2002 MSB Magazine Spring Summer

Business

SPRING / SUMMER 2002

VOLUME 14 NUMBER 2

A Brush with History Students Find Bank Credit Linked to Other Services Global Integrative Post-September

Georgetown Business is published during the academic year by The McDonough School of Business for alumni, parents, friends, and business colleagues. Dean

Christopher P. Puto, Ph.D.Senior Associate Dean

Joseph Mazzola, Ph.D.Editor

Elizabeth Shine g99Contributing Writers

Tom Price Susan Price Elaine Ruggieri, aprEditorial Assistant

Carin Dopieralski b03Photography

Keith Tishken John Casey (mba02) Ates Celep (mba02) Jason Claire (mba02) Mona El-Banna (mba02) Ryan Orner (mba02) Michelle G. Jones (mba02)Designer

Nancy Van MeterGeorgetown Business

welcomes inquiries, updates, opinions and comments expressed by its readers. Letters should be addressed to: the editorGeorgetown Business

deans office georgetown university the mcdonough school of business old north building washington dc 20057 phone: 202-687-4080 www.msb.georgetown.edu

Letter from the Deanwhich depict signicant scenes in the nations founding, have

acquired a new signicance. Painted at the turn of the twentieth

century, they celebrated a revived interest in patriotism. Today, they

serve to remind us of our democratic values, values that have enabled the creation of capitalism, and by extension, business education.

While we celebrate Old Norths beautiful art in this issue, other creative endeavors have unfolded this semester at the McDonough School of

Business. Weve launched a new Center for Business and Public Policy, and a group of undergraduates saw the results of their independent

study project featured in the Wall Street Journal and Business Week. We are offering a new undergraduate concentration in Operations

and Information Management, and several of our students have won awards, including a Fulbright scholarship.

From art to awards to this very magazineall these accomplishments

prove that in essence, business is fundamentally creative. We hope you enjoy the results as much as we enjoy the process.

Christopher P. Puto, Ph.D. Dean

CONTENTSInside Information . . . . . . . . . . . . . 2 MSB Students Research Links Bank Credit with Other Services . . . . . . . . . . . . 8 A Brush with History . . . . . . . . . . . 9 Global Integrative Gains Increased Relevancy Post-September 11 . . . . . . . . . . . . 14 Alumni Notes . . . . . . . . . . . . . . . . . 23

Welcome1

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n the months after September 11, the Mosler paintings in Old North,

Inside InformationMcDonough M.B.A.s Take Job Hunt on the Road Reza Moshir-Fatemi (MBA02), past president of the European association, who was the primary organizer of the London Trek. Georgetown University has a very good name in Europe, said Moshir-Fatemi, a British citizen. We wanted to capitalize on the Georgetown name and get the business school more highlighted. During each Trek, students visited companies, met company executives and socialized with alumni. The Treks were organized by student clubs with help from alumni. Alums were particularly active in the Miami Trek, according to Gary Chong-Hon (MBA02), a citizen of Panama and president of McDonoughs Inter-American Business Association at the time of the Trek. Miami seemed an ideal Trek site for the club because the city is the gateway for Latin America, Chong-Hon said. Albert Bocock (MBA 96), nance vice president for two related companies that do business in Central America and the United States, arranged most of the company visits with help from other members of the Georgetown Club of Miami. Bocock urged other alumni clubs to help with Treks in their communities and said the Miami club would offer advice. I dont know who enjoyed the event more, us or the students, Bocock said.

IU.S. News & World Report Ranks Georgetowns McDonough M.B.A. Among Nations EliteIn its April 5 Best Graduate Schools issue, U.S. News & World Report ranked Georgetowns McDonough School M.B.A. program at #24. This places Georgetowns M.B.A. program among the top six percent of 352 accredited American M.B.A. programs surveyed. Georgetown continues its representation among the top 25 M.B.A. programs in U.S. News, last year placing at #22. We are pleased to be recognized by U.S. News and World Report as being among the elite M.B.A. programs in the U.S., says Christopher Puto, dean of the McDonough School. U.S. News and World Report surveyed all 352 accredited masters programs in business, and calculated rankings based on a weighted average of several quality indicators, including reputation by academic and corporate recruiters, placement success, and student selectivity. The U.S. News and World Report rankings are available at www.usnews. com.

n a sluggish economy, McDonough M.B.A. students werent sitting tight waiting for jobs to materialize. About 100 students took to the road this year, promoting the school and networking during Career Treks to Madrid, London, Miami and San Francisco. The purpose of the Treks was to expand employers awareness of the school, especially in Europewhich will boost McDonough students prospects in the future. You get to understand better the companies and the geographic region where they operate, said Sergio Iranzo, president of the Georgetown M.B.A. European Business Association, which sponsored the Madrid and London Treks. In Spanish culture, added Iranzo, who is Spanish, a lot of relationships need personal interaction. So a person who participates in these events is more likely to get a job offer than someone who has not. Students beneted from personal contacts made in the San Francisco Bay area as well, said John Casey (MBA02), co-president of the Cal Trek Club, which organized events in Palo Alto and San Francisco. The Treks also get the Georgetown M.B.A. name to the attention of more companies, said

McDonough M.B.A.s at Spains Palacio de la Moncloa during Madrid Trek.

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The McDonough School of Business

September 11 Victims Memorialized Through AwardsIn the last issue of Georgetown Business, we neglected to mention that September 11 victim Joe Shea (B76) is survived by sister Kathy Shea (B80) and brothers Tom and Francis Shea. The Shea family has established the Joseph Shea Memorial Scholarship Fund at Georgetown to be awarded to the children of September 11 casualties or those who otherwise show need. To make contributions to the scholarship, please contact David Sears at 202.687.2394. Mary Balmaceda-Roy (MBA02) was the recipient of the rst annual Daniel Walker McNeal Service Award, presented at Georgetowns M.B.A. Award and Diploma Ceremony May 17. The McNeal Service Award is in honor of Daniel McNeal (MBA00), who died during the September 11 terrorist attacks on the World Trade Center. It is awarded to the graduating student in the Georgetown M.B.A. program who best exemplies the nest characteristics of a successful Georgetown graduRoger Ailes, chairman and CEO of Fox News (l) and Barbara Krumsiek, President and CEO of the Calvert Group (r), were speakers at the M.B.A. and undergraduate commencements respectively. ate. The McNeal Award is the preeminent student award given at graduation, said Marilyn Morgan, associate dean and director of the M.B.A. program.

Spring / Summer 2002

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Inside InformationCredit Research Center Study Finds Financial Counseling Effective redit counseling works. That is the key conclusion of a study by McDonoughs Credit Research Center in cooperation with the nonprot National Foundation for Credit Counseling and Lundquist Consulting Inc. The conclusion is important to the credit industry, which subsidizes counseling programs, and to government ofcials, who have been mandating counseling in a growing number of circumstances, Research Center Director Michael E. Staten said. Staten called the ndings good news for both consumers and creditors. It makes the case that nancial counseling helps consumers help themselves. The researchers identied 14,000 clients who received one-on-one counseling from afliates of the foundation during 1997 in Georgia, Illinois, California, Arizona and Texas. The clients credit records over the next three years were analyzed and compared with anonymous credit bureau data for similar individuals and families who were not counseled by foundation afliates. On measures of creditworthinesssuch as late payments, outstanding debt and credit bureau scoresthe clients improved their performance and performed better than the control group. Consumer debt has soared in recent years up from $1.2 trillion in 1996 to $1.65 trillion in 2001. Consumer bankruptcy lings rose from 1.2 million in 2000 to 1.5 million in 2001. More than 1.5 million families contacted foundation afliates for help in 2000. Approximately 880,000 entered counseling that year, about a third of whom agreed to follow formal debt management plans. The other two-thirdslike those studied received counseling. Despite widespread use of credit counseling, Staten said, there was no known empirical study of its impact. Creditors have been asking for evidence that subsidizing counseling is worthwhile. The Credit Research Center will release a companion report later this year on how well participants in formal debt management plans fare in the years after they resume managing their nances on their own. The reports are part of the centers investigation of how people make choices when theyre faced with high nancial difculty, Staten said.

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The M.B.A. Finance Club recently launched a new Bulldog & Bear logo. Drawn by Wall Street Journal artist Nancy Januzzi, the logo features Georgetowns Jack the Bulldog, representing the bull side of the market, ghting a bear.

Sean Meckley (B02) received a Fulbright Scholarship in April to study at the Vienna University of Economics and Business Administration this fall. Meckley, who majored in international business and nance, will examine the privatization of Central and Eastern European banks and the involvement of Austrian banks in this process.

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Business School to Launch New OPIM Concentration he McDonough School of Business will launch a new undergraduate concentration, Operations and Information Management (OPIM), this fall. The emergence of integrated computerized planning systems in everything from manufacturing facilities to investment exchanges has led to a tremendous demand for professionals who understand business processes and how to enhance them using information systems, says Professor Keith Ord, one of the faculty involved in developing the concentration. The concentration will consist of ve three-credit courses, including three required courses in databases, global logistics and supply chain management, and decision support systems. Students can select from a variety of electives to round out the concentration. Classes will be taught by operations management and information sciences faculty within the business school. The new concentration will prepare students for careers in consulting, operations, planning and systems analysis. Ord also noted it could be valuable to those entering nance and marketing because it provides strong technological and quantitative skills required for decision making. Several business schools already offer similar concentrations to OPIM, including Maryland, Penn State, and Wharton. OPIM is a valuable concentration, notes Ord. Graduates will be able to understand the structure of an organization, create databases that provide an effective overall description of its operations, and use those databases to make timely and efcient policy decisions.

Georgetown M.B.A. Represented on Case Competition Winning Team

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ndrew LaVanway (MBA03) was a member of the winning team in the rst annual Simon School-Johnson School Case Competition in Rochester, NY, April 57. Other members of the winning team included M.B.A.s from the business schools at the University of Rochester (Simon), University of Maryland (Smith), Purdue (Krannert), and Tulane (Freeman). The competition, sponsored by General Mills, focused on a marketing case in the food products industry. Students were given ve hours to analyze the case and develop proposals for leveraging an existing website to create demand in a declining category. Other rst-year Georgetown M.B.A.s participating in the competition included Rachel Simpson, David Luks, Frank Bracken and Dave Haber. Among the thirteen graduate business schools represented at the competition were Kellogg (Northwestern), Haas (UC Berkeley), Sloan (MIT), and Yale Graduate School of Business (Yale). Case competitions are a great opportunity to take the M.B.A. tools out for a test-drive and to compare notes with colleagues from other schools, said LaVanway. The Georgetown M.B.A.s participation in the event was sponsored by marketing professor Bob Thomas.

Andrew LaVanway (MBA03) (far left) with members of the winning team at the Simon School-Johnson School Case Competition.


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McDonough Launches New Center to Explore Business and Public Policyby Elaine Ruggieri $1.5 million commitment has enabled the McDonough School of Business to establish a new Center for Business and Public Policy. The Center, launched in February, will engage scholars, business people and policy makers in key business, economic, regulatory and ethical issues confronting U.S. and international business. As part of this broad mission, the Center is concentrating rst on workplace safety. This issue spurred the creation of the Center following the success of last years Workplace Safety Summit held at Georgetown. The conference brought together for the rst time corporations, nonprots, government agencies, labor ofcials, activists, and academics to debate workplace safety and explore ways to make workplace safety a national priority. The Center sponsored the second Workplace Safety Summit in April (see sidebar). John W. Mayo, director of the new Center and professor of economics, business and public policy at McDonough, says, Georgetown and its location in the nations capital provide a perfect, neutral venue to examine the interplay between business and public policy, and workplace safety as an issue needs visibility and research to make it real for policymakers. Workplace injuries and fatalities cost American industry and taxpayers at least $170 billion a year in lost productivity, wages, and compensation. According to Mayo, the CBPP has also developed an active fellows program to encourage research on business/policy matters and introduced a special course on health and safety management in the M.B.A. program. In addition, the Center plans to host a seminar on ethical issues of workplace safety, and will continue to host the Workplace Safety Summit annually. The Center is sponsored by the American Red Cross, Delta Airlines, DuPont Company, the Laborers Health and Safety Fund of North America, and the Trucking Association of America. The Center has also formed working relationships with Ford Motor Company, General Motors Corporation, the National Safety Council, the Occupational Health and Safety Administration, and United Farm Workers. Forty-ve members of the McDonough faculty are serving the Center as faculty associates. The timing is perfect for a center like this. It will provide a neutral forum for policy makers with different opinions, but with similar principles, to debate issues of mutual concern, says Mayo. The latest activities of the CBPP will be posted on its Web site: www.msb.edu/prog/cbpp.

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Center Director John Mayo with James Patten (l) and Greg Anderson (r), co-chairs of the United Auto Workers/Ford National Joint Committee on Health and Safety.

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2002 Workplace Safety Summit Features Leading Policy Makers

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he 2002 Workplace Safety Summit, held April 1112, drew over 100 senior-level ofcials from business, labor, government, academia, and advocacy organizations, including the AFL-CIOs Director of Occupational Safety and Health Peg Seminario, Assistant Secretary of Labor-OSHA John Henshaw, President

of the National Safety Council Alan McMillan, DuPont Group Vice President and General Manager Ellen Kullman, and United Farm Workers President Arturo Rodriguez. Sponsored by the McDonough Schools new Center for Business and Public Policy, the Workplace Summit provided a forum for the participants to explore common ground in their continuing efforts to end the 6 million injuries and 6,000 deaths on the job reported each year in the United States. The Workplace Safety Summit is the best way for these groups with different opinions to meet on neutral territory and develop practical solutions to the nations workplace safety problem, says John W. Mayo, director of the Center and professor of economics, business and public policy at the McDonough School. Topics explored at the Summit included: catalysts for achieving worker health and safety; the impact of safety-conscious management systems; an overview of worker deaths and injuries; worker hazards; new partnerships; and results from the rst Workplace Safety Summit held last year. Sweeney delivered the keynote address, and McMillan, Kullman, Rodriguez and Henshaw served as panelists in the session Safety in the Workplace: A View from the Top.Arturo Rodriguez, president of the United Farm Workers, spoke at the Centers launch on February 28.

Workplace injuries and fatalities cost American industry and taxpayers at least $170 billion a year in lost productivity, wages, and compensation.


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MSB Students Research Finds Bank Credit Linked to Other Servicesby Elizabeth Shine G99

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esearch by three McDonough School of Business undergraduate seniors reveals that almost half of corporate nance professionals say that failure to award lenders with core investment banking business makes it more difcult for them to obtain competitive credit. Working with the Association for Financial Professionals, Lorena Droba (B02), Kelly Kirby (B02), and Chris Villar (B02) surveyed approximately 3,500 corporate nancial ofcers. Of the 427 respondents, 48% believed that if they did not award other business to short-term lenders, the amount of short-term credit provided would be reduced. While it is illegal for lenders to directly tie credit provision to the awarding of future fee-based business, the students found signicant pressures being placed by lenders on corporations to award them with lucrative business in exchange for low-cost short-term credit.

When lenders make it as explicit as saying Well give you credit if you give us this deal, thats called tying, and its illegal, notes Villar. But its not that explicit. Lenders are subtly pressuring clients to award them other business, but clients are also demanding credit from their banking relationships. The extent to which this occurs has never been quantied before. We tried to get a more solvent hold onto what exactly is going on. With the repeal of the Glass-Steagall Act in 1999, commercial banks were able to start competing with investment banks for higher-margin business. The students research nds that commercial banks are strongly leveraging their balance sheets and their expertise in lending to compete with traditional investment banks in areas like cash management, debt/equity underwriting and strategic mergers and acquisitions advisory work. Commercial banks make more money from such services as underwriting and merger advice as opposed to credit lending.

(left to right) Chris Villar (B02), Kelly Kirby (B02), and Lorena Droba (B02)

The commercial banks are taking a step back and looking at the relationship as a whole, says Droba. They may note that short-term credit is not so protable, and may place a lot of pressure on companies by saying, well, if you dont provide more lucrative business, this relationship in general is not benecial to our bank. The students found that large companies are particularly pressured. In their paper, they noted, Companies with over $1 billion in annual revenue are even more likely to expect a reduction or withdrawal of short-term credit if they did not award other types of business. Liquidity was a hot topic at the two investment banks where Villar, Kirby and Droba worked last summer, as investment banks grappled with commercial banks going after their traditional business. In the fall, the students decided to formally investigate the subject further. They designed a survey for nancial executives, and working with nance professor David Walker, they contacted the Association for Financial Professionals, who administered the survey to its members. The students then analyzed the responses and interpreted the data. It was exciting for us as students to see a survey we had designed going out to the treasurers of Fortune 500 companies, and to have them actually respond to us, says Kirby. The students hard work has paid off, with articles featuring their research in The Wall Street Journal and Business Week. And needless to say, these seniors arent worried about jobs. Droba and Villar will head to New York City this summer to work for Morgan Stanley and Goldman Sachs respectively, while Kirby will work for Deutsche Banc Alex. Brown in Los Angeles.

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A Brush with History:

The Paintings in Old Northby Tom Price

Georgetown University by riding his horse to the Hilltop, walking into what is now called Old North (it was nearly brand new then) and being received in the formal parlor. The parlor is long gone, replaced in a renovation with a staircase at the buildings north entrance. But Washington is still there or at least his image is.Spring / Summer 2002 9

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, George Washington launched a tradition of presidential visits to

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anging beside the stairs, just inside that rst-oor entrance, is a six-and-a-half-foot-tall rendering of Washington Crossing the Delaware. The oil-on-canvas painting was created in 1911 by Henry Mosler, a now-obscure but then-prominent and prolic American artist. It is one of three Mosler history paintings that hang in Old North, which has become Georgetowns oldest edice and headquarters for the McDonough School of Business. The paintings are among 15 museum-quality works of art on display throughout the building. Visitors, surprised to encounter the paintings in the halls, stairways and meeting rooms, often inquire about the works, according to McDonough Communications Director Elizabeth Shine, whose ofce is on Old Norths second oor. One reason they are displayed there and other works elsewhere across the campusis that Georgetown lacks a museum, notes Lulen Walker, Georgetowns art collection coordinator. Enabling students to encounter art as they go about their daily activities also helps to fulll the universitys educational mission, said Clifford T. Chieffo, professor emeritus of art and former curator of the collection. The Moslers seem particularly appropriate at Georgetown and, specically, in Old North. And their display was taken into account when the building was renovated to house the business school, Chieffo said. The paintings depict key events in the creation of the United States, which coincides with the birth of the university and the construction of Old North. The university was established in 1789, just as the rst U.S. Congress, president and Supreme Court justices were taking

Washington Crossing the Delaware by Henry Mosler, 1911

ofce. Construction of Old North, the universitys second building, was completed in 1795. (Old South, Georgetowns rst building, was razed in 1904, making way for Ryan Hall.) Washington was the rst of 13 presidents to visit Old North before, during or

after their time in ofce. Gerald Ford attended the ceremonies that rededicated the building as home of the business school in 1983. Bill Clinton, a Georgetown alumnus, addressed the diplomatic corps at Old North during inauguration week ceremonies in 1993.

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hen W.H. Walters, chairman and president of the Diamond National Corp. in New York, donated the Mosler paintings to Georgetown in 1962, on the occasion of his son Bernards enrollment, University President Edward B. Bunn, S.J., noted that their subject matter ts in beautifully with our tradition. Bunn promised to hang them where the students can imbibe some of the spirit of early America which they represent. Moslers Washington Crossing the Delaware is not the familiar painting that shows the general standing in prole on a boat which his troops are rowing through ice-lled waters. But it probably is a more accurate rendering of the 1776 Christmasnight crossing which enabled Washington to surprise Britains Hessian mercenaries at Trenton the next day and win a moralelifting victory, Walker said. The well-known portrayal, which hangs in New Yorks Metropolitan Museum of Art, was painted in Germany in 1851 by Emanuel Leutze who just concocted it out of his own mind, Walker said. Mosler actually visited the crossing site in winter so he could get a better sense of what it really looked like. That attention to detail and historical accuracy is evident also in the other Moslers that hang in Old NorthJohn Paul Jones capturing the British ship Serapis, and Betsy Ross and her assistants making the rst American ag. Its an approach Mosler acquired early in his career when he traveled with Union forces as an artist and reporter for Harpers Weekly during the Civil War. All of Old Norths Moslers were painted around 1911 and were reproduced in the Dec. 3, 1913, issue of The Mentor, a weekly magazine founded to educate its readers about art, literature, science, history, nature and travel.

The Triumphal Victory of the Bonhomme Richard by Henry Mosler, 1911

The paintings illustrated a series of articles about the American Revolution. The Mentorwhose advisory board included the president of Princeton University, the director of the New York Zoological Park and professors at Harvard and Rutgersdescribed the works as distinguished examples of modern historical art and paintings of great art value and historic importance.

The Mentor noted that Mosler made careful sketches of Betsy Rosss Philadelphia house before he painted The Birth of the Flag. He also collected 18th century costumes and other props, which he used when posing models for the paintings, Walker said.


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oslers Crossing the Delaware views Washington from the front, as he stands in his boat while his troops strain to propel the craft through oating chunks of ice. The Mentor called Moslers painting a true and spirited conception of the event, while describing Leutzes as stiff and constrained and lacking a sense of reality. Moslers preparation for the painting included drawings in pencil and ink as well as a sketch in oil. The oil sketch, according to a 1996 article in American Art Review, could be considered a nished product by artists other than Mosler. The John Paul Jones painting which hangs in the stairwell one ight above Washingtondepicts the commodore boarding the British ship. The scene is lighted dramatically by the res that contributed to Jones ship, the Bonhomme Richard, sinking two days after the Americans took control of the Serapis.

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I think its a wonderful history painting, and its original, Walker said. Ive never seen anything like this composition and the way the re is done. Its very dramatic. In contrast, the Betsy Ross painting which hangs in the second oor Grand Reception Roomportrays four women placidly sewing the ag beside an opened window. The Mentor noted the paintings grace and charm. Its too bad that Mosler is not so well known today, Walker said. I think he was very talented. He had a huge studio at Carnegie Hall. He had a lot of pupils, and he sold a lot of paintings. Walters had donated a fourth Mosler, which ended up as a footnote in modern history just as it depicted the history of the revolution. The paintingof the ringing of the Liberty Bellwas destroyed during a student protest against the Vietnam war that turned destructive.

The Holy Family by Adam Van Noort, 1590

The four Moslers were painted during a revival of patriotism and interest in the revolution, Walker said. The Mentor reported a demand now from many sourcesfrom galleries, federal and state governments, and from schoolsfor historical pictures. That helps to make the Moslers especially interesting during the current resurgence of patriotism in the wake of the terrorist attacks of Sept. 11. The Moslers of Old North all show the U.S. ag, which has become ubiquitous today. They arent the only signicant paintings in Old North, however, nor the oldest. In the second oor hallway, for instance, is a painting from around 1590 that depicts Mary, Joseph, the infant Jesus and Mary Magdalene. Walker called it a really ne painting that would be quite desirable for a museum collection. It has additional interest because the artist, Adam Van Noort, taught Peter Paul Rubens.

The Birth of the Flag by Henry Mosler, 1911

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ubens is represented by a 19th century copy of his Four Philosophers, which hangs in the Grand Reception Room. The original, painted in 1611, hangs in the Palazzo Pitti in Florence. Also hanging in the reception room is one of four known contemporaneous copies of the Martyrdom of St. Lawrence. The original, which once hung in the San Francesco della Vigna church in Venice, has been lost. It and the copies are attributed to unknown 16th century artists of the Santa Croce workshops in Venice. They depict the saint being burned on a gridiron. Among the other works displayed in Old North is a signed Pablo Picasso lithograph poster for the Galerie Alex Maguy in Paris in 1962. Security, as well as esthetics, helped to determine how the works were hung during the 1983 renovation.

Contemporaneous copy of The Martyrdom of St. Lawrence, artist unknown, 16th century

When we did the renovation we had the opportunity to put in alarm systems, to get the paintings bolted literally into the walls and to design spaces to accommodate pieces, Chieffo said. We designed that stairwell to t those (Mosler) paintings. The large (Grand Reception) Room provided an opportunity to hang some of our larger pieces that were in storage, like Betsy Ross.

Some paintings, including the Moslers, are attached to a protective backing so you cant inadvertently punch a hole in it or cut through it on purpose, he said. Part of the dilemma in a public space, Chieffo said, is how you protect the works. We went through a lot of trouble to do that. I think the purpose of our acquiring art is that it will be utilized for education. Otherwise, it lives in storage, which is not our desire.

Copy of Rubens Four Philosophers, 19th century


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Global Integrative Gains Increased Relevancy Post-September 11by Tom Price he terrorist attacks of September 11 and the accompanying disruption of commerce and travel complicated but did not halt McDonoughs 2002 international residency program. Two international students couldnt leave the United States during the oneweek residency, because of changes in passport and visa administration, and had to participate in substitute activities. Two American students were allowed to do alternative projects because of their fear of traveling after the attacks. And the school called off planned projects in India because of terrorist incidents there and the threat of war between India and Pakistan. More than 230 second-year M.B.A. candidates did complete more than 40 consulting projects in Argentina, Brazil, Italy, the Czech Republic and Vietnam March 916reassured by the facultys attention to security.

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In the months leading up to the residency, the McDonough School had regular contact with U.S. embassies in the countries where the students would travel and with those countries embassies in the United States. School ofcials kept in touch with the faculty members, business executives and Georgetown alums in those countries that were helping with the program. They had weekly communication with the U.S. State Department and they consulted Georgetowns own experts in risk management and international affairs, as well as the universitys legal counsel. The faculty leading programs abroad were required to lay out clear plans for what the students should do if something were to go wrong. September 11 changed the global experience to a degree, in the sense that Georgetown M.B.A.s are now more aware of how Americans are perceived internationally, noted Sam Chawla (MBA02), M.B.A. student government leader. Our

class is particularly sensitive to the impact the American economy and American values have on global affairs. The residency, which is required of all M.B.A. candidates, is central to McDonoughs internationally-focused curriculum. Students form teams of ve or six in late November, and each team consults with a company on an international business challenge. The team completes its research overseas and presents its ndings to company executives on site. This is part of what makes our program distinctive, said Marilyn Morgan, associate dean and M.B.A. program director. And in light of September 11, the global experience is even more relevant. Our M.B.A.s successfully complete a hands-on international consulting project where they learn to meld American business solutions to the particular economic and cultural values of another country. Because the global integrative is the capstone of the Georgetown M.B.A. experience, Morgan noted that students in the future will not be excused from the resi-

McDonough M.B.A.s on integratives in Argentina...

...Italy

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dency in the absence of extreme extenuating circumstances. International students will be required to have their documents in order for travel outside the United States. Some of this years more interesting residency projects were in Vietnam, a former U.S. enemy and a communist country that wants to prot from doing business with the West. Nine teams, with a total of 52 students, consulted for small Vietnamese rms, state-run enterprises and U.S.-based giants such as Cargill, Pepsi and Citibank. One team conducted a Citibankorganized conference for seafood exporters that want to increase their sales in the United States under the bilateral trade agreement that took effect in December. About 50 managers plus 15 members of the press attended the day-long conference, which generated news coverage for Georgetown by nine Vietnamese publications and two broadcast media, and which enabled Citibank to acquire at least two new clients.

The team made a presentation to the full conference in the morning. In the afternoon, each team member conducted a small-group seminar on such topics as understanding the U.S. business culture and how to use the Internet effectively. Student Cathy Kaboski (MBA02), who led the workshop on business culture, said she warned the Vietnamese that Americans place much more emphasis on speed and straight talk. Things in Vietnam tend to take much longer, she said. As in many Asian cultures, many times things arent stated but are understood. In the United States, communication tends to be very direct. Another difference is that women seem to play a larger role in business in the United States than in Vietnam, Kaboski said. So another topic she addressed was how to work with a woman boss. Students value the residency for the fact that they work with companies on real business issues as well as for the international exposure.

All students do research and meet in teams on campus, said Sam Robfogel (MBA02), whose team consulted with Eurotel wireless in Prague. But this was different, Robfogel said. We were there at the company with their chief operating ofcer and people from marketing, distribution, legal and all of thatand they had real problems and were looking to us for real answers. Ryan Orner, whose team worked with Italian winery Marchesi del Frescobaldi, said the project gave him an appreciation for and understanding of the opportunities and challenges inherent in conducting international business. Orner said he enjoyed doing research before the triptalking to everyone from the local wine retailers to the trade associations that represent importers and distributors and the like. But the highlight, he said, was visiting the leadership of the company in Florence and visiting their estates. We got tremendous access and insight to a very well-known and respected winery.

...and Vietnam. ...the Czech Republic


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FACULTY FORUM

Enron Case Advances Study of Ethicsentioning that I teach business ethics or corporate social responsibility is a surere invitation for ridicule: Arent those oxymorons? Implicit in these derisive barbs is the supposed simple truth about businessits bereft of morality, socially irresponsible, and not likely to change. These cynical expressions bring to my mind Mark Twains famous aphorism about simple truths, Theyre neither simple nor true. Being from Missouri, I agree with Mark Twain, especially in the case of the one about business. So its fortunate that I teach where I do. The McDonough School of Business seeks to develop principled business leaders. The seriousness of this commitment is expressed by required courses in business ethics and by the business ethicists resident within the School. As one of those ethicists, I admire this stance. But lest I create an exaggerated impression, Im still a moral philosopher in a business school. Lets just say that I can relate to what it must be like to play football for schools like Kentucky or Indiana essential and legitimate, but obscure in comparison to something else. Then came Enron, and news of document destruction at Arthur Andersen. Suddenly the media sought the views of business ethicists. Ill go out on a speculative limb and say that a recent interview I did with MSNBC was the rst time a nancial news network had occasion to broadcast from an ofce in the Philosophy Department of Georgetown University.

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Make no mistake; were not the least bit gratied by this attentionbetter that we could continue toiling in obscurity and the innocent bystanders of Enron and Andersen could continue to work at their jobs and to prot from their investments. But they cant. And for some observers, their tragic losses conrm the immorality of American corporate life and the futility of the business ethics enterprise. Paradoxically, as our views became newsworthy, our discipline aroused increased skepticism. So, an explanation is in order; one that places these events in a sensible perspective, and one that describes the realistic goals for ethical training of business students. But rst, a caveat. I entered this eld after a business careernine years as a CPA, another nine as the chief nancial ofcer of Edward Jones, and a brief sojourn as the CFO of Trans World Airlines. This is a weird background for a moral philosopher. I share it to put my observations in the proper context. So, post-Enron, can we combine the concepts of business and ethics without sarcasm? I think so. For the moment, bracket the hideous revelations owing out of Enron and consider instead the public reaction to them. Were witnessing what is by any standard an extraordinary response; one that is usually reserved for serious political scandals or matters of life and death. Only a handful of episodes in American business history have kindled and sustained this much interest or this much change. Consider that Enron has attracted Monica-like media attention; considerably more than any other business failures of recent memorythe stock market crash

of 1987, the savings and loan crisis, and similarly dangerous episodes of recent business history. And its not as though the country has been in a slow news cycle since last fall.. Consider the exceptional reaction that Enrons failure provoked in the halls of Congress. Within weeks of its the bankruptcy ling, committee members from both houses of Congress lectured and berated Enron and Andersen executives. Not since the Pecora hearings of 1933 have we witnessed such a spectacle. Those hearings gave rise to legislation that, among other things, created the Securities and Exchange Commission and the capital market regulation in place today. And consider the stunning market reaction to Enrons collapse. Almost impulsively, before Andersens survival was in serious jeopardy, corporate boardsnot famous for their reaction timessevered their long-standing relationships with the auditor. Investors now receive disclosures they were denied in the past. The accounting industry is voluntarily restructuring along lines they resisted for the past decade. And the capital markets ravage any companies that share the slightest similarity with Enron. Some of this is a temporary overreactionmarkets do that. But theres no mistaking that post-Enron, some substantive business practices will have changed. It isnt plausible that Enrons size or prominence alone accounts for the enormity of this reaction. The story begins as a big company going broke. But the intensity and duration of the coverage and the political and market responses are kindled by something else. This reaction, I think, is

16


best understood in terms of moral indignation to the audaciously selsh and reckless abuse of corporate authority. Whats under our skin, mine anyway, are the people that created the illusion of a successful, wellcapitalized, and protable company out of an over-leveraged mess of a money-losing business. Our collective outrage is not over Enrons failure so much as it is over its success. More precisely, were not angry that Enron failed, but that it succeeded on the basis of a colossal lie. This reaction is important because it indicates what the American public expects in the way of corporate integrity. But contrary to the business-ethics-asoxymoron refrain, such expectations only make sense in an environment where they are routinely fullled. There are large parts of the world where the public does not expect corporate integrity. Recently, but pre-Enron, I worked with a group of business and government leaders touring the U.S. in an effort to improve the moral climate of commercial life in their home countries. They were bafed by our visceral reaction to lapses in corporate integrity. We should be reassured. Reassured, but not complacent. The public reaction to Enrons failure illustrates the stakes of a moral failure in business. Obviously other things failed as well, including every safeguard; from the auditors to the rating agencies. But theres no substitute for personal integrity and safeguards will always be imperfect. The rst and nal lines of defensethe moral responsibility of imperatives of managers is the focus of my discipline. The piece of it Im interested to explain here is the role of ethics in business education.

I cant speak for every business ethicist but I try to accomplish two things in my business ethics courses. The rst is best described as ethical conditioning, by which I mean the self-restraint to behave decently when theres something at stake. Like most normal adults, my students have well-developed intuitions about right and wrong when it comes to human behavior that affects others. But while necessary, intuitions are not up to the task of navigating the moral landscape of business. Other things get in the way. Ethical conditioning involves understanding and contending with these obstacles. Management takes place against a background of conicting loyalties, ambiguous obligations, chronic uncertainties, and overwhelming temptations. Ones moral duty isnt always obvious and acting on it isnt always easy. This situation cant be changed, but students can be prepared for it. I try to give my students an experience of making a morally charged business decision under realistic conditions. They analyze complex cases, make decisions, and defend them under combative conditions. I structure these cases so that theyll be exposed to the telltale signs of danger, including the categories of misjudgments that derail careers and companies. Im a guide in this process, and while I have a target in mind, its not one I can hold up. Ultimately, students have to discover and choose for themselves the values theyre willing to live by. Perhaps as importantly, they must gure out the values theyre unwilling to violate. Its ironic that in a class of students obsessed over nding the job of their dreams, I want them to decide what theyre willing to quit over, before

theyre in the middle of the fray. Moral conditioning involves practice, in a setting where the only danger is a lousy grade. My second goal is to convey a sense of the moral possibilities of business. Genuine moral dilemmas in business are extremely rare. They seem to lurk everywhere because morally satisfactory and and nancially feasible solutions are thought to be mutually exclusive. I believe the two can be harmonized because I saw it done. My job as a teacher is to provoke creative thinking so students, soon to be managers, will be inclined to look for them. Like any teacher, I hope my students have rewarding careers. But I hope as well that they lead decent lives. Understanding that one need not get in the way of the other, that combining the two is a lively possibility, is the starting point. I dont suggest any of this is easy because its not; its called work for a reason. Assistant Professor Edward Soule was a general partner and chief nancial ofcer for Edward Jones. Prior to that he practiced public accounting with a predecessor rm to KPMG. His book, Morality and the Market: The Ethics of Commercial Regulation, is scheduled for publication later this year.


17

FacultyACHIEVEMENTSProfessor Reena Aggarwal was a Professor Robin Dillon and ElisaProfessor Robert Grant published

panelist on the International Corporate Governance panel at the meeting of the Eastern Finance Association in April 2002. She presented The Future of Research on Corporate Governance in Emerging Markets: Role of Institutional Investors, at the Research Network Meeting of the Global Corporate Governance Forum at the World Bank on April 5, 2002. On May 1, 2002 she presented Institutional Investment in Developing CountriesCorporate Governance at the U.S. Securities and Exchange Commission International Institute.Professor Alan Andreasen is a

beth Pate-Cornell (Stanford University) won the 2001 Transactions best paper award for co-authoring Success Factors and Future Challenges in the Management of Faster-BetterCheaper Projects: Lessons Learned from NASA, published in IEEE Transactions on Engineering Management Feb. 2001, vol. 48, no. 1, pp.25-35. They have also been awarded a $30,000 National Science Foundation grant through Stanford University to study programmatic risk for critical engineering systems under tight resource constraints.Professor Allan Eberharts article, Comparable Firms and the Precision of Equity Valuations, appeared in the Journal of Banking and Finance 2001, vol. 25, pp.1367-1400. He and Professor Akhtar Siddique also co-authored The LongTerm Performance of Corporate Bonds (and Stocks) Following Seasoned Equity Offerings, forthcoming in the Review of Financial Studies.

member of the Greencom Technical Advisory Group, GreenCom, a $30 million USAID project focusing on environmental education and communication. In March 2002, he received a $2,500 grant from the National Institutes of Mental Health to prepare a paper on the use of social marketing to address best practices in child mental health. He published Marketing Social Marketing in the Social Change Marketplace, in the Journal of Public Policy and Marketing in March 2002, and Commercial Marketing and Social Change, in the Spring 2002 Social Marketing Quarterly.

Knowledge Management and the Knowledge-Based Economy in the General Management Review JanuaryMarch 2002, vol. 3. He also published New Directions in Strategic Management in the Business Strategy Review Spring 2001, vol. 12, pp.61-67. His chapter Corporate Strategy: Managing Scope and Strategy Content appeared in the Handbook of Strategy and Management 2002. His textbook, Contemporary Strategy Analysis, is currently in its 4th edition, Blackwell Publishers, 2002. His article, The Knowledge-Based View of the Firm, was published in The Strategic Management of Intellectual Capital and Organizational Knowledge, ed. Nick Bontis and Chun Wei Choo, Oxford University Press, 2002. He and Professor Paul Almeida co-authored Are Firms Superior to Alliances and Markets? An Empirical Test of CrossBorder Knowledge Building with J. Song in Organizational Science, 2002, vol. 13, pp. 147-161 and Knowledge Acquisition through Alliances: Opportunities and Challenges with Anupama Phene for The Blackwell Handbook of Cross-Cultural Management, ed. Martin Gannon and Karen Newman, Oxford University Press, 2002, pp. 67-77.

18


Professor Jeffrey Macher co-

Professor Douglas McCabe published

Professor Keith Ord co-authored

authored Organizational Learning in Economics with Christopher Boerner and David Teece (both at Berkeley) in the Handbook of Organizational Learning, ed. M. Dierkes, A Berthoin-Antal, J. Chile, and I. Nonaka, Oxford University Press, 2001. He also coauthored eBusiness and the Semiconductor Industry Value Chain in the forthcoming Industry and Innovation with David Mowery and Tim Somcoe (both at UC Berkeley). He presented Transaction Cost Economics: An Assessment of Empirical Research in the Social Sciences, co-written with Christopher Boerner, at the American Economics Association meeting in Atlanta, January 2002. He co-authored Mitigating the Tradeoff Between Time-to-Market and Manufacturing Performance with Nile Hatch (Brigham Young University), presented at the University of Utah-BYU Winter Strategy Conference in March 2002. He also co-authored Technology, Competition, and Politics: Plant Location Decisions in the Global Semiconductor Industry, 19952000 with Witold Henisz (Wharton), which was a nalist for the Haynes Prize for Best Paper at the Academy of Business Annual Meeting in Puerto Rico, June 2002.

Administering the Employment Relationship: The Ethics of Conict Resolution in Relation to Justice in the Workplace in the March 2002 issue of the Journal of Business Ethics. He also presented a refereed paper titled The Professional Nonunion Employment Relationship: Workplace Justice and Organizational Due Process in Domestic and Multinational Firms at the 2002 International Business Conference of the Society for Advancement of Management, held in McLean, Virginia on April 7, 2002. Additionally, he was named a principal coordinator for the First Annual Conference on Business Ethics and Transitional Economies, March 20-21, 2002, at the Czech Management Center, Prague, Czech Republic.Professor Marcia Miceli co-authored

Forecasting for Inventory Control with Exponential Smoothing with Ralph Snyder (Monash University, Australia) and Anne Koehler (Miami University, Ohio), published in the March 2002 issue of the International Journal of Forecasting vol. 18, no. 1, pp.5-18.Professor Betsy Sigman received a

$2,500 grant from the Center for New Designs in Learning and Scholarship, Georgetown University, to create Digital Discernment, an online tool designed to help students learn to evaluate e-commerce websites.

Ethical Issues in the Management of Human Resources with Janet Near (Indiana University) in the Human Resource Management Review 2001, vol. 11, pp.1-9. They also coauthored What Makes Whistle-blowers Effective? Three Field Studies, forthcoming in Human Relations.

Professors Teri Yohn and Patricia Faireld

co-authored Using Asset Turnover and Prot Margin to Forecast Changes in Protability, published in the Review of Accounting Studies, December 2001, pp.371-385.


19

In the Media

Its no secret that Nasdaq has had global ambitions. Theyve tried several different ways to get into Europe, but theyve run into a problem in that its a long uphill battle against entrenched incumbents, said Professor James Angel in the Wall Street Journals Nasdaq, London Stock Markets Revive Talks of Possible Merger (Silvia Ascarelli and Kate Kelly), April 25.

Its a big ticket purchase, so you do a lot of comparison shopping, explained Lisa Kaminski, director of the I.E.M.B.A. program, about applying to executive M.B.A. programs in the Washington Business Forward feature article, The Executive M.B.A. (Stephanie Berry Stark), April 24.

Its great advice. To say anything other than what Jim Schneider said is irresponsible. Ken Lays advice to calm the employees seems like he was oblivious to basic investment principles, said Professor Ed Soule about the Enron stock collapse in the Houston Chronicle article Diversify 401(k)s, Dell CFO Urges, April 6.

People who bought the IPO were used to getting information from Piper, now they dont have information about the stock. Its obvious theres a problem when coverage is dropped, said Professor William Droms regarding U.S. Bancorp Piper Jaffrays sudden decision to drop coverage of biotech rm Antigenics stock price in The Wall Street Journal article Analyze This: Stock Research Comes Under Fire in CEOs Battle (Randall Smith and Geeta Anand) April 16.

According to surveys by Georgetown M.B.A.s and Citibank, establishing longterm trade ties between sellers and buyers is the main challenge facing Vietnamese enterprises in general and seafood exporters in particular, the Associated Press noted in Citibank Delves into Vietnam-U.S. Seafood Trade, April 11.

The Georgetown University Credit Research Centers study on the impact of one-on-one counseling sessions at credit agencies was cited in the Houston Chronicle article Credit Score Sneaks into More Facets of Financial Life, (Shannon Buggs) March 25.

In the Houston Chronicles Many Hedging Bets on Worthless Stock (Bill Murphy) January 26, Professor Reena Aggarwal said some shareholders are buying Enron stock with the belief it could offer them added leverage in bankruptcy proceedings.

20


It would have been another thing if he did this often when he was CEO, if it were a pattern somehow, noted Professor Robert Bies in the March 28 Business Week article Wheres the Heat on Neutron Jack? (Brian Hindo), about how former General Electric CEO Jack Welchs legacy will not be tarnished by his recent personal indiscretions. What it has done is take the saint-like image and make it look like he fell from grace.

For some professors, Enron has provided a platform to proselytize about their favorite business practices. Darryl Allen, a visiting instructor of accounting at Georgetown University, has used Enron in his undergraduate courses as a vivid example of the importance of cash ow, noted The Washington Post in Crash Course on Enron (Amy Argetsinger) February 23, about how discussion of the rms collapse is appearing in business school classrooms across the country.

The terror of September 11 is a key ssure in American lives. At Georgetowns McDonough School of Business, we investigated the repercussions of the terror on international marketing policy and corporate practices, wrote Professor Michael Czinkota in an editorial Effects of Sept. 11 on Marketing Policy for The Japan Times, January 15.

The magnitude of the total impact on regulated and unregulated industries is unclear because its so new, said John Mayo, director of the Center for Business and Public Policy, about the rise in business costs for industries subjected to federal efforts to prevent terrorism through increased security in the Washington Times article Terrorism Takes Toll on Bottom Line (Tom Ramstack) March 1.

Many prestigious schools, however, do not run doctoral programs; these include the Tuck School at Dartmouth College, U.S., IMD in Switzerland, and the McDonough School at Georgetown University, Washington, D.C., the Financial Times noted in Tough Times Force Rethink by StudentsDoctoral Education (Lisa Wood), January 21.

Professor Reena Aggarwal was interviewed on CNBCs Squawkbox by Marci Rossell, CNBCs chief economist on December 5, 2001, regarding the Enron bankruptcy.


21

Alumni NotesUNDERGRADUATE

1996Jeff Settembrino and Stephanie Samandar cele-

MBA

1974Michael Conn left Morgan

Stanley to join Bank of America. He is the president of the western region private bank and assumes responsibilities for 34 ofces on the west coast. He is now living in San Franciscio.Dan Keiner has been named vice president and chief nancial ofcer of Banta Corporation in Wisconsin. He recently completed a 25-year career with PPG Industries in Pittsburgh, most recently serving as treasurer. He and his wife, May Lou Minogue (N74), will move to Wisconsin at the end of this summer. Their daughter Emily graduates from Duquesne University this year and their son, Thomas, is a sophomore at the University of Richmond.

brated their wedding on February 24, 2001 in Miami, Fla. The wedding ceremony was held at St. Hughs Catholic Church and the reception at Vizcaya Gardens. Their family and friends traveled from the Netherlands Antilles, various U.S. cities, and Europe to join them on their special day. Other Hoyas who attended the wedding were: Nicholas Van Loan (B96), William Coleman (B96), Glenn Cho (B96), Eduardo Nunez (B96), Despina Paraskevopolous (B96), Sarah Walters (CAS 96), and Gwendolyn Herrate (SFS 96). Stephanie and Jeff are currently living in Miami.

1987Harvey Chimoff has launched a

new marketing newsletter, V1TM Insights, in conjunction with the redesign of his consulting companys website, www.velocity1.com. Chimoff is founder and president of Velocity 1 Consulting, Inc., a marketing management consulting company that specializes in pragmatic marketing solutions to increase sales. The rm has a wide range of experience generating solutions for major brands and companies.

1993Class Agent: Jordan ONeill

[email protected]

2000Elizabeth Benoit was married last fall to Scott Haladay (C98).

Christine (Evans) Richard

1983George Becker III was recently

We encourage all business school alumniundergraduate, MBA, and executive MBA to send us class notes. Please contact Elizabeth Shine at 202.687.4080 or e-mail her at [email protected]., if you would like to become a class agent. We do not accept engagement or pre-birth announcements.

named vice president of Univest Insurance, Inc., following the merger of his family rm, George Becker Associates, with the Univest Corporation of Pennsylvania.

The wedding and reception were held in her hometown of Cape Elizabeth, Maine, and a second reception was held in Portland, Ore., where her husbands family resides. Elizabeths sister, Fran Benoit (B01), and several other Georgetown alumni were members of the wedding party. The couple honeymooned in Tahiti and Hawaii. They now live in Portland.

is working for Dow Jones Newswires in New York as a debt market reporter. Since graduation, she has worked as a nancial markets reporter in Washington, D.C., Hong Kong, Singapore and New York. She married Dean Richard in July 1995 and they have a daughter, Sophie (4).Genevieve (Needham) Robert

and husband, Chris, are the proud parents of Madeline Grace, born March 2, 2001. They enjoy living in Richmond, Va. In November, Genevieve started a new company, the Titan Group, LLC, with two of her former human resources colleagues from Capital One. Titan provides human resources consulting, interim human resources management, and executive recruiting services. The website is www.titanhr.com.


23

ALUMNI PROFILE

Alumni Notes1994Class Agent: David Gee

Alum Finds Success Tuning Into Her PassionBy Susan Price For someone whos passionate about music, serving as chief operating ofcer for Viacoms VH1 music television and Country Music Television has been a dream job for Ann Misiaszek Sarnoff (B83). Her young daughter wasnt happy with Sarnoffs 1999 career move, however. It meant Sarnoff would cease being vice president of consumer products and business development for Nickelodeon. No more bragging that my mommy makes the toys at Nickelodeon. Sarnoff consoled her child by pointing out that VH1 airs videos of Britney Spears and other groups popular with adolescents. After earning a Harvard M.B.A. in 1987, Sarnoff worked for a strategic consulting rm, advising Fortune 500 companies. After a course at Manhattans New School, she decided to apply at Viacom. I went in as a corporate strategist, she says, but thought I could go from there to MTV. Instead, she was asked to develop business for Nickelodeon, then headed by Geraldine Laybourne. I liked that it was run by a woman, Sarnoff says, a change from the male-oriented consulting rm. And Im a better mom she adds, because she observed many focus groups with children whose candid feedback helped shaped the channels content. It made me so much more in tune with the way kids think. Her second child, born right after she took the job, cut his teeth on Nicks innovative pre-school programming. Sarnoffs marketing coursework at Georgetown served her well as she developed Nickelodeons off-air business: licensing and merchandising, home video and audio, publishing and live performances of favorite channel characters. And she developed the business plans for two Nickelodeon spin-off channels, TV Land and Noggin. The offer to help lead VH1 meant the avid music fan could direct programming that is targeted to me. The target audience, 18- to 49-year-olds, makes it for people who have outgrown MTV, she explains. Even if music isnt a big part of your life today, the programs make you feel good about music that meant so much to you when it rst came out.

[email protected] Cox is the proud

mother of Carson Rebecca Praver (9 months) and Cole (3). They live in Arlington, just minutes from Georgetown.Ron Drozd and his wife,

named an Academic Economic Fellow by the U.S. Securities and Exchange Commission. The position is a one-year appointment in the Ofce of Economic Analysis.Alona Ponomareva visited Tokyo, Japan for the rst time in mid-February and looked up Ryuta Sato, whose current email is: [email protected]. He showed Alona around Tokyo on her one free day and they had a great time, ate a lot of sushi, went to see an old Buddhist temple in the Asakusa district of Tokyo, and took a boat back to where she was staying (the area near the Imperial Palace). She said it was really nice to see him, after all these years! Ryuta is a great expert on French wine and recently received a diploma to conrm that (after completing a course of study on the subject). Alona is working at the World Bank, investing the Banks $12 billion pension fund. Matt Tucker loves all venture capitalists... you can ask him why at [email protected]

Denise, are proud parents of their second child, Jacqueline Rose, born January 4, 2002, and weighing 8 pounds, 8 ounces. She was welcomed home by big sister, Katie (2). The family is still getting settled into their new home in Richboro, Pa.David John Egan is the proud father of David John Egan IV, born February 15, 2002. David Gee joined Yahoo! in December 2001 as vice president, portal solutions, where he packages Yahoo! portal and content technologies and delivers them to enterprises world wide. He encourages anyone in the Bay Area to stop by and have lunch with him at the Yahoo! campus in Sunnyvale, Calif., and he will give visitors a Do You Yahoo! license plate holder. Dave Goldberg was promoted

1995Class Agents: Scott Shore and Amy Van Dyke

to vice president, strategy and business development, for Choice Hotels International. He and his wife, Marni, recently bought a house in Gaithersburg, Md., where they are moving this summer with their children, Sam (4) and Zoey (2). Dave can be reached at [email protected] Piwowar, his wife Eileen,

[email protected] and [email protected] Class agents Scott Shore and Alison Van Dyke would like you to e-mail them your preferred email address so that they can collect class notes and keep you in touch with your classmates.Fadi Aabidi is currently residing in Saudi Arabia and working in the corporate nance department at the Saudi French bank in Riyadh. Most of his work

and son Sean will be returning to the Washington, D.C. area this summer. Mike was just

24


MBA

involves nancial modeling and valuing companies for the purposes of conducting mergers and acquisitions.David Alexander is still work-

ing with publishing company Prentice Hall, and lives on the Eastern shore in Maryland.Dionne Anthon is now living in the Philadelphia area. She is not applying her MBA skills to putting together highly technical NCAA ofce pool spreadsheets, as that would be illegal. Karen Chmar married Steven

2001. They are check-point rewall consultants and resellers. They also travel throughout Central America to consult on digital certicates and other security solutions for large clients.Bill Fessler and his wife Amanda celebrated their eighth wedding anniversary on January 15, 2002. Bill and Amanda were married in Dahlgren Chapel in 1994. They have two children, Ellie (3) and Alex (1), and are living in Phoenix, Ariz. (where Bill attended game 7 of the World Series). Bill is running a successful publishing company, Primer Publishers, dedicated to travel and outdoor subjects in the Southwest. He is the third generation of Fesslers to run the company, but the rst to make it a full-time operation. Susan Fitch works for Teledyne

ketchups, pickles, mayonnaise, and sunower oil. The company exports its products to the U.S. and distributes them primarily in New York and Chicago.Faysal Hamza and his wife, Roula, were married on March 2, 2002, in Lebanon. Anthony Hovsepian and his wife Stephanie welcomed their son, Jacob Jake Allen, into the world on March 24, 2002. He was 7 pounds, 4 ounces of pure muscle, just like his dad, and every bit as good looking. Steve Jordan is vice president

weekends in the mountains skiing in the winter and shing in the summer. Give them a call at home (303) 424-4124 or at work (303) 272-2396.Andy and Andi Libuser moved to London last May, where Andy works for Spring, a global provider of human capital management services, in their Internet sales division. Andi remains at home with their daughters, Kyra (3) and Emma, born in July 2001. They hope to have fun traveling in Europe. Nichandro Ortiz is a man of two countries. He is working for the World Bank and other international organizations that require he maintain a residence in Washington, D.C., while spending a lot of time in Mexico. Nichandro is married to an American who works at the Brookings Institution. They have a son, Jacob, born last August. Cheryl Power lives in San

London, a commercial real estate broker, on June 2, 2001, at the Galleria at Lafayette Center in Washington, D.C. They honeymooned in Thailand and Cambodia. As they were leaving their hotel in Cambodia they ran into Andres Keiger! Exactly half way around the world from Georgetown, they ran into another Georgetown MBA!Gustavo Darquea is living

and executive director of the U.S. Chamber of Commerce Center for Corporate Citizenship. He and his wife, Roxana, are proud parents of Sophia, born March 10, 2001. They are living in Alexandria, Va.Alan Kirk is working at Talk America, a local and long distance telephone service provider. He is director of incumbent local exchange carriers relations, and spends most of his time investigating the regional Bell operating companies for anti-competitive behavior and also lobbying the state public utilities commissions and the Federal Communications Commission. His twin boys are now 11-years-old and his wife continues to teach high school English in Montgomery County, Md. Andris Levensteins has been with Sun Microsystems Inc. in Broomeld, Colo., as a business development manager for Sun Support Services for more than a year. He lives with his wife, Ingrid, and their son, Niklavs, in Arvada, Colo. They spend their

with his wife, Paola, and three boys, Gustavo (5), Santiago (2), and Sergio (born 2/14/02), in Guayaquil, Ecuador. A year ago, he started his own industrial catering company there, Trebol Verde Hotels and Food Services, a member of the Catering Service Group, which serves about 35,000 meals per day.Giselle Engstrom is living in

Technologies, where she is a business unit chief nancial ofcer. She has responsibility for two manufacturing facilitiesone in Sacramento and the other in Mountain View. She is living in Placerville, Calif., on a small ranch in the foothills of the Sierras.Melissa Frank and her husband, Gary, are the proud parents of Caitlin, born on May 24, 2001. Melissa and Gary are sleepless in Stamford, Conn. Lori Greiner is living in

Francisco, Calif., and works for a boutique consulting rm, TopDown Consulting, which specializes in nancial systems implementations using Hyperion software. The company has grown from four employees when she started a year-and-ahalf ago to twelve currently and she travels frequently for work.Gretchen Reachmak left Ernst

Los Angeles, Calif., and is still working for a division of Fox/News Corp.Eli Faskha married Vicky Cohen on June 18, 2000, and they now live in Panama. With a partner, Eli started Soluciones Seguras, a company dedicated to Internet security, in October

Denver, Colo., working for Invesco Funds. She moved there to use the thin air to hit a golf ball farther.Nikolay Greynert is working in southern Ukraine as human resources director for Chumak, a company manufacturing

& Young about two years ago to join an information technology subsidiary called Ernst & Young Application Services (EYAS). Since then, Cap Gemini purchased the Ernst & Young consulting arm, which included EYAS. Gretchen now works for Cap Gemini Ernst & Young in Chicago.


25

Alumni Notes

Class Agent: Brian Knox

[email protected] Brown and his wife, Vicki, are proud parents of Matthew Joseph, born April 4, 2002. Peter continues to work for Arthur Andersen in their business consulting division. Ricardo Colin remains in Sao

Rich Sherman is living and

Malinda (McCulloch) Marsh

working in the Philadelphia area, analyzing tech companies. His thespian endeavors are well renowned in the suburban Philadelphia area.Navdeep Sodhi is living in

Minneapolis, Minn., and has been working for Medtronic, a medical device company, for the last two years. He married Mui Lee in October 1999 and they have a bouncing two-month-old named Ishan.Matt Strelecky is at Aetna,

has updated information: 300 South Pleasant Ave. Ridgewood, NJ 07450; Phone (201) 689-3169 [email protected]. She switched careers and is now a professor. She teaches at Berkeley College in New Jersey, in the business department. She has had the opportunity to teach courses in management, intro to business, accounting, nance, and e-business and loves her new career!Alex Mouslon started working for McKinsey in New York in August 2001 and is planning on moving to Munich, Germany later this year. In her free time, Alex is learning German, doing aqua-aerobics, and practicing yoga. Robin Young-Cordona is

IEMBA

Paulo, Brazil, working for InterAmerican Express Bank. He manages xed income hedges and foreign exchange mutual funds.Luis Miguel Diaz-Llaneza and

1997

Class Agent: Lynn Miller

[email protected]

managing information technology projects. He and his wife Lisa have two children, Andrew (6) and Thomas (2). Andrew says that he wants to go to meetings all day just like Dad does when he grows up.Alison (Daly) Van Dyke was

his wife, Monica, are the proud parents of Natalia (3), and Andres (1). Luis Miguel now works for American Express as the relationship management director for Mexico.Hal Lambert and his wife,

Robin Abraham is working in

Europe as senior vice president for legal and business affairs at With Grace Entertainment.

Marcel Bahro is now the medi-

elected in November 2001 to the school board of Burlingame, Calif., where she lives with her husband Bill Van Dyke and oneyear-old daughter, Claire.Baoky Vu was appointed by

President George W. Bush in August 2001 to serve on the Presidents Advisory Commission on Asian Americans and Pacic Islanders.

1997Class Agent: Andrea Alexander

[email protected] Thompson-Hoel and her

husband, John, had a baby girl, Tyler Rivers, born on December

still working for Development Alternatives Inc., and living in El Salvador, where she survived numerous earthquakes during 2001. She is consulting with local nancial institutions on a rural micro-nance project. In November, she and her husband Carlos had their rst child, Nicolas Andres. Fellow Georgetown moms, Melissa Tucker and Mollie Dougherty, have provided valuable advice on this amazing experience. Robin loves to hear from folks, so feel free to contact her at [email protected] or check out Nicolas website, www.geocities.com/nicolasandrescardona.

Elaine, are proud parents of Meredith Elaine, born on December 19, 2001. Hal reports that young Meredith looks quite a bit like her father (classmates can decide whether thats a positive or a negative). The couple is relocating to Denver, where Hal will help open the local J.P. Morgan downtown ofce.Paul LaPorte has a new email

cal director at the Zug, Switzerland afliate of Wyeth, a global pharmaceutical and healthcare company.

Michele Young Barnum spent time at home with her twins, Megan and Katie, and is now back to work at MSR Communications in San Francisco as vice president for client services. Jean Luc Bjot and his family

address: [email protected] Nulman left his post at the

U.S. Department of Commerce, import administration, to join the faculty at the University of Maryland University College. He has been appointed associate professor in the department of accounting and nance at Maryland.Alan Randolph and Kristin Hinrichs Randolph are proud

have returned to France. They decided last summer that they were missing their French way of life. He resigned from Prestwick Scientic, a privatelyowned pharmaceutical company, and left Washington, D.C. in August. Jean Luc is now looking for a position in the pharmaceutical industry in France.Clark Beyer and his wife, Gretchen, are proud parents of Ryan Harris, born in April 2002. According to Clark, he resembles a small elderly man. Mother

parents of daughter Naomi Kathryn, born on February 11,

26


Alumni Notes

Jorge Serpa is now living in Rome, after three years in Rio de Janeiro, Brazil. Jorge left Enron to dedicate himself fully to competitive sailing, racing and cruising, on a 40-foot racer/cruiser.

1, 2001. Tyler was welcomed into the family by her big brother Jack (2). The family lives in Vienna, Va. Susan is now a full-time mom and is glad she left Andersen.

1998

2002. Alan, Kristin and Naomi currently live in Oak Park, Ill. Alan still works for Veritas, a software company specializing in storage management solutions, while Kristen, following maternity leave, will return to her job at Wirthlin Worldwide, a market-research consulting company.

ALUMNI PROFILE

Alum Mines Tech Opportunities Despite Sectors Declineby Elaine Ruggieri

and baby are doing great, and his sister, Brooke, cant wait to get him home so the fun can begin. Since his dot-com rm failed in December, Clark has been consulting. Anyone interested in talking with Clark about new opportunities in the energy/high tech elds should drop him a line at [email protected] or [email protected] Burdick recently saw Amy Sample and her daughter in a

business development within the road development group. Mike works on acquisitions, alliances, and managing the rms planning process.Nicholas Davidson and his

In adversity, seek opportunity. Thats William Diamonds (MBA83) modus operandi. Diamond is president and CEO of WaveSplitter Technologies, Inc. Headquartered in Fremont, Calif., WaveSplitter is an independent provider of optical components and modules for optical networking system manufacturers worldwide. Although the telecommunications sector has suffered severely in the recent recession, Diamond softens the challenge of managing through these difcult times by understanding that opportunities still exist. The need for communications bandwidth hasnt stopped. It will continue to grow, driven primarily by the Internet and the deployment of optical technology, says Diamond, who has worked in the international, hi-tech eld since earning his M.B.A. Diamond says what he likes best about his job at WaveSplitter is the requirement to shift gears quickly, moving from the sublime to the mundane. I thrive on the dynamics of executive management, says Diamond. Its nancing and mergers and acquisitions one minute, and health and benets and facilities planning the next. The constant is the need for leadership, direction and decisiveness. With a degree in physics from Holy Cross College, Diamond enrolled at Georgetown and became a member, unwittingly, of its rst M.B.A. class, not realizing that Georgetown had just established the program in 1981. I was drawn to Georgetown because of its general reputation for excellence and its emphasis on providing an international perspective, he notes. He was awarded a fellowship that enabled him to work with an international marketing expert and counsel undergraduate business students. Reecting on his M.B.A. experience, Diamond lists courses in operations, nance, and strategy and business policy among the most valuable to his career. Diamond, his wife Susan, and their sons Michael (13) and Christopher (10) live in Los Gatos, Calif., where they like to hike and ski in the High Sierras and enjoy the coastline of Big Sur and Monterey.Diamond in his study with a largeformat eld camera. Photography is a favored hobby.

bookstore. He also had lunch with Bill Grove. Bill has recently joined Booz Allen Hamilton.Sally Buzbee is back from

Saudi Arabia and has been busy with work at the Associated Press. She was one of the reporters accompanying Defense Secretary Rumsfeld on his visit to troops inside Afghanistan. Some great guys there, doing tough work, she wrote.Dan Campbell is still having

fun in Newport Beach, Calif. He is working as a technology analyst for Roth Capital Partners, and is excited about handling a small tech IPO. At last report, he was headed off to Hong Kong, in search of the great expat bar we all hung out at.Paula Coe has been busy relocating from England, consulting, and raising two children, Ryan (4) and Jenna (19 months). Paula and her husband, Rich, returned to North Carolina in August after three years in England. Paula taught at a small university in England and plans to continue teaching in North Carolina this fall. Mike Cook is still with Inger-

wife, Pauline, have been enjoying the wonders of new parenthood since the birth of Gabrielle Felicity Marguerite on December 28, 2001. (Nicholas notes that Pauline likes to follow the French custom of lots of Christian names!) Nicholas is still at McKinsey, getting a steady trickle of e-mails from current Georgetown MBAs wanting advice on how to get in to the summer associate program. He is working for a major client in the music industry, which he says, is providing plenty of fun challenges, not least in tting in with their dress codetheres certainly no sign of the alleged return of the suit there. Nick would love to see any classmates who are passing through London.Dan Everton is still with IBM,

and enjoying life in Reston, Va.Lucy Fitch has taken the con-

soll-Rand in Pennsylvania and is responsible for planning and

cept of IEMBA teamwork to new heights. In addition to hiring Dennis Morris, she has also hired Bob Johnson to join her team. Lucy worked on the introductory case with Professors Bob Bies and Lamar Reinsch again this year for the incoming IEMBA class. She and her husband, David, are doing great. He is the deputy dean for the Pentagons Defense Acquisition University and she says we see each other over late dinners at 10 pmif were lucky! They catch up on weekends and ride their two horses through the woods along the Potomac.


27

Alumni Notesa company that is in the news almost every day. She is thoroughly enjoying daughters Kalin (1) and Milena (4). Kalin is now walking and starting to talk. Milena never stops talking and is doing very well in preschool.Eric Sklar has a wonderful home in beautiful Napa Valley. He is a partner with Lend Lease Real Estate Investments, working from the San Francisco Bay area. Bruce Spencer is now working

Lynn Miller has made time for

Suzanne Kaiser is very busy in New York, where she writes for Architecture and Stage Directions magazines. She recently completed two features on Frank Gehrys new controversial theater at Bard College, and another on the restoration of the Apollo Theatre in Harlem. She is a member of Columbia Universitys Reuters Forum on global economics, titled Jihad vs. McWorld, with such notables as Stephen Roach of Morgan Stanley, John Birkelund of UBS Warburg, James Fallows of Atlantic Monthly, Warren Bass of the Council on Foreign Relations and many other economists and government agency heads. She is involved in three literary clubs in Manhattan and remains very involved in Federated Garden Clubs of America and the New York Botanical Garden. David Klatt left behind his

some volunteer activities in addition to her full-time responsibilities with Texas Instruments. She was invited by the Maryland High Tech Council to judge their annual tech awards. Lynn keeps busy with Lehigh University activities, recently returning to campus to teach a class and to moderate a Career Day panel.J.D. Pellecchia is living in

hit the funding wall as the capital markets dried up, he notes. Preferring to stay in Europe, he is looking at other opportunities in the U.K. Mikel would love to catch up with classmates living in London and traveling through.

New Email Address Changes Make a Note:Robin Abraham: [email protected] Marcel Bahro: [email protected] Paul Burdick: [email protected] Jean-Luc Bjot: [email protected]

Tampa, Fla., with his wife and son, and works at Merrill Lynch.Scott Phillips is on sabbatical

from his job with Accenture in San Francisco. He and his wife, Martina, moved to Prague, where Scott will get to know the Czech side of the family and complete the novel he has been writing. He will return in April 2003. His e-mail contact remains the same g.scott.phillips@ accenture.com and Scott asks that anyone passing through Prague in the next year drop him a line.Kevin Pitts and his wife, Jen-

as a nancial consultant for the company that he ran in Guam, and as a packaging and commercial printer in New Jersey. His consulting job requires he travel 1014 days a month.Gene Troy is now with the

Dan Campbell: [email protected] Paula Coe: [email protected] Mike Cook: [email protected]

Daniel Everton: [email protected] [email protected]

Bill Grove: [email protected] and

International Institute of Ammonia Refrigeration (IIAR) as technical director and vice president of engineering. The institute works on developing safety standards and helps members understand regulations and technical matters.Leila Webster has returned to

Robert Johnson: [email protected] and [email protected]

David Klatt: [email protected] Dennis Morris: [email protected] John Stabb: [email protected] Gene Troy: [email protected] Jon Pellecchia: [email protected]

start-up experience at AirClic to join Newell Rubbermaid, selling garbage cans for a living! David is now one of the senior executives at Rubbermaid, working for legendary CEO Joe Galli as group president of the Rubbermaid Group. According to their website, he joined Rubbermaid in April 2001 as president of Rubbermaid home products, and was promoted in July 2001 to his current position.Michael McCarthy is now consulting with telecom pioneers Jack and Sandra Goecken. Jack was a co-founder of MCI and

nifer, are proud parents of Allison, born in October 2001. She joins her two-year-old brother. Kevin reports that he is still trying to make the world a more comfortable placemaking furniture. Business is excellent despite the economic conditions.Amy Sample is now the director, benets strategy and design, at US Airways. She is responsible for the strategy, design, selection, negotiation, and contracting for all employee benet plans, spending $400 million annually for 40,000 employees. She thinks it is really interesting to work for

the U.S. after her sojourn in Vietnam. After three years in Hanoi working on small business promotion in Vietnam, Cambodia and Laos, Leila is back in D.C. with the International Finance Corporation. She now works in a newly formed small business department, focusing mostly on South Asia. She makes the long trek to Dhaka frequently.Mikel Williams, who has been based near London for the past few years, says his family loves it there. He has left GTS. The company, as with most new telecom rms, assumed too much debt in the markets hay day, and

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Alumni Notes

Todd Hateld is consulting in Virginia. He recently incorporated his business and hopes to move consulting work to the new entity, Competitive Advantage Technologies, Inc.

his daughter Sandra pioneered aviation communications with AirFone.

georgetown university the mcdonough school of business old north building washington dc 20057-1008

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2002 MSB Magazine Spring Summer

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Transcript of 2002 MSB Magazine Spring Summer