit to better understand our solid waste stream,” Herz said. “Students are involved every step of the way, working with key staff members like Keith Crawford (MBA ’91), Facilities Manager for Darden, and Tom Cervelloni, Director of Food and Beverage.” Last year, a team of Darden students conducted a Darden Business Project titled “Zero Waste, Carbon Neutral at Darden: Recommendations for Sustainable Operations.” Other students collaborated with staff and faculty to introduce a pilot program on electronic exam distribution to reduce student commuting. Students have also developed new conferences, such as the Sustainability and Renewable Energy Forum. Darden’s sustainability actions reflect the School’s unwavering objective to educate students to lead in a changing 2007 – 2008 a n n ua l r e p o r t 11 Bringing electricity to rural indian Villages Charles “Chip” Ransler (left) and Manoj Sinha, both Class of 2009, were judged to have the most compelling new idea to change the world. The University of Texas’s RgK Center for philanthropy and Community Service awarded a prize to their business, Husk power Systems (huskpowersystems.com), which uses a proprietary technology to gasify rice husks and generate three valuable results: electricity, waste ash that can be sold as an ingredient for cement, and reduced carbon emissions. SUSTAINABIlIT Y business world. A 2007 McKinsey study of CEOs found that 95 percent of those surveyed believe that society has greater expectations than it did five years ago that companies will assume public responsibilities. Given this context, Darden’s corporate partners increasingly want Darden graduates to be knowledgeable about sustainability issues, globally sophisticated, and able to identify innovative solutions to complex business challenges. Students are eager for the changes taking place at the School and are working to integrate them into their career plans. Several sustainability-related businesses have been launched at Darden, including Husk Power Systems, a company that brings electricity to rural Indian villages using green technology. The new firm, created by Charles “Chip” Ransler and Manoj Sinha of the Class of 2009, has been featured in numerous articles for its proprietary method of burning rice husks to generate clean power. A June 2008 edition of The Washington Post included Husk Power Systems in the article “Higher Learning Adapts to a Greening Attitude.” Evidence is growing that one of the defining business issues for national and multinational corporations in the 21st century will relate to sustainability, according to Professor Brownlee. Darden continues to prepare its graduates for such challenges. aid worthy organizations. Faculty and staff regularly volunteer their time in Charlottesville to assist the hungry and the elderly. A group also traveled to Louisiana and Mississippi to work on reconstruction projects still under way more than three years after Hurricane Katrina struck, now that the disaster has slipped from the front pages of U.S. newspapers. “Public service is integral to the student experience at Darden,” said Director of Student Affairs Marsh Pattie. “Our clubs are engaged in a variety of outreach opportunities at the local, national, and international levels. From soup kitchens to micro-finance, students are creating leadership opportunities to apply their learnings from Darden to make a difference in the world beyond.” Through the practical experience of public service, of giving back to the community, Darden students “will find themselves no strangers to complex problems and stressful situations,” Pattie said. “Their creativity, ingenuity, and integrity will advance solutions to as-yet undiscovered problems and help make the world a better, more livable place. The quality of our future will be the ultimate measure of how we do our jobs today.” Giving Back for the Greater Good The Darden Experience is greatly enhanced by the broad commitment of students, staff, and faculty to public service. Each year, Darden Outreach, the School’s umbrella community service organization, organizes dozens of activities that positively impact the world outside of Darden. Whether it’s organizing a fundraiser for charity and other philanthropic causes, volunteering time to work on landscaping or construction projects for organizations such as Habitat for Humanity, or delivering goods to the local food bank, the Darden community rallies to support the larger community beyond Grounds. Students can choose from dozens of volunteer opportunities to Building Goodness in april 12 DarDen School of BuSineSS RESEARCH & INNOvATION Improving the World Through Knowledge Darden shapes business best practices and management education through cuttingedge research and new course materials produced by the School’s world-class faculty. Because nearly all of Darden’s professors have experience in the private sector, and many consult for leading corporations, influential organizations, and government agencies throughout the world, the faculty are in touch with global trends and issues in the marketplace and have strong ties to corporate leaders. These professional contacts enhance the School’s reputation as a thought–leading institution at the forefront of current business issues. Through the efforts of Darden Business Publishing, professors around the globe now count on Darden faculty to enliven their class discussions by providing new course materials that offer meaningful insights into the world of business management. Faculty research is complemented by the work of the Batten Institute, one of Darden’s Centers of Excellence, which focuses on research in the areas of entrepreneurship and corporate innovation. “In an increasingly competitive and complex environment, businesses and organizations are searching for thought leaders who can offer new insights and ideas to tackle the problems they face.” —Susan Chaplinsky, Associate Dean for Faculty Scholarship The Batten Institute: Research Is a Public Good The Batten Institute continues to publicize and promote the research of faculty and visiting scholars. The Batten Fellows Program brings prominent thought and education leaders to Darden to engage with the community and to collaborate with faculty on projects related to corporate innovation and entrepreneurship. Their efforts result in cases, executive briefings, books, and multimedia cases. Darden Business Publishing publishes research from the Batten Institute, including recent work on emerging markets in the area of angel investing in Latin America. 2007 – 2008 a n n ua l r e p o r t 13 RESEARCH & INNOvATION “I see a real opportunity for Darden to differentiate its educational offerings as we identify ways to appeal to a broader number of students. ” —michael Lenox, associate Dean and Executive Director of the batten Institute “Darden’s mission at its broadest is to improve society,” said Professor Susan Chaplinsky, Darden’s newly appointed Associate Dean for Faculty Scholarship. “The creation of knowledge that informs and shapes management practice is one important way we do this.” Darden’s effort to promote scholarship recognizes that research is a public good, which enhances and benefits others beyond those immediately engaged in the process. Darden has a reputation as a top school delivering high-quality programs at the MBA and executive levels. Keeping Darden on the minds of peer institutions, especially the minds of deans and faculty of premiere business schools, is one of the goals of “Research at Darden,” an electronic newsletter promoted by Dean Bob Bruner and produced and distributed quarterly by the Darden Office of Communication & Marketing. The interactive newsletter highlights faculty’s significant contributions to contemporary business thought and leadership and lists major papers and books published by Darden professors. “Our focus on research and scholarship is part of a continuing effort to ensure that our classrooms and programs deliver a state-of-the-art experience and content to those who attend,” Chaplinsky said. “But it is more than that. In an increasingly competitive and complex environment, businesses and organizations are searching for thought leaders who can offer new insights and ideas to tackle the problems they face. Our ability to generate this knowledge has the potential to increase our influence as a school and center for higher learning—and elevate Darden’s reputation beyond our classrooms.” Click here to visit Research at Darden. Propelling Operations to New Heights Rapid changes in workforce demographics, new technologies, and accelerating competition continue to pull corporations in multiple directions and challenge the problem-solving skills of even the best leaders. Businesses need extensive resources and a strong culture of innovation to function smoothly and propel operations to new heights. Darden’s devotion to innovation produces results that help business leaders solve their most complex challenges. Along with entrepreneurship, the School’s Batten Institute emphasizes research leadership in innovation and sustainability. Batten’s newly appointed Executive Director and Associate Dean Michael Lenox will guide these two key initiatives. “I see a real opportunity for Darden to differentiate its educational opportunities as we identify ways to appeal to a broader number of students,” he said. For example, a recent Batten research project focuses on corporate organic growth as one aspect of innovation in business. Its objective is to determine how leaders identify promising areas in which to pursue organic growth and their strategies for doing so. To bring opportunities for learning into the Darden classroom, the project also seeks answers to the question: What does it take to develop and nurture growth leaders and their teams? Partners from leading research institutions in Europe, Latin America, and Asia were recruited to work with Darden faculty and key Batten Fellows on the project. Click here to visit the Batten Institute. 14 DarDen School of BuSineSS John Strangfeld (MBA ‘77) in a “Hot Topics” class. “Hot Topics”: Innovation in the Classroom Innovation in the classroom often means drawing on the best educational resources in the world of business—and that would be Darden alumni. Recognizing this untapped pool of instructional talent, drawn from real-world experience, Professor Ken Eades developed and won faculty approval for his new course, “Hot Topics in Finance,” which premiered this year to great enthusiasm from students. Each week, Eades scheduled a Darden graduate to speak in his class about a specialized area of finance. Students enjoyed a unique opportunity to learn from KEN EADES professionals in the field, while alumni were able to reconnect with the School, share their expertise, and spend a pleasant day or two in Charlottesville. The class was so popular that it gave rise to a planned series of “Hot Topics” courses, the latest of which is “Hot Topics in Marketing,” which turns once again to talented Darden alumni working in the field. Darden faculty also develop innovation courses for Darden Executive Education, which leads its peers in the field. The course “Leading Innovation: Thinking Like America’s Greatest Inventive Genius” draws from Professor Jim Clawson’s book Level Three Leadership: Getting Below the Surface and the recently released book Innovate Like Edison: The Success System of America’s Greatest Inventor, by Michael Gelb and Sarah Miller Caldicott. Because developing principled leaders is integral to the Darden mission, innovation must stem from responsible executives. recognizing this, the Business roundtable institute for corporate ethics, another center of excellence at Darden, in mid-2008 published a paper aimed at helping business leaders create innovative products and services in a responsible and ethical manner. the paper recommends that innovations should be assessed according to the mutual value that they create for the firm, its stakeholders, and the greater community. the institute proposed an ethical framework for executives based on six rules of innovation: • Innovations are new to a community. • Many people are affected by and have an effect on an innovation. • Innovations disrupt the status quo. • Innovations are a shared responsibility. • Successful innovations require continual modifications. • Features matter. for more information about the institute and its research, visit the website, www.corporate-ethics.org. 2007 – 2008 a n n ua l r e p o r t 15 DARDEN AROUND THE glOBE “My goals are to ramp up the international experience of full time MBA students, to stress culture and language, and to deliver more content abroad. ” — Peter Rodriguez associate Dean for International affairs and Director of the Tayloe murphy International Center Taking a Broad, Global Perspective Today’s companies require a new kind of leader—a leader with honor, business acumen, global market knowledge, and heightened cultural sensitivity. During the 2007–2008 academic year, the School both expanded its global footprint and accelerated its efforts to train students and executives to succeed in the complex world of international business. Darden’s global outreach stretches far and wide. The School’s faculty and staff establish and maintain diverse relationships around the globe that support Darden’s mission and elevate the brand. Darden graduates now live and work in 75 countries around the world. As part of Operation Top Talent, the School hosts alumni and admissions receptions from Bogota to Beijing and from Munich to Mumbai to reconnect with alumni and to attract the world’s brightest students. Darden believes that international experiences form an integral part of a world-class education, and the School offers a wealth of global academic opportunities (see box on next page). Darden partners with leading business schools around the world to offer MBA Exchange Programs, as well as one- and two-week Global Business Experiences. Throughout the year, students travel to compete in global case competitions, such as the EastWest MBA All-Star Case Challenge in Beijing. Executives refine their skills through custom Executive Education programs delivered in locations such as Bahrain or Singapore. As the world goes global, Darden leads the way. Tayloe Murphy Welcomes New Director The Tayloe Murphy International Center spearheads Darden’s efforts to increase global awareness of the business school by promoting interaction between Darden and the rest of the world. On July 1, 2008, Associate Professor Peter Rodriguez succeeded Jay Bourgeois as Associate Dean for International Affairs and Director of the Tayloe Murphy International Center. Over the next three years, Professor Rodriguez will expand Darden’s global presence and influence by continuing to build relationships with other business schools and corporations throughout the world. “My goals are to ramp up the international experience of full time MBA students, to stress culture and language, and to deliver more content abroad,” said Rodriguez. An economist who specializes in international trade and development and emerging economies, Rodriguez received the John L. Colley Award in September 2007 for his work engaging Darden students to support the efforts of entrepreneurs in lowincome, developing nations. Under Rodriguez’s supervision, 16 Darden students spent 2,000 hours assisting entrepreneurs in Nicaragua. The Colley award recognizes that rich social experiences outside of the classroom are an integral part of an excepPeter rodriguez tional educational experience. 16 DarDen School of BuSineSS Darden’s faculty, students, alumni, and leadership generate news coverage in media outlets across the globe: The Times of India, Business Week, Financial Times, New York Times, Wall Street Journal, The Guardian (U.K.), Nikkei (Japan) Oman Tribune, National Post (Canada), and the Gulf Daily News (Bahrain), among others. A Global Learning Community Darden’s rigorous programs “stretch” students into leaders for today’s global marketplace. One-third of the MBA student body is made up of international students, who bring invaluable cultural perspectives to class discussions and demonstrate the nuances of doing business around the world. Through courses such as “Global Macroeconomics and Financial Markets,” “Pioneering Strategies in Asia,” and “Conversations and Debates on Globalization,” Darden faculty members teach a broad, global perspective and prepare students to succeed as principled, action-oriented leaders in any field, in any country. To further enhance students’ understanding of the international playing field, Darden hosts groups of international students and executives from partner schools and distinguished speakers from around the globe. In February 2008, Egyptian executive Moustapha Sarhank, a Fellow of the Olsson Center for Applied Ethics and Honorary Chairman of Sarhank Group for Investments, flew in from Cairo to address Darden students in Associate Professor and Co-Director of the Olsson Center Andrew Wicks’ class. Over 20 years ago, Sarhank introduced IT companies, such as Microsoft, to the Middle East. International student organizations also sponsor events that highlight foreign cultures and economies. This year’s Latin American Student Association (LASA) Conference featured Dr. Moisés Naím, editor in chief of Foreign Policy magazine, who discussed “The Surprises of Globalization.” The annual LASA Conference gives MBA students insights into how the political, economic, and social state of Latin America shapes the way people do business in the region, and how the region interacts with the rest of the world. The Darden Experience prepares students to become highly competent business leaders who go on to improve their part of the world, wherever that might be. “Looking back at my first year,” wrote Class of 2009 student blogger Jayaraman Anand Rao of Bangalore, India, “I am amazed not only at the number of topics we covered in the areas of Finance, Accounting, Operations, Marketing, Strategy, Leadership, Organization, Decision Analysis, and Communication, but also at my understanding of the subject matter and its practicality. …You will find that Darden is a very close-knit, team-based community.” Click here to visit Darden Around the Globe. GLoBaL aCademiC oPPortUnitieS mBa exchange Programs Darden has reciprocal MBA exchange program relationships with business schools around the world, including IESE Business School (Spain), Cheung Kong Graduate School of Business (China), Stockholm School of Economics (Sweden), Hitotsubashi University (Japan), and Università Bocconi (Italy), among many others. Global Business experience (GBe) Each spring, students travel to foreign countries and take classes at partner business schools, visit companies, and meet with prominent political and business leaders. Nine GBEs were offered in 2008: Bahrain, China, South Africa, Argentina, Brazil, Czech Republic, India, Mexico, and Spain. international Partner Programs (iPP) Darden provides tailored, one-week programs for Executive MBA students from business schools outside the United States. A formal IPP agreement was established with a Swiss business school, HWZ Hochschule für Wirtschaft Zürich, in May 2008. executive education Programs Darden develops management and leadership programs for organizations around the world. The Financial Times ranked the programs #1 for faculty and course design in 2008. This year, programs were delivered outside the United States for Rolls Royce, Unilever, and Intel, among other companies. University leaders with hWZ hochschule für Wirtschaft Zürich traveled from Switzerland to sign an education partnership with the darden School of Business on may 27. from left, dean Jacques Bischoff and Urs marti, vice chairman of the hWZ board, attended the signing ceremony. Bischoff said darden was chosen “for its reputation for excellence.” 2007 – 2008 a n n ua l r e p o r t 17 THE CAMpAIgN FOR DARDEN michael henry, Class of 2010 Reaching Higher The World Needs What Darden Has to Offer. Darden’s programs teach principled leadership, honor, and a general management point of view. As a thought-leading institution, Darden tackles important global issues and informs corporations, other schools, and the world. Darden graduates are prepared to ask—and answer—questions that will change the world for the better. As Darden plans for the future, it aims to reach higher—to be firmly entrenched among the world’s premiere business schools. To reach this goal, the Campaign for Darden aspires to raise $150 million. “The Campaign for Darden is about giving us the resources that will push us over the cusp of greatness that we are standing on right now,” said Ted Forbes (MBA ’93), Executive Director of the Darden School Foundation. As an essential part of the bold and ambitious $3 billion Campaign for the University of Virginia, the Campaign for Darden was officially launched on September 29, 2006, and will continue through December 31, 2011. Until that date, all gifts to Darden, for any purpose—whether a contribution to the Annual Fund, a planned gift, or sponsorship of a faculty chair or scholarship—will be counted toward the Campaign total. “Darden’s vision for the Campaign is about firmly placing Darden in the top tier of our peer group in the business school The Campaign for Darden seeks to raise $150 million by December 31, 2011. 18 DarDen School of BuSineSS Never has there been a greater need for Darden’s mission: to improve society by developing principled leaders for the world of practical affairs. associate Professor of Business administration andrea Larson teaches in in the areas of entrepreneurship, innovation, and sustainable business. industry. In order to do that, we simply require more resources than we have now,” said Forbes. The Campaign for Darden will enable the School to meet these pressing needs and to seize new opportunities as Darden charts its course into the future. “If we continue to combine great students and great programs with a reputation for outstanding graduates, we will have a seamless flow of quality through the organization, which will be recognized by the broader world,” said Forbes. Excellence, including the Olsson Center for Applied Ethics, the Batten Institute for Entrepreneurship and Innovation, the Tayloe Murphy International Center, the Business Roundtable Institute for Corporate Ethics, and the newly planned Center for Asset Management. FOR STuDENT SCHOLARSHIPS: $50 MILLION Darden wants and needs the world’s best talent in its community. Darden seeks students who possess outstanding work experience and leadership potential, who have high GMAT scores, and who hail from excellent undergraduate schools. It is incredibly competitive in the top echelon, and recruiting the best students often requires significant scholarship resources. Funds from the Campaign will help Darden attract top talent. FOR INFRASTRuCTuRE AND PROGRAMS: $50 MILLION Darden must embrace technological innovation and bring cutting-edge technology into its classrooms and facilities. It must build its pool of unrestricted funds, which makes it possible to reach out globally by delivering its programs around the world. Key areas such as Alumni Career Services, which is unique in its mission to provide personalized counseling to alumni throughout their careers, also require additional funding. GIvE TO DARDEN 2007 – 2008 a n n ua l r e p o r t The Campaign for Darden’s funding goals reflect the School’s carefully selected needs. FOR FACuLTY AND RESEARCH: $50 MILLION Darden faculty are the best in the business, as confirmed by The Princeton Review’s #1 ranking. Yet many of Darden’s beloved faculty leaders are approaching retirement. The School is developing a new generation of equally impactful professors, and funds from the Campaign will help the School continue to attract an all-star faculty. The Campaign will also enable faculty members—leaders in their fields—to actively engage in research. Darden must strengthen its research engine and advance its Centers of 19 from the Chairman of the darden SChooL foUndation Board of trUSteeS Standing still is not an option. The world is too dynamic and our constituents are too demanding for Darden to be content with the status quo. Our students, faculty, and staff desire and deserve recognition among the world’s premiere business schools. Darden’s faculty and classroom experience are second to none. Our Executive Education program is consistently recognized among the top in the industry. Our faculty are ranked the best teachers in the world. Our new MBA for Executives Program is in its third year of success. Only a few modest improvements in resources and programs are required to restore Darden to its rightful standing among the top 10 business schools in the nation. Our Dean, Bob Bruner, has set us on the path to realizing a compelling vision for Darden. We will be highly successful in our mission to develop principled leaders for the world of business. We will stand firmly among the leaders in our industry, we will provide a compelling and energizing community in which to work and learn, and we will possess resources that are equal to our aspirations. Dean Bruner’s top three priorities to help us achieve this mission include: funding Operation Top Talent, which will raise student selectivity even higher; investing in our faculty and their research; and investing in our infrastructure and technology. As Chairman of our Board, I am proud to say that our trustees and the Foundation staff have embraced these goals, and we are putting our shoulders to the wheel in the Campaign for Darden to ensure we achieve them. I’m also proud of what we in the Foundation have been able to accomplish this year in furthering the mission of the Darden Enterprise. We’ve signed a historic memorandum of understanding with the School and the University that ensures clarity of purpose and formalizes our relationships as committed stakeholders. We have strengthened our financial controls and processes to ensure we are adhering to the intent of our benefactors. We have brought in new leadership to the Foundation and to our Sponsors Hall property. We have, in partnership with the Alumni Board, reached a new level of collaboration that will, through a sharp focus on alumni engagement, advance Darden’s goals and priorities. There is much to be proud of, and yet, there is still much to be done. I encourage you to step up on Darden’s behalf. Make a gift to the Campaign for Darden. Refer a talented student to Darden. Hire a Darden graduate. Host a dinner for prospective students. Come back and teach a class or sponsor a case study. We all know Darden people are among the most dedicated and involved alumni in the world—we stand today on the cusp of greatness, and with your help and involvement, we can reach for the stars—and grab them. Best wishes, John G. macfarlane iii (mBa ‘79) Chairman Darden School Foundation Board of Trustees John G. Macfarlane III (MBA ’79) 20 DarDen School of BuSineSS oPer ationaL hiGhLiGhtS intellectual Capital Books Forthcoming Peer-Reviewed Journal Articles Forthcoming New A-Version Cases faculty (as of September 1) Full Time Faculty Women Underrepresented Minorities^ International Tenured New Hires Retirements executive education New Clients to Darden United States International mBa employment (full time mBa) Percentage with offer at graduation Percentage with offer 3 months post graduation Average starting salary Average bonus employment by Job function (percent of class) Consulting Finance/Accounting General Management Marketing/Sales Other enrollment First Year Full Time MBA Women Underrepresented Minorities^ International First Year MBA for Executives admissions (full-time mBa) Number of Applicants Selectivity (Offers of admission divided by applications received) ^ African American, Hispanic American, and Native American. 2008 (Year to date) 2 7* 15* 34 94 * Through October 2008 2007 Calendar Year 7 29 100 2006 Calendar Year 5 33 84 67 14 5 12 43 1 1 fiscal Year 2008 97 73 24 Class of 2008 92% 95% $103,963 $25,931 68 14 5 13 42 3 0 fiscal Year 2007 116 89 27 Class of 2007 91% 97% $100,575 $23,268 67 14 4 12 40 8 0 fiscal Year 2006 94 84 10 Class of 2006 87% 95% $95,706 $21,212 20% 43% 23% 11% 3% Class of 2010 333 29% 9% 30% 63 23% 38% 26% 11% 2% Class of 2009 318 31% 7% 34% 60 22% 44% 22% 9% 3% Class of 2008 334 21% 7% 27% 54 2,762 25% 2,463 29% 1,823 41% 2007 – 2008 a n n ua l r e p o r t 21 FINANCIAl STATEMENTS fiSC aL Year 2008 finanCiaL PerformanCe Other 4% Unrestricted Annual Giving 5% MBA Tuition 37% Endowment and Other Restricted Sources 22% Executive Education 32% Sources Other 4% Advancement and Administration 10% Research and Centers 12% MBA Programs 39% Facilities and Capital Expenditures 12% Executive Education 23% Uses FISCAl YEARS ENDING JUNE 30 Sources: (thousands of dollars) MBA Tuition Executive Education Endowment and Other Restricted Sources Unrestricted Annual Giving Other 2008 $28,489 24,577 17,065 3,226 2,661 $76,018 2007 $ 23,927 21,857 15,724 3,102 4,784 $69,394 2006 $19,941 21,744 15,136 2,881 5,325 $65,027 Uses: (thousands of dollars) MBA Programs Executive Education Research and Centers Facilities and Capital Expenditures Advancement and Administration Other $29,257 17,645 9,133 9,022 7,746 2,741 $75,544 $ 28,684 15,388 6,453 8,427 7,368 3,056 $69,376 $ 24,668 14,696 5,946 8,194 7,921 3,362 $64,787 22 DarDen School of BuSineSS darden enterPriSe endoWment ComPoSition as of June 30, 2008 research/course Development $2 Million (1%) alumni, technology, and other programs $17 Million Student Services $3 Million (1%) 4% unrestricted $5 Million (1%) facilities $54 Million 15% 43% Scholarships $58 Million centers for excellence $161 Million 16% 19% chaired professorships $69 Million $369 Million The Darden Enterprise endowment is managed by the University of Virginia Investment Management Company, or UVIMCO. As of June 30, 2008, UVIMCO had $5.1 billion in assets under management. The primary objective of the long-Term Pool is to maximize long-term real returns commensurate with the risk tolerance of the University. To achieve this objective, the long-Term Pool is managed in an attempt to achieve returns that consistently exceed the returns on a passively managed benchmark with similar asset allocation and risk. Recognizing that the University must attract outstanding students, faculty, and staff, and provide appropriate resources for them, the long-Term Pool is also managed to provide long-term real returns that compare favorably with the returns of endowments of other outstanding schools. During the fiscal year that ended June 30, 2008, the value of the long-Term Pool increased by $758 million, of which $278 million was contributed by investment returns. The following table presents UVIMCO’s average annual compound return of the long-Term Pool as measured against its target benchmark and a traditional 65%/35% blend of the MSCI All Country World equity and the lehman U.S. Treasury bond market indices. Annualized 1 YR 3 YR 5 YR 10 YR 20 YR long-Term Pool Performance 5.9 15.0 14.4 14.0 13.8 Target Benchmark 3.9 13.9 13.9 8.6 10.8 65% MSCI AC World/35% lehman U.S. Treasury (2.1) 8.8 10.3 5.8 8.2 The complete UVIMCO fiscal year 2008 report is available at www.virginia.edu/uvimco. 2007 – 2008 a n n ua l r e p o r t 23 lEADERSHIp SCHOOl lEADERSHIP Robert F. Bruner, Dean, Darden Graduate School of Business Administration B. Kirby Armentrout, Director of Finance Robert l. Carraway, Associate Dean for MBA Education Susan Chaplinsky, Associate Dean for Faculty Scholarship Martin N. Davidson, Associate Dean for Diversity and Inclusion and Chief Diversity Officer Terry S. de Guzman, Associate Dean for Administration Ted M. Forbes (MBA ‘93), Executive Director, Darden School Foundation Everette Fortner (MBA ‘87), Executive Director for Corporate Relations James R. Freeland, Associate Dean for Faculty Michael l. Koenig, Director of Full Time MBA Operations Jim Kurre, Human Resources Director Michael lenox, Associate Dean for the Batten Programs and Executive Director of the Batten Institute Gene Meoni, General Manager, Abbott Center Dining Room and Sponsors Executive Residence Center Barbara A. Millar, Director, MBA for Executives Steve Momper, Director of Darden Business Publishing Sara E. Neher, Director, Admissions David Newkirk, CEO, Executive Education Elizabeth O’Halloran (MBA ‘95), Managing Director and Director of Intellectual Capital, Batten Institute Marsh Pattie, Director of Student Affairs Peter l. Rodriguez, Associate Dean for International Affairs Paul Simko, Associate Dean for MBA for Executives Randall R. Smith, Chief Technology Officer laura B. Terry, Vice President and Treasurer, Darden School Foundation Maureen E. Wellen, Executive Director for Strategic Initiatives Ken White, Vice President, Communication & Marketing Michael J. Woodfolk, Vice President, Alumni Relations FOUNDATION BOARD OF TRUSTEES Chairman: John G. Macfarlane III (MBA ‘79) Chief Operating Officer, Tudor Investment Corporation President: Henry F. Skelsey (MBA ‘84) Managing Partner, PRC Venture Partners LLC Robert F. Bruner Dean, Darden Graduate School of Business Administration John T. Casteen, III President, University of Virginia Thomas Farrell, II Chairman, President & CEO, Dominion Resources, Inc. Thomas J. Baltimore, Jr. (MBA ‘91) President, RLJ Development, LLC James Su-Ting Cheng (MBA ‘87) President, CH3 Jesse V. Crews (MBA ‘77) Partner, Fortress Investment Group, LLC Norwood H. Davis III (MBA ‘94) President & CEO, TRX, Inc. Group Michael A. DeCola (MBA ‘77) President and CEO, Mississippi Lime Company Kenneth M. Eades (Faculty) Professor of Business Administration louis Goodman Elson (MBA ‘90) Managing Partner, Palamon Capital Partners LLP Ted M. Forbes (MBA ‘93) Executive Director, Darden School Foundation Donald W. Goodman (MBA ‘84) Executive Vice President, Resort Development, Walt Disney Imagineering William H. Goodwin, Jr. (MBA ‘66) Chairman, CCA Industries, Inc. William J. Harvey (MBA ‘77) Vice President Corporate Operations, DuPont William I. Huyett, Jr. (MBA ‘82) Director, McKinsey and Company Gary T. Jones (MBA ‘74) Managing Director Senior Advisor (Ret.), Credit Suisse First Boston lisa O. Jones (MBA ’85) President, Pavilion Properties Peter D. Kiernan (MBA ‘79) Senior Advisor, Cyrus Capital Partners, LP Philip W. Knisely (MBA ‘78) Executive Vice President, Danaher Corporation Marshall N. Morton (MBA ‘72) President and CEO, Media General Inc. Harry T. Rein (MBA ‘73) General Partner, Foundation Medical Partners Mark A. Riser, III (MBA ‘94) Partner, Hamilton Robinson, LLC Peter l. Rodriguez (Faculty) Associate Dean for International Affairs Director, Tayloe Murphy International Center Douglas A. Scovanner (MBA ‘79) Executive VP & CFO, Target Corporation Walter E. Shill, III (MBA ‘86) Global Managing Director, Accenture Bryan H. Simms (MBA ’94) Partner, Point Capital Partners C. Ray Smith (MBA ‘58) Tipton R. Snavely Professor Emeritus E. Follin Smith (MBA ‘85) Professional Director, CFO/CAO (Ret.), Constellation Energy Group John R. Strangfeld, Jr. (MBA ‘77) CEO, Prudential Financial, Inc. James W. Todd (MBA ‘64) President, The Peterson Companies Carroll M. Warfield (MBA ‘81) Managing Director, Thayer Lodging Group Elizabeth K. Weymouth (MBA ‘94) Managing Director, Riverstone Holdings LLC Vanessa A. Wittman (MBA ‘93) CFO, Marsh and McLennan Company 24 DarDen School of BuSineSS P. O. Box 6550 Charlottesville, Virginia, 22906-6550 www.darden.virginia.edu Produced by the Darden School of Business Office of Communication & Marketing P. O. Box 6550 Charlottesville, VA 22906-6550 www.darden.virginia.edu