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B U S I N E S SROBERT H. SMITH SCHOOL OF BUSINESS • UNIVERSITY OF MARYLAND • FALL 2006 VOL. 8 NO. 1

LEADERS FOR THE DIGITAL ECONOMY

S P E C I A L F E A T U R E : M A S T E R I N G S U P P L Y C H A I N M A N A G E M E N T

Up Close

Carlywith

SPOTLIGHT ON CARLY FIORINA, MBA '80

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SMITH BUSINESS O FALL 2006

Smith Business is published twice a year—spring and fall—by the Robert H. SmithSchool of Business at the University ofMaryland, College Park.

Smith Business welcomes input fromalumni, partners and friends on articles andbusiness issues. Please send all correspon-dence to the editor.

EDITORIAL ADVISORY BOARDHoward Frank, DeanV. Scott Koerwer, Associate Dean,

Professional Programs and ServicesRosetta Clay, Acting Senior Alumni

Relations DirectorJoanne Ferchland-Parella, MBA ’06, Assistant

Dean for External RelationsJeff Heebner, MBA ’06, Managing Director,

Office of Marketing CommunicationsG. Anandalingam, Ralph J. Tyser Professor of

Management Science, chair, decision andinformation technologies department, co-director, Center for Electronic Markets andEnterprises

Lawrence A. Gordon, Ernst & Young Alumni Professor of Managerial Accounting,director, PhD Program

Anil Gupta, Ralph J. Tyser Professor of Strategy & Organization, chair,management & organization department,research director, Dingman Center forEntrepreneurship

Burt Leete, professor, logistics, business and public policy

Roland Rust, David Bruce Smith Chair in Marketing, chair, department of marketing,director, Center for Excellence in Service

Lemma Senbet, William E. Mayer Chair in Finance, chair, finance department

Loretta Downey, Empower IT, Inc.Rebecca Kerr, MS ’04, PepsiCo, Inc.Nancy Kramek, MBA ’03, Development

Associate, Hammes CompanyKenneth Ng, MBA ’06, Smith Media GroupPatrick Scrivens ’77, founder, chairman

and CEO, Advisory Associate, Inc.

EDITORRebecca Winner

CONTRIBUTORSSachin Agarwal, MBA ’07Alissa Arford-Leyl, JOUR ’94Sara EvansJeff Heebner, MBA ’06,Christopher Kelley, MBA ’07Carrie Tascher, JOUR ’02Angela TodaRebecca Winner

DESIGNJeanette J. Nelson, University Publications

PHOTOGRAPHYAlissa Arford-Leyl, JOUR ’94; Stan Barouh;John Consoli, ARHU ‘86; Lisa Helfert, JOUR’92; Scott Suchman

ILLUSTRATIONBrian Payne; Patricia Long; Jeanette J. Nelson

Robert H. Smith School of BusinessOffice of Marketing Communications3570 Van Munching HallUniversity of MarylandCollege Park, MD 20742-1815Tel: 301.405.7282Fax: 301.314.6685 http://[email protected]

Copyright ©2006 Robert H. Smith School ofBusiness. This publication is produced by theOffice of Marketing Communications.

SMITHBUSINESS nline

“The day will come whenChina and the rest of theworld will tire of lendingAmericans what they needto live well.” » Peter Morici, professor of international busi-

ness, in a Los Angeles Times article discussing some of the concerns newTreasury Secretary Henry M. Paulson, Jr., needs to address.

» Al Carey ’74, left, of PepsiCo was presented with the Business ExcellenceAward by Associate Dean of Undergraduate Programs Pat Cleveland andDean Howard Frank at the Undergraduate Awards Banquet. See photohighlights online!

LearnSmith Business Close-Upwww.rhsmith.umd.edu/news/sbcu/sbcu_archives_2006.html

NetworkOnline registration for alumni eventswww.rhsmith.umd.edu/alumni/

RecruitHire Smith studentswww.rhsmith.umd.edu/career/

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great business bookstopped the SmithSchool’s summer

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SMITH BUSINESS ONLINE

LEADERS DIGEST• Smith’s first field study trip to India is a

whirlwind tour of high-powered CEOs and influential companies.

• Smith receives $1.4 million federal grant to fund Center for International BusinessEducation and Research.

• Mike Corvino, leader for the digital economy.• New marketing faculty are best in business.• Kevin Plank ’96 awards first Cupid’s Cup.• Smith takes its ethics program seriously.

BOOKMARKET

SPEAKING OF BUSINESS

KNOWLEDGE TRANSFER• Fear of mortality affects how consumers behave.• When it comes to entrepreneurship, experience

may not be the best teacher.• New research offers insight into the stock market.• Krowe Teaching Excellence Awards honor Smith’s

best teachers.

CONNECTIONS

LAST WORD

F E AT U R E S

D E PA R T M E N T S

LEADERS FOR THE DIGITAL ECONOMY

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Contents

UP CLOSE WITH CARLYCharismatic Smith alumna Carly Fiorina,

MBA’80, has been living and leading through aquarter-century of change.

SUPPLY CHAIN MANAGEMENTSee how Smith is equipping today’s best supplychain leaders, teaching cutting-edge material incutting-edge ways.

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SMITH BUSINESS FALL 2006 VOL. 8 NO. 1


FALL 2006 O SMITH BUSINESS

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As the world goes global, so does undergraduate business edu-cation! Last spring, students in the Business Honors programtook a trip to Hong Kong as part of the “ContemporaryBusiness: Comparative Capital Markets” class. The students metkey business and political leaders; visited factories, includingthe factory where sports apparel firm Under Armour is produc-ing an exciting new product for the Maryland football team.Students received economic briefings from the U.S. Embassy inHong Kong, and also visited both the Hong Kong StockExchange and the Shenzen Stock Exchange, one of the twomajor securities markets in China.

Patricia Cleveland, associate dean of undergraduate pro-grams, says trips like these are an important part of the studentlearning experience. “Study abroad trips and international trav-el programs allow students to see first-hand the diversity withinand across business cultures, and experience the changes thatare happening economically, politically and socially around theworld,” says Cleveland.

International travel will be a key feature of the newInternational Fellows track, which is being launched this fall aspart of the Smith School’s Undergraduate Fellows Program. TheInternational Fellows track is for incoming freshman whodeclare a double major in business and a foreign language, andis offered in partnership with the university’s School ofLanguages, Literature and Cultures.

International Fellows normally study abroad for at least onesemester and will also have the opportunity to participate in afaculty-led group study trip, planned for winter-term of theirsophomore year. Trips will take advantage of the Smith School’spartner schools and learning locations abroad, including thosein Shanghai and Beijing, China; Zürich, Switzerland; and Tunis,Tunisia.

Learn more about the Undergraduate Fellows program atSmith Business Online. –RW

Construction of Van Munching Hall’snew annex got under way this summer.At three stories high, the annex willadd 38,000 square feet of office, class-room and meeting space to the SmithSchool.

Join Dean Howard Frank for the offi-cial ground-breaking ceremony inNovember; visit the Web site for details.

Oh, the Places They’ll Go

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LEADERSDigest

Annex Construction Begins “You are planning the courseschedule for next year’s curricu-lum.You have the opportunity tochoose any individual, living ordead, to teach one course in anysubject.Who would you choose,and what would they teach?”

Prospective full-time MBA students

answered this question as one of their

optional essay assignments for application

to the Smith School. Who did they choose?

Here’s a sampling of some of the most inter-

esting teachers—and courses—of the bunch.

Who would you choose to teach a course

at Smith, and why? Send your pick to

[email protected].

Abraham Lincoln, 16th president of the United States: “Leadership”

Jerry Seinfeld, comedian: “Turning Nothing Into Something”

Bill Gates, CEO and founder of Microsoft: “How I Did It”

Dhirubhai Ambani, Indian entrepreneur and founder of Reliance Group: “Entrepreneurship”

George Lucas, director and producer: “Vision and Valuation”

Thomas Jefferson, 3rd president of the United States: “Executive Power and Negotiation”

Oprah Winfrey, media mogul: “Balancing Success and Responsibility”

Stephen Hawking, physicist and author: “Effective Communication”

Christopher Columbus, explorer and merchant seaman: “How to Get Venture Capital”

Gary Williams ’68, Terps men’s basketball coach: “Teamwork”

Meg Whitman, CEO of eBay: “Strategic Branding”



4

Lights, Camera, ActionThe Smith School hosted the taping of the

nationally televised program, CEO Exchange,

on May 2, 2006. During the taping, five

Smith MBA students had the opportunity to

ask questions of the show’s guests: Robert

Johnson, founder of Black Entertainment

Television, and Bill Marriott, CEO of Marriott

International Inc. The show was hosted by

CNN senior analyst Jeff Greenfield. When

CEO Exchange aired on PBS in June, viewers

across the country had the opportunity to

see a great video tour of the Smith School.

You can view the Smith School video tour

on the Smith Business Online Web site.

LEADERSDigest



One of the world’s top marketing scholars, Michel Wedel, joinedthe Smith School as the PepsiCo Chair in Consumer Researchthis summer. He is one of the most prolific researchers in thefield, as well as an outstanding teacher.

Marketing department chair Roland Rust called Wedel the“unheard of” combination of both “superstar researcher andsuperstar teacher.”Wedel teaches an MBA-level marketing analy-sis course this fall and mentors PhD students as co-chair ofSmith’s doctoral program. He joins Smith from the University ofMichigan's Stephen M. Ross School of Business, where he alsoheld a chaired professorship. He held previous appointments atthe University of Groningen and the Department of HumanNutrition in Zeist in his native country, the Netherlands. Hereceived his PhD in marketing from the University ofWageningen, the Netherlands, in 1990.

Wedel has won numerous awards and honors, including the2004 O’Dell Award from the Journal of Marketing Research in1999, and the 2005 Dr. Hendrik Muller Award for outstandingresearch in the social and behavioral sciences, given every twoyears by the Royal Dutch Academy for the Sciences.

Wedel’s appointment increases the already considerablemomentum of the marketing department, especially when it is

combined with the concurrent hiring of highly-regardedAssociate Professor Rebecca K. Ratner and Assistant Professor JieZhang, and the January hiring of Professor Amna Kirmani.

“The marketing department is moving up by leaps andbounds, and that attracts the top faculty,” said Howard Frank,dean of the Robert H. Smith School of Business.“The additionof world-leading faculty adds to the momentum of the depart-ment as it continues to reinforce its reputation as a top marketingprogram.”

Rebecca Ratner, formerly an associate professor at theUniversity of North Carolina at Chapel Hill, is a highly respectedconsumer behavior researcher and teacher whose research focuseson consumer decision-making and group influence. In 2003, theMarketing Science Institute selected Ratner to its Young Scholarsprogram, an honor extended to only 20 scholars pinpointed asup-and-coming academic leaders.

Amna Kirmani, formerly of Southern Methodist University, isan accomplished and award-winning researcher, who will co-directthe doctoral program with Wedel. Jie Zhang, formerly of theUniversity of Michigan, is a quantitative researcher and will teachundergraduate retailing in the upcoming academic year. –CT

Top Scholars Join Smith Marketing Faculty

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The Smith School is sponsoring its secondannual China Business Plan Competition in support of the growth of world-classbusiness ideas and leaders in China.

The competition is hosted by the Smith School’s Dingman Center forEntrepreneurship and supported by the

Maryland Department of Business andEconomic Development (DBED).Nearly 150 teams of aspiring entrepre-neurs submitted entries earlier this yearto compete for a $25,000 grand prize,$15,000 second prize and $10,000third prize.The final round event onSeptember 13 in Beijing will bring

together entrepreneurs and businessexecutives from around the world. Five

finalists will compete before a panel ofinternational venture capitalist judges whowill deliver feedback on competitors’ businessideas before naming the winners.

“The China Business Plan Competition isan important vehicle for fostering the ideasand talent emerging from China,” said

Howard Frank, Smith School dean.“TheSmith School is committed to taking a lead-ership role in building a venue to facilitategreater interaction and cooperation betweeninvestors, entrepreneurs and the corporatecommunity.”

The competition has attracted interestand support both inside and outside ofChina. Maryland Secretary of State Mary D.Kane announced the competition’s semi-finalists while leading a state higher educa-tion delegation to Wang Jing Science Parkin Beijing on June 26.

“Efforts such as the Smith School’s ChinaBusiness Plan Competition showcase howeducation plays a major role in China’s devel-oping economy and how future projectscould potentially unite resources from bothMaryland and China’s government, businessand educational sectors,” said Kane.

More information about the SmithSchool’s Second Annual China Business PlanCompetition can be found at www.rhsmith-umd.cn. –AT

Smith School to Award $50K in Second Annual China Business Plan Competition

MARY D. KANE, MARYLAND SECRETARY OF STATE,

AND MR. SHI DINGHUAN, FORMER SECRETARY-GEN-

ERAL OF THE MINISTRY OF SCIENCE AND

TECHNOLOGY, AT A NEWS CONFERENCE ANNOUNC-

ING THE COMPETITION SEMI-FINALISTS.



PHOTOS TAKEN BY SMITH MBAS

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LEADERSDigest

XXX

India is rapidly emerging as anew Asian superpower, with agrowth rate that rivals China’sand that may well prove moresustainable. In May, Smith MBAstudents got an up-close under-standing of the Indian economyduring a 12-day field study tripled by Anil Gupta, Ralph J.Tyser Professor of Strategy andOrganization. It was the firstfield study trip to India offeredby the Smith School.

Thirty-three MBA students experienced a

whirlwind tour ofIndian businessesacross a wide rangeof industries, fromIT to healthcare, the

Bombay StockExchange to

Bollywood.They met withthe CEOs of 21 major compa-nies, including IBM India,Infosys Technologies, LGElectronics India, CitigroupIndia, Novartis India,ApolloHospitals Group, and HindustanAeronautics, to discuss what theeconomic opportunities inIndia meant for each of thosecompanies.

Gupta, like many academics,believes that India is becomingincreasingly important, not justas a market in itself, but as away to transform the cost andtechnology base of companieson a global basis.“By 2035, theworld’s three biggest economiesare likely to be China, U.S. andIndia, in that order,” says Gupta.“These economies are linked inmany ways, and those links arebecoming stronger every day.While there is an element ofcompetition at the nationallevel, at the level of companies,there is competitive advantage

to be had inleveraging andintegrating thestrengths ofthe U.S.,China and India.”

Much of Smith’s academiccurriculum now includes acomponent dealing with inter-nationalization. Smith’s newCenter for InternationalBusiness Education andResearch (CIBER) will providefunding to help professorsincorporate issues dealing withglobalization into their classes.Classroom learning is impor-tant, but it can’t replicate theexperience of being in anothercountry, meeting its businessleaders and experiencing its cul-ture first-hand.

“Today, if you are a managerand you don’t understand whatis happening in the global eco-nomic arena, your knowledgebase is woefully inadequate,”

says Gupta.“It is an absolutefact that if you don’t have agood understanding of themajor rapid-growtheconomies—which willbecome the major economiesof tomorrow—you are short-changing yourself.”

Smith MBAs Visit India

MBA student Chris Kelley kept a blog on his India experience. Here’s an excerpt:

Our final visit of the day was to IBM’s India Research Lab.

Here, Dr. P. “Go Terps” Gopalakrishnan showed us how a

Maryland alum gets things done around here. IBM has eight labs

throughout the world with some 3,000 research staff. These folks

back up the IBM consultants with specialized research and develop-

ment on an as-needed and, in some cases, pre-emptive basis. One

interesting recent project involved meeting the needs of a global

workforce through the development of Global Delivery Services.

For me, the ultimate site visit came earlier today, when

we got to see the epitome of the Indian new economy:

Infosys. Not only did we get to see this amazing complex in

Bangalore, but we met with the man himself, Narayana Murthy,

Chairman and Co-Founder of Infosys Technologies Ltd. Today, with

over half a lakh employees and revenues of over Rs. 9,500 crore

(that’s 50,000+ emps and $2.1 billion to you and me), Infosys is a

leader of the Indian economy. We visited the Bangalore complex,

which is the corporate headquarters and impressive in its own right,

with multiple eating establishments, golf course, swimming pools,

libraries, dormitories. It was truly amazing. Perhaps even more

amazing: the largest Infosys campus at Mysore is supposed to trump

this one exponentially. Wow!

Our final visit today was with Mr. Nishith Desai of Nishith Desai

Associates. This law firm serves the global market on issues dealing

with Indian law and taxation. A key resource for MNCs and foreign

investors, the firm has offices on multiple continents. In fact, in an

ironic twist, while we were visiting the firm in Bangalore, Mr. Desai

was teleconferencing with us from Boston. The world is flat, baby!

Thursday,May 25

Tuesday,May 30

ON DELL’S RO PARRA

H KATHY YON,

BA STUDENT, AND

ES ANYA KROUPNIK

CHTER XXXXXXXX

XXXXXXX CAPTION

X CAPTION DELL’S.



7

Enron and WorldCom are now only reminders of what not to do in business, at least if you want to stay clear of courtrooms.Corporate scandals highlight the importance of a solid educationin ethics—something the Robert H. Smith School of Businessfocused on even before the big-name business scandals erupted.

The Smith School’s Business Ethics Experiential LearningModule (ELM) is one component of the school’s effort to teachstudents right from wrong in the business world. Required for allfull-time MBA students, the module focuses on business ethicswith an up-close view from guest speakers, role-plays and even atrip to federal prison.

The ELM actually began in prison in 1996—the first yearAccounting Professor Stephen Loeb, director of the program,took a class of MBAs to Allenwood Federal Prison Camp inMontgomery, Pa.As full-time MBA enrollment grew, the SmithSchool added visits to a federal prison located in Maryland in1998.

Last spring, the MBA class of 2006 made the trip to the feder-al prison in Maryland to hear inmates talk about their life expe-riences. Students heard the inmates recount the unethical andillegal decisions that resulted in prison sentences, and also had thechance to ask questions and tour the facility.

Loeb suggests the experience has a very powerful effect onstudents.The prison visits were followed by the second compo-nent of the ELM, a day-long session in early May that beganwith MBA students presenting group skits that explored businessethics. Loeb suggests a great deal can be learned from the role-playing scenarios and interesting discussions often result.

The program culminated with afternoon presentations fromSmith School Dean Howard Frank and guest speakers Mark

Belnick, the former general counsel of Tyco International, andWilliam N. Shepherd, a Florida statewide prosecutor.

Belnick captivated the audience with the story of his harrow-ing experience standing trial for 14 felony corporate crimes hedidn’t commit and for which he was eventually found not guiltyon all counts. Shepherd talked candidly about the process ofwhite-collar criminal investigations.

In addition to the ELM, Smith offers a three-part lectureseries each semester. Loeb invites guest speakers to talk aboutsome facet of ethics in business.

Smith’s ethics education also includes undergraduate- andgraduate-level elective courses, and several faculty membersincorporate ethics lessons into other coursework.The ExecutiveMBA program also includes an ethics component.

The Smith School’s ethics programs give students some con-text and living, breathing examples of how unethical decisions inbusiness can impact all aspects of their lives.The programs alsoprovide guidance for how to make ethical choices.

Speakers such as Belnick, a practicing attorney, offer a first-hand account of tough situations in the real business world.Belnick told students to always seek out the ethical option.

“Clients have the right to ask, but you need to know when tosay ‘no,’” he said.“Find another way—a better way, a legal way—to do things.” –CT

Ethics EducationCompelling speakers, prison trip helpteach right from wrong

AMA Sheth Annual ConferenceThe Smith School hosted the American Marketing Association (AMA) ShethFoundation Doctoral Consortium, July 12-16, 2006. The consortium introduces up-and-coming scholars in marketing to leaders in the field and also provides an opportunity for participating doctoral students to network with each other andwith faculty. One doctoral candidate is nominated from each of the leading univer-sities in North America as well as some from other continents, butall of the Smith School’s doctoral students were able to attend.Roland Rust, David Bruce Smith Chair in Marketing and headof the department, says “The AMA Sheth DoctoralConsortium is the most prestigious doctoral event in market-ing, and is attended by the top faculty and doctoral studentsfrom around the world. We are proud to bring this premierevent to the Smith School.”

For more information and conference highlights, visitwww.rhsmith.umd.edu/ama2006.

The Smith School’s ethics programs givestudents some context and living, breath-ing examples of how unethical decisions inbusiness can impact all aspects of theirlives. The programs also provide guidancefor how to make ethical choices.

ROLAND RUST, LEFT, ENJOYS A DINNER CRUISE WITH

FELLOW CONFERENCE ATTENDEES.



The Smith School has been awarded afour-year, $1.4 million grant by the U.S.Department of Education to fund aCenter for International BusinessEducation and Research (CIBER).Thishigh honor designates the Smith School asa national resource center in internationalbusiness education and research.There areonly 31 CIBERs in the nation.

The federal government instituted theCIBER program to increase U.S. compet-itiveness in the global marketplace by cre-ating useful links between the business andacademic communities on internationalbusiness issues. In addition to program-matic enhancements and faculty research,the Smith School CIBER will supportconferences and seminars, training andconsulting to the business community inthe mid-Atlantic region as part of its out-reach activities.

A key area of concern to internationalbusinesses relates to national and home-land security and its implications forenterprise continuity; the Smith SchoolCIBER will provide significant leadershipin this area.The Smith School’s LarryGordon, Ernst & Young Alumni Professorof Managerial Accounting, and MartinLoeb, professor of accounting and infor-mation assurance and Deloitte & ToucheLLP Faculty Fellow, are already wellknown for their research relating to theeconomics of information security.TheSmith School CIBER will combine theirwork with existing programs and centersin the University of Maryland which dealwith national and homeland security.TheSmith School CIBER will sponsor its firstConference on Global Security in 2008 tobring together the best scholars in thisnascent domain along with leaders fromgovernment and business.

The Smith School CIBER will pursueother strategic initiatives as well.TheUniversity of Maryland has extensiveresources related to language study and

research, and the center will leverage thoseresources to develop business languagecourses for the business community.Global e-commerce, entrepreneurship andinnovation, global services and emergingmarkets are also among the CIBER’sstrategic initiatives.

Vinod Jain, PhD ’94, senior director ofprofessional programs and director of theSmith School CIBER, thinks the centerwill have a significant impact on studentsand faculty as well as the wider businesscommunity.“The center’s outreach activi-ties will give students many more oppor-

tunities to interact with global businesspeople, which can only help them as theybegin their careers in today’s global econ-omy,” says Jain.

Students will find that more of theircourses contain an international compo-nent, compliments of curriculum develop-ment grants from the Smith SchoolCIBER. Faculty members will have theopportunity to pursue internationallyfocused research in their own disciplinesand present their research at global confer-ences, funded partly by CIBER.

SMITH BUSINESS O FALL 2006SMITH BUSINESS O FALL 2006

8

LEADERSDigest

Smith School Receives $1.4 Million Grant for International Business Research, Teaching and Outreach

CIBER HOSTS GLOBALIZATION CONFERENCEDigital Economy Forum

October 5-7, 2006

Globalization is a common term now, but how about “localiza-tion?” It involves taking a product or process and making it lin-guistically and culturally appropriate to different country mar-kets. It’s what happens after internationalization, when yourcompany designs a product that is culturally neutral enough toadapt to many different country markets.

Want to learn more? This fall, the Smith School andthe Localization Industry Standards Association (LISA)are offering a conference to help you ask theright questions and get the rightanswers. The conference will featureworkshops to help business lead-ers make strategic decisions,with topics like how globaliza-tion is affecting the U.S.economy, how to make off-shoring successful, and howto manage localization.

For more information orto register, visitwww.rhsmith.umd.edu/digi-taleconomyforum.



Mike Corvino: Leader forthe Digital EconomyMike Corvino: Leader for the Digital Economy

9

Like many of us, the first thingMike Corvino does when hesteps off an airplane after a trip ispull out his BlackBerry™ to readhis e-mails. But thanks to hisJanSport LiveWire™ backpack, hecan also answer his phone or lis-ten to music on his iPod® at thesame time.

As president of JanSport, abrand in the Outdoor Coalitiondivision of Vanity FairCorporation—and a member ofthe Smith School’s Board ofVisitors—Corvino exemplifies thelife of a leader for the digitaleconomy.The company recentlyintroduced the LiveWire line of

products that use a halo product to operate Apple® iPods andBluetooth®-enabled phones directly from the straps of a JanSportbackpack or the front of a windbreaker or casual jacket. JanSportworked with Apple to develop this technology, in part, saysCorvino, because media has become such an ingrained, ubiquitouspart of the lives of JanSport’s target audience.

“Our market is teenagers and young adults who are movinginto a career,” says Corvino.“Media has become important formany of us, but especially so for teens.The iPod and Bluetoothcapability were a natural next step for us.”

Staying on top of the trend curve isn’t easy, nor is it JanSport’sstrategy, particularly in the youth market where what’s hotchanges every six-and-a-half minutes or so.“We’re not necessarily trend-setters, but we are a brand that con-sistently delivers world-class products to market.We try to be trend-right,” says Corvino.

JanSport is also looking to expand itsglobal market, making a significantinvestment to increase its presence inCanada and in Latin America, specificallyin Brazil,Argentina and Mexico.

Corvino played football for the Universityof Maryland from 1979 to 1982, and he says theexperience has had a big impact on his professionalcareer.“Being a student athlete and being on a teamhas had a huge impact on my career,” he says.“When Ihire for the JanSport team, I want to surround myselfwith people who really care about what they’re doing,

and then put them in a position where they can use their God-given abilities and be successful. Intellect is without a doubt verycritical, but that needs to be balanced with skill, experience, andbeing the kind of individual whoreally cares about the work,and then you find yourorganization being verycompetitive in the mar-ketplace.”

LiveWire productsaren’t yet widely avail-able, but Corvinobelieves they will dowell for JanSport.Thecompany isn’t resting onits laurels, though.“Technology is so quick, sofast-paced—today’s technol-ogy is old tomorrow,” saysCorvino.“So we’re working onthe next generation of capa-bilities as well.”

MIKE CORVINO, PRESIDENT OF

JANSPORT, VISITED WITH SMITH STU-

DENTS MODELING THE COMPANY’S

POPULAR PACKS AND APPAREL.


10

Bookmarket

When Anil Gupta’s book, The Quest for Global Dominance, waspublished in 2001, globalization was a growing—and bewilder-ing—phenomenon. Five years later, it’s an accepted part of cor-porate life.Today, more companies than ever have expandedacross borders; there’s almost no more point in describing acompany as multi-national, because the assumption is that everycompany must consider itself part of the global playing field.Gupta’s book is now one of the most highly regarded books onglobal strategy and has been used in MBA courses at many lead-ing schools such as the Wharton School, the University ofMinnesota and, of course, the Smith School.

Gupta, the Ralph J.Tyser Professor of Strategy andOrganization and chair of the management and organizationdepartment, and co-author Vijay Govindarahan, the Earl C. Daum1924 Professor of International Business at Dartmouth College,describe the ways that logic and strategy should be applied to acompany’s globalization efforts.Written for managers as well asMBA students, the book uses a variety of real-world examples tohelp illustrate its key principles.

The authors examine Wal-Mart’s globalization moves as anexample of the global mindset that leaders must cultivate. Guptarelated an anecdote to demonstrate: in the early 1990s, the CEOof Wal-Mart said that he looked upon the world as a massiveopportunity for growth. In the same year the CEO of Sears saidthat the retailing model doesn’t carry across countries.The rela-

tive successes of Wal-Mart and Sears in the ensuing years demon-strate which mindset leads to success in the modern global econ-omy.“It comes down to how deeply knowledgeable a company’smanagers are about the rest of the world, and how skilled theyare at overcoming the barriers of distance, whether they’re geo-graphical or cultural,” concludes Gupta.“Some people see insur-mountable barriers, while other see opportunities.”

And it is those who see the opportunities, according to Gupta,who will be able to capitalize on the benefits of globalization andavoid its pitfalls.“Globalization is a double-edged sword,” he says.“Pursued mindlessly, it can even kill your company, because itincreases the fixed costs and exposes the company to a lot morecomplexity, diversity and uncertainty. So one has to come atglobalization in a very logical, very strategic fashion.”

Leading managers through these strategic issues, the bookexplores the questions surrounding three key issues—globalexpansion strategies, global competitive strategies and the devel-opment of a global mindset—and discusses how managers candiscover the answers.

William H. Becker and

William M. McClenahan Jr.

The Market, the State, and the

Export-Import Bank

of the United States, 1934-2000,

Cambridge University Press, 2003.

Joseph A. Pratt,

William H. Becker, and

William M. McClenahan Jr.

Voice of the Marketplace:

A History of the National Petroleum Council

Texas A&M University Press:College Station, 2002.

Going Global

NEW BOOKS

If you’re thinking about when, how and why to go global, this book’s for you.

Business and government are connected in multifaceted ways. William McClenahan’s booksexplore the history significant government poli-cies and agencies: the Export-Import Bank of theUnited States, the nation’s official export creditagency, and the National Petroleum Council, the official federal industry advisory committee for the petroleum and natural gas industry. McClenahan is a lawyer and a historian; he teaches business law at the Smith School.




11

Speakingof Business

“If I were to invest, I would proba-

bly not rely on analysts’ recom-

mendations; or, if I did, I would

take them with a grain of salt.

Which is not to say there is no

information there; it just has to be

taken with caution.”

Mark Chen, an assistant professor of finance, has

studied stock analysts’ conflicts and talks about how

they should — or shouldn’t — be used by investors

to pick stocks. Associated Press, April 9, 2006

“The job market continues to dis-

play a disturbing dichotomy — a

booming market for the top quar-

tile and a mediocre to lousy mar-

ket for everyone else. It’s caviar

for the best and cake for the rest.”

Peter Morici, professor of logistics, business and

public policy, on uneven job and wage growth

heading into the second quarter, with most

growth benefiting workers with high skills and

education already at the top of the income scale.

Wall Street Journal Online, May 5, 2006

“Education is key to international

cooperation and understanding in

globalization and that’s why we need

to be here [in China].“

Scott Koerwer, associate dean of professional pro-

grams and services, offering his take on the key to

globalization in China. He said business education

should encompass globalization, entrepreneurship and

technology, as well as a human model to make society

a better place. Shanghai Daily, May 8, 2006

“Location is paramount. Our students

are middle-to-senior managers from

Chinese government, multinationals

and smaller companies looking for a

global business perspective. They need

to find it here in China—they do not

have the time to study overseas—and

they need a combination of business

theory and the practical aspects of

management that they can bring to

their jobs immediately.”

Walter Czarnecki, manager of China Business

Development and Executive Programs in Beijing, talks

about the importance of forging business-school part-

nerships with Chinese institutions and locating pro-

grams in China. Financial Times, April 9, 2006

“One cannot totally blame Indian par-

ents for the short-term and short-

sighted optimizing behavior. Their

children’s success is one of the most

important, if not the most important

thing in their lives.”

G. Anandalingam, chair of the decision and informa-

tion technologies department and Ralph J. Tyser

Professor of Management Science, writes an opinion

article discussing the tendencies of Indian residents in

America to optimize their children’s academics and

extracurricular activities to ensure their acceptance to

an Ivy League or top-tier school. The Economic Times,

May 26, 2006

“You’re seeing more people doing test-

ing that helps with trying to predict

who could work well with others, in

teams and with diverse or global audi-

ences.”

Joyce Russell, Distinguished Tyser Teaching Fellow of

management and organization and senior executive

education fellow, talks about employers using intelli-

gence and personality tests as well as role playing and

problem solving to test a candidate’s skills as they recruit

talented workers. The (Baltimore) Sun, May 10, 2006

“It’s never a good idea to have a large number of your best customers mad at you,

as seems to be the case these days.”Roland Rust, the David Bruce Smith Chair in Marketing,

talks about the concern airlines should pay to public

perception of frequent-flier programs.

USA Today, May 31, 2006


KnowledgeTRANSFER

Learning from Heterogenous Experience For firms looking to internationalize, experience may not be the best teacher.

When it comes to developing strategicorganizational processes, experience maynot be the best teacher. ChristopherBingham, assistant professor of manage-ment and organization, studied six tech-nology-based entrepreneurial firms withheadquarters in Finland, the U.S. andSingapore as they went through theprocess of internationalization.The firmsrepresented a variety of technology indus-

tries: hardware devices, medical solutions,enterprise software, and security services.The study was funded in part by theNational Science Foundation.

Bingham identified several forms ofheuristics used by each firm. Heuristics areinformal rules of thumb that guide andshape learning—in this case, rules thatentrepreneurial organizations used as theyexpanded globally.While the actual heuris-tics were unique to each organization andits situation, all firms in Bingham’s sampledeveloped similar types of rules.

Each firm developed a few simple, spe-cific rules for choosing opportunities(boundary rules) and a few rules for exe-cuting them (how-to rules). Boundary andhow-to rules helped organizations as theypursued a global strategy, even though therules themselves were often flawed.“Aheuristic initiates action; it lets you get theball rolling,” says Bingham.

Boundary and how-to rules provideimportant guidelines for young entrepre-neurial firms choosing between available

opportunities.“Without filters it is veryeasy to engage in opportunistic behaviorand jump on the first thing that comesyour way, whether or not that fits with thelonger-term mission of your organization,”says Bingham.“Entrepreneurs have verylimited resources; if you’ve placed your betin a wrong area it can be very detrimentalto your organization’s future.” Boundaryand how-to rules give executives the con-

fidence to act even in new and unfamiliarsituations.

Organizations also developed rulesabout timing which Bingham calls “tem-poral heuristics.”These included rulesabout synchronization (deciding when toenter a country according to some exter-nal timing); destination (which country orcountries the firm was targeting); sequence(the order of countries that the firm need-ed to enter in order to accumulate experi-ence correctly); and pacing (internal tim-ing).

Rules about timing turned out to beimportant for successful globalization.“Ifyou were going to make a soufflé, youwould want certain ingredients addedbefore others.Yet there seems to be anassumption in the academic literature thatif you accumulate more experience, that’sall you need. It takes a more discerningmindset to understand which experiencesought to come first, and which shouldcome later” says Bingham. He cites aSingaporean organization which wanted to

enter the Japanese market. Despite the factthat Japan was closer geographically, leaderschose to enter the U.S. first. Doing so gavethe firm U.S. reference customers, whichwas very important to signal the legitimacyand credibility needed for entering one ofAsia’s largest markets.

As the firms continued to develop theirglobalization strategies, their heuristicsbecame more abstract, with fewer details.This allowed for more freedom on the partof workers within the new country mar-kets to act and make decisions.This is acounter-intuitive insight of Bingham’sresearch:While early learning involves lessabstract thinking as leaders develop specificboundary and how-to rules, later learninginvolves more abstract thinking, as leadersimprove their understanding of how sim-ple rules encourage effective improvisation.More abstract heuristics provide coher-ence, so managers aren’t reinventing thewheel, but at the same time permits forflexibility and creativity.

“Firms start with very specific bound-ary and how-to rules, but over time theserules become more abstract,” saysBingham.“When we look at improvisationwe think that people are just winging it,but there is actually a deep foundationalknowledge and cognitive sophisticationwhich allows managers to understand howtheir heuristics can be improvised in differ-ent ways in different countries.” –RW

Get the Podcast! More informationabout this research, including a videointerview with Bingham, is available onthe Smith Business Web site.

>>GLOBALIZATION

As the firms continued to develop their globalizationstrategies, their heuristics became more abstract, withfewer details. This allowed for more freedom on thepart of workers within the new country markets to actand make decisions.”


12



The Smith School has launched an initia-tive to digitally distribute business man-agement-focused feature articles andinterviews to promote the school’sthought leadership. Under the “BusinessIntelligence On-Demand” umbrella, theschool now publishes a quarterly e-newsletter, provides an RSS feed, anddelivers weekly podcasts, which enablesubscribers to download five-minutevideo and audio clips to their iPods orother MP3 players.The video and audiopodcasts feature interviews with Smithfaculty, as well as audio versions of busi-ness management articles from SmithBusiness magazine and the school’sresearch newsletter, Research@Smith.

A recent study from the Pew Internet& American Life Project finds that morethan 22 million American adults, or 11percent of adults, own iPods or MP3 play-ers. Of those, 29 percent have downloadedpodcasts. By 2010 the number of podcastusers is expected to reach 56 million,according to a study by the DiffusionGroup.

“Smith podcasts deliver managementinsight from Smith’s world-class facultyand other members of the Smith com-

munity, so the service is a great way formanagers to stay on top of best businesspractices,” said Jeff Heebner, Smith’s man-aging director for marketing communica-tions.“And because subscribers candownload the content directly to theirmobile devices, they can watch or listento it whenever and wherever they want.”

The same audio and video clips can beaccessed via the Web for those who don’tsubscribe to the podcasts.To subscribe toSmith Podcasts or learn more visitwww.rhsmith.umd.edu/news/rss/podcast.

Subscribers to Smith’s new RSS, or“really simple syndication,” feed get newsarticles, opinion pieces, event information,and other Smith School content delivereddirectly to their desktop computers via anRSS reader from Google,Yahoo or anoth-er service.To subscribe to the Smith RSSfeed or learn more visitwww.rhsmith.umd.edu/news/rss.

The new quarterly e-newsletter,“Leading the Digital Economy,” givessubscribers access to print articles, as wellas video and audio clips based on Smithfaculty research and interviews.To viewthe newsletter and subscribe visitwww.rhsmith.umd.edu/newsletter/leading. –JH

Smith Offers Video and Audio “Business Intelligence” On-Demand

STOCK TIPSStock trading is more mystical artthan science, but it turns out thereis a piece of information that canmake a real difference to investingsuccess.

Sunil Mithas, assistant professor of decision and information technologies,worked with a team of researchers led byProfessor Claes Fornell from the Universityof Michigan to manage a hypotheticalpaper portfolio and an actual stock portfolio. They had a very simple tradingstrategy: long positions were taken incompanies with high and increasing customer satisfaction rates, as measuredby the American Customer SatisfactionIndex (ACSI). Short positions were takenin companies with low and decreasingACSI scores.

Over a period of four to six years, boththese portfolios outperformed the DowJones Industrial Average and the S&P 500.When the stock market grew, the stockprices of many firms with very satisfied cus-tomers grew even more; when the marketdropped, customer satisfaction seemed toprovide a certain amount of insulation. Itmakes sense, right? Satisfied customers arekey to a company’s success. But the knowl-edge of a company’s customer satisfactionis not immediately reflected in a company’sstock price. Thatmakes it possiblefor investors togenerate highreturns with lowrisk by incorpo-rating customersatisfactionscores in their stock trading strategy.

So if there’s such a strong correlationbetween customer satisfaction and marketequity, and if people intuitively understandthis, why don’t more investors make invest-ment choices based on customer satisfac-tion information? Investors may believethat if customers are happy, then compa-nies are giving away too much for the pricethey are charging customers.

>>MANAGEMENT >>FINANCE

13

SATISFACTION CORP.SYMBOL: STAR


Formanypeople,the eventsof 9/11 pre-sented a vivid anddisturbing reminder of howfragile we really are.What is our reactionto the reminder of our own mortality?And are marketers taking advantage of it?

Rosellina Ferraro, assistant professor ofmarketing, studied the effects that “mor-tality salience”—that reminder that weare all mortal—have on consumer behav-ior. Ferraro found that a person’s responseto the reminder of mortality depends onwhat is important for that person’s self-esteem.This happens because death-relat-ed thoughts generate existential anxiety,which people cope with, in part, byattempting to increase or bolster theirself-esteem.

If self-esteem is related to body imageor feeling virtuous, then that person is

likely to eat healthy food ordonate to charity to deal with

death-related anxiety. But ifa person does not deriveself-esteem from theirbody image or fromfeeling virtuous, thenthis person is morelikely to eatunhealthily or donateless to charity.

Ferraro found thatpeople try toincrease self-esteemby focusing on thoseaspects of their liveswhich are important

to their sense of self-worth. For some people

intellect is what reallymatters; for others it may

be family, body image, reli-gion, or virtue. Ferraro’s

research focused on just two ofthose aspects of self-worth: body

image and virtue.They found that people have a limited

amount of capacity for self-regulation,which can be loosely thought of as theability to focus and channel one’s ener-gies.When a person’s capacity to self-reg-ulate is directed towards the things whichenhance his or her self-esteem, otheraspects tend to be ignored.

For example, while dealing withdeath-related anxiety, women who con-sidered their body image important totheir self-esteem avoided chocolate andchose to eat fruit salad, the healthieroption.Women for whom body imagewas not as important, though, were morelikely to choose the chocolate option.People for whom being virtuous wasimportant to self-esteem intended to

engage in more socially-conscious behav-iors when faced with death-related anxi-ety. On the other hand, people who didnot consider virtue important to theirself-esteem gave less to charity and wereless likely to intend to engage in socially-conscious behaviors.

Ferraro conducted three experiments,bringing mortality or death to mind forparticipants and then studying their con-sumption responses. The results provideda new theory to understand how con-sumers are likely to make choices whendealing with death-related anxiety.

“This research indicates that people’sconsumption behaviors can be affected byimportant external events, such as thosethat affect multiple individuals, like 9/11,and those that affect only one individualon a more personal level, like the death ofa loved one,” says Ferraro.“This impliesthat consumers use consumption behavioras a coping mechanism for dealing withsome forms of anxiety.”

One of the questions Ferraro wasinterested in was whether these effectswere unique to death-related anxiety.Could an impending visit to the dentist,public speaking, or an approaching examcause the same results? Consistent withprior literature, Ferraro found that theeffects generated by inducing death-relat-ed anxiety were not replicated underother anxiety-generating circumstances.

Ferraro says marketers should considerhow death-related anxiety might affecttheir target audience.“Marketers need tobe concerned with things such as place-ment of advertisements in programs ornear news stories that might trigger mor-tality salience,” says Ferraro.“They alsoneed to be concerned with whether theirown advertisements can trigger mortalitysalience.” –SA

KnowledgeTRANSFER

>>MARKETING


14

Eat, Drink and Be Merry—But Only If ItMakes You Feel Good About Yourself



15

Ritu Agarwal, Dean’s Chair ofInformation Systems, Anil Gupta,Ralph J. Tyser Professor of Strategyand Organization, and RobertKraut of Carnegie Mellon will beguest editing a special issue ofInformation Systems Research on the“Interplay between Digital andSocial Networks.”

Kathryn Bartol has been selectedas the 2006 recipient of theAcademy of Management'sDistinguished Service Award.This is one of the highest honorsthe Academy of Managementbestows on its members. This all-Academy award recognizes excel-lence in developing and/or enhanc-ing a field of study; founding orcreatively editing a journal; andbuilding institutions, for examplethrough creative or unusually effec-tive service to a major professionalorganization.

J. Robert Baum, associate profes-sor of management and organiza-tion, has been selected asDingman Center ResearchFellows in Entrepreneurship forthe 2006-2007 Academic Year. Thisresearch fellowship is meant to

encourage and recognize researchin entrepreneurship.

Anil Gupta and Ken Smith, pro-fessor of management and organi-zation, are serving as guest editorsfor a special issue of Academy ofManagement Journal focusing onthe topic of “Managing Explorationand Exploitation” with ChrisShalley of Georgia Tech.

Gupta, Susan Taylor, professor ofmanagement and organization,and Paul Tesluk, associate profes-sor of management and organiza-tion, are serving as guest editorsfor a special issue of OrganizationScience focusing on the topic of“Innovation at and across MultipleLevels of Analysis.”

Wolfgang Jank, assistant professorof management science and statis-tics, and Galit Shmueli, assistantprofessor of management scienceand statistics, have been namedguest editors for a special issue ofthe journal Statistical Science on“Statistical Challenges andOpportunities in ElectronicCommerce Research.”

Edwin A. Locke, professor emeri-tus of management and organiza-tion, has won the James McKeenCattell Fellow Award from theAmerican Psychological Society. Hereceived the award at APS 18thAnnual Convention, May 25-28,2006. Locke is the most publishedorganizational psychologist in thehistory of the field. His pioneeringresearch focused on work motiva-tion and job satisfaction, and he iswell-known for his publications ongoal-setting theory. His 1976 chap-ter on job satisfaction continues tobe one of the most highly citedpieces of work in the field. Lockewas also selected as the 2006 recip-ient of the Academy ofManagement's DistinguishedScholarly Contributions Award.This prestigious award is givenannually for significant scholarlycontributions that have advancedmanagement and organizationalknowledge and practice.

Roland Rust, David Bruce SmithChair in Marketing and chair of themarketing department, received aHighly Commended Paper Awardfor his 2005 article, “The Business

Value of e-Government for SmallFirms,” with co-authors DeboraThompson, a recent Smith PhDalumna, and Jeffrey Roda, of IBM.It was one of the top four articlesof the year as chosen by theInternational Journal of ServiceIndustry Management review board.

Lemma Senbet, William E. MayerChair in Finance and chair of thefinance department, has beenselected to be a Fellow of theFinancial ManagementAssociation (FMA) by a committeeof distinguished scholars. Theaward recognizes individuals whohave made significant contribu-tions to the profession throughscholarship; recipients includeNobel laureates Merton Miller, BillSharpe and Robert Merton. It isalso a select list: one or two indi-viduals are named FMA Fellow eachyear. Lemma will formally receivethe award at the October nationalmeeting in Chicago.

TEACHING AWARDS

Smith Recognizes Teaching Excellence with Krowe and Legg Mason AwardsThe Smith School is recognized as one of the top research institutions in the world,but it is also a place where students can learn from some of the best teachers inthe business. Allen J. Krowe ’54 established the Krowe Teaching ExcellenceAwards in 1986 to recognize and promote excellence in teaching.

Allen Krowe majored in accounting and economics and knows how crucial agood teacher can be, especially in a demanding subject. “During my time at theUniversity of Maryland I had a very outstanding set of instructors; they were justsensational,” says Krowe. “As a senior I took a national accounting exam that wasgiven to all the big business schools. I scored in the 99th percentile, and several ofmy friends scored in the 97th percentile. It was an indication that we were reallybeing taught well.” (Read more about Krowe, former vice chairman of Texaco Inc.and former CFO of IBM, on page 27.)

The Legg Mason Award in Teaching Innovation is awarded to recognize inno-vation in classroom instruction that will have a lasting impact on the university.

This year the Smith School’s Teaching Enhancement Committee received 124nominations for 58 Smith School faculty members for the Krowe and Legg Masonawards. Both students and alumni are eligible to enter nominations.

Congratulations to the 2005-2006 Krowe Teaching Excellence Award winners.

Faculty Awards and Honors

Professors: William DeWitt, Logistics, Business, andPublic Policy; Hassan Ibrahim, Decision andInformation Technologies; Jeff Kudisch,Management and Organization; Kazim Ruhi,Decision and Information Technologies.

PhD Student/Lecturers: Simon Bensimon, Marketing; Mary Harms,Marketing; Yun Liu, Finance; Jeffrey Miller,Logistics, Business, and Public Policy; MervYeagle, Marketing

Legg Mason Teaching Innovation Award: Charles Olson, Logistics, Business, and Public Policy


UPCLOSE


Carly Fiorina, MBA’80, is arguably one ofthe Smith School’s most influential gradu-ates, but she almost didn’t make it here atall. Her application to the MBA programwas rejected at first. But Fiorina didn’t leta rejection stop her. She had to do someswift talking to convince ProfessorEmeritus Ed Locke, then head of theadmissions committee, to take her in, buttake her in he did.

That kind of determination shapedevery corporate success that would followin a truly extraordinary career. Fiorinaspent nearly 20 years with AT&T and

Lucent Technologies, where she held anumber of senior leadership positions anddirected Lucent’s initial public offeringand subsequent spin-off from AT&T. Fromthere she went on to lead Hewlett-Packard, the venerable “Gray Lady ofSilicon Valley,” as its chairman and CEO,becoming one of the most powerful exec-utives in America.

Fiorina plunged into the challenge ofrevitalizing HP.“By the late ’90s HP hadfallen badly behind.The company hadmissed nine quarters in a row in the mid-dle of the biggest technology upturn in

Charismatic Smith alumnaCarly Fiorina, MBA’80, has

been living and leading througha quarter-century of change.

WITHCARLY


history, and was not even in the top 25innovators in the world,” explains Fiorina.“Then in 2000 and 2001, the global econ-omy had slowed to a crawl and it wasclear that there were structural changesoccurring in the technology industry, notsimply a cyclical downturn.We acquiredCompaq to give HP the opportunity tocontrol its own destiny, to masterchange—to lead in the 21st century, ratherthan be a laggard.”

The controversial merger of HP withCompaq Computer Corp., led by Fiorina,is now widely regarded as the most suc-cessful high-tech merger in history. Butmany within the company were threat-ened by the changes she was making andput off by her leadership style; this causeda furious backlash by some within HP. Shewas fired from the company in 2005.

HP’s fortunes have changed dramatical-ly in the past year, and it’s now clear thatthe course she set during her tenure as itsCEO was the right medicine for the fal-tering company, no matter how bitter ittasted at the time. Determination pro-pelled Fiorina to the top of the corporateladder, but this kind of vision and fore-sight are what keep her front-and-centerat the intersection of business and tech-nology.

Smith Business sat down with Fiorinaon a busy Monday just an hour before shewas scheduled to give the keynote addressat graduation. In the midst of myriad dis-tractions—from the bobbing boom mikeof a national television crew to the pop-

ping flash bulbs of a still photographer—the Smith grad reflected on her career,leadership, sexism, technology, globaliza-tion, and her days at the Smith School.

Digital, Mobile, Virtual, and PersonalWhen Fiorina graduated from the SmithSchool, the fax machine had yet to beinvented.Today it would require surgeryto detach a college student from his or hercell phone. Fiorina understands the waytechnology is reshaping our world, andshe believes we are at the cusp of an erathat will last for some time: an era domi-nated by the power of the individual,driven by technology that is “digital,mobile, virtual, and personal.”

And companies that do not seize theadvantages offered by technology willinevitably fail, says Fiorina.“Everything Iknow after 25 years in business and tech-nology tells me that business models thatresist technology will ultimately fail, andbusiness models that resist individualhuman beings’ desire for more power andcontrol over their own lives ultimately failas well,” says Fiorina.“And everything Iknow after 25 years tells me that thosewho do not seek to master change areeventually swallowed by it.”

Fiorina believes that mental power—brain power—is the engine that will drivebusiness success in the 21st century.“Wesay all the time people are our mostimportant asset, but companies need toinvest in leadership development the same


18

+ What makes a good leader?A manager’s job is to produce quality results

within a known set of conditions and con-

straints. A leader’s job is to create something

new. So the essence of leadership is to master

change. The essence of leadership is to make a

difference, not maintain the status quo.

Whether it is in business, politics, or leading

a family, there are three essential qualities to

leadership: character, capability, and collabora-

tion. In some ways character matters more now

than ever, because the constraints that keep

people on the straight and narrow are easier to

break today. Capability is important, but good

leaders know what they’re good at and use it.

They also know what they’re not so good at,

and bolster their weaknesses by surrounding

themselves with people who are different from

them. A big part of capability is never to stop

learning or adapting. Collaboration is all about

the reality that nothing really important or diffi-

cult happens through individual heroics; every-

thing important happens through team effort.

+ What’s the best career advice youever received?

Get all the input you can; get all the advice you

can; listen to all the pros and cons; fill yourself

up with information and expertise, and then go

with your gut.

If I was giving career advice, I would add:

Dare to be brave, to define yourself and not be

defined by others. Know that there are barriers,

but that you achieve as much as you choose.

+ Why are wemany legal abusiness tod

If you study Enron,

ture that over time

were no clear boun

was permissible an

that case, perhaps

means. Unfortunat

tone at the top is to

and that may entai

don’t have the cha

+ What resposchools havguidance to

I think business sc

bility…we have bec

expect quick fixes,

the single most imp

Unfortunately we te

they’re being obtai

Business schools h

leadership as surel

people are born to

to lead. You can an

lead according to t

I myself was fir

sacrifice a principle

Leadership is a

and they’re frequen

because they’re ch

Q&A


way they invest in physical plant,” saysFiorina. Getting and keeping the best andbrightest minds—the ones that createchange and harness innovation—must bea key concern for businesses in this digitaleconomy.

When thinking about the nation’s pub-lic policy, Fiorina also thinks in terms ofmental power.Take immigration policy: inthe last 15 years 3 billion people havejoined the world economy.“If even atenth of those people are educated andmotivated, that means 300 million newpeople outside the United States are try-ing to compete in the global economy,”says Fiorina.“We’re not going to winthrough sheer force of numbers. In orderfor America to remain competitive, ideasand mental power have to be harnessed.”

Public policy objectives, then, shouldfocus on investing in education and inno-vation, and immigration policies shouldfocus on attracting and keeping thebrightest and most competitive peoplefrom around the world.“I’m not sure thatthose considerations are shaping thedebate on immigration or education tothe extent it should,” says Fiorina.

This may be because policy makershave yet to truly grapple with the seachanges now taken for granted by thebusiness world.“In many ways our publicpolicy is based on 20th century para-digms,” says Fiorina.“Business, on theother hand, is out at the forefront ofchange. It has to be.”

Moving Beyond “Our Token Bimbo”Technology has changed business, but theculture of business has likewise beenchanged by society’s evolving view ofwomen in the workplace. Early in hercareer, Fiorina was introduced by her bossas “our token bimbo.” Even as a seasoned,experienced executive, she still found thatbeing a woman set her apart from othertop executives in ways that border on theridiculous.“My hair, my shoes, myclothes, were endlessly discussed. I wasroutinely referred to as a bimbo, or thatother b-word,” she says ruefully.

For many years Fiorina simply didn’tdiscuss gender issues, choosing instead tobe judged on the results she generated.She held the top spot in Fortune maga-

19


d leader?e quality results

ons and con-

reate something

rship is to master

ership is to make a

tatus quo.

politics, or leading

ntial qualities to

ity, and collabora-

matters more now

raints that keep

rrow are easier to

portant, but good

ood at and use it.

not so good at,

by surrounding

are different from

is never to stop

ration is all about

important or diffi-

ual heroics; every-

ugh team effort.

eer advice you

all the advice you

cons; fill yourself

rtise, and then go

ce, I would add:

ourself and not be

there are barriers,

as you choose.

+ Why are we hearing about somany legal and ethical lapses inbusiness today?

If you study Enron, which I have, you see a cul-

ture that over time was corrupted because there

were no clear boundaries about what behavior

was permissible and what was not. The ends—in

that case, perhaps stock prices—justify any

means. Unfortunately, the only way to keep the

tone at the top is to make the tough decisions,

and that may entail taking people out if they

don’t have the character necessary for that job.

+ What responsibility do businessschools have in providing ethical guidance to students?

I think business schools have a huge responsi-

bility…we have become a society where people

expect quick fixes, and stock price has become

the single most important metric for everything.

Unfortunately we tend to reward results, even if

they’re being obtained in questionable ways.

Business schools have a responsibility to teach

leadership as surely as they teach finance. Some

people are born to lead, but most people learn

to lead. You can and should teach people how to

lead according to their values.

I myself was fired, in part because I wouldn’t

sacrifice a principle I felt strongly about.

Leadership is all about the tough choices,

and they’re frequently the ones made in solitude,

because they’re choices only a leader can make.

“We say all the time people are ourmost important asset, but companies

need to invest in leadership developmentthe same way they invest in physical

plant,” says Fiorina. Getting and keepingthe best and brightest minds—the

ones that create change and harnessinnovation—must be a key concern for

businesses in this digital economy.


zine’s “50 Most Powerful Women inBusiness” for six years running, but shefelt that the very existence of such a listsidelined women leaders, implying thatthere was a men’s ladder to success and awomen’s ladder, and that women couldn’tcompete side-by-side with their malecounterparts.

Working in the high-tech field alsopresented challenges.“When I came toHP, 85 percent of the people I was leadingwere men,” says Fiorina.“My gender sepa-rated me from my employees. So I didn’twant to talk about women’s issues, I want-ed to talk about what we had in com-mon—the mission, the company, our busi-ness objectives.”

In the effort to move the discussion ofher career beyond gender issues, Fiorinahas sometimes alienated other women.She once famously said there was no glassceiling, which some women interpreted asFiorina saying that barriers didn’t exist.For Fiorina, who has been through manyof those barriers herself, the issue was notwhether barriers existed but whether ornot women chose to acknowledge thosebarriers.“The most important choice Imade as a woman in business is not to bedefined by other people’s prejudices, butto be defined by my own sense of possi-bility, and what I thought I was capableof,” says Fiorina.

While law schools, medical schools andpublic policy schools now average aroughly equal male/female enrollment,business schools have a much lower femaleenrollment, between 25 and 35 percent,according to the Wall Street Journal. (TheSmith School has 41 percent women stu-dents in the undergraduate program and34 percent in the graduate program.) Andvery few of those women go on toachieve elite leadership roles in majorcompanies.

Fiorina thinks perception of compe-tence may play a role.“People look at a

man in a job and think that he is capableof doing that job; they look at a womanin the same position and they’re not sure,”says Fiorina. Business also lacks the bench-marks to prove competency that markother professions.“If you’re a lawyer, youpass the bar; if you’re a physician, you passcertification,” says Fiorina.“In business,you need to produce results, but thoseresults come about through a team effort.I think people sometimes get confusedbetween style and substance. I think wehave a long way yet to go to understandthat results can be achieved through lotsof different styles and isn’t dependent ongender.”

The Making of a LeaderTechnology has had profound changes onthe business world; it has also had pro-found changes on business schools.“WhenI was here at the Smith School we talkedabout ‘international business;’ no onewould do that now!” Fiorina laughs.“Today all business is global business.Thepace of business is so different; no businesscan hide from technology or the globalrealities.”

During her time as a student at Smith,Fiorina was a teaching assistant for BillNickels, now professor emeritus of market-ing, whom she credits with showing herthe power of humor as a teaching tool.“He was like a stand-up comedian in hisability to make you laugh, yet each storyor joke he told had an important point,which people remembered because theyweren’t falling asleep,” says Fiorina. Nickelsalso permitted Fiorina to challenge himwith knock-down, drag-out debates in theclassroom. Fiorina respected Nickels forbeing the kind of person who would allowstudents to argue with him, and discoveredboth that she could hold her own in thatkind of exchange and that she and herclassmates learned a lot from it.

As a leader, Fiorina found out that she


20

Tough Lady, Tough ChoicesIn her new book,“Tough Choices:AMemoir,” Carly Fiorina takes athoughtful look back at her career,from the early days at AT&T throughthe difficult years at Hewlett-Packard.For those who have followed theseemingly endless debate and contro-versy surrounding Fiorina, it’s achance to finally see the personbehind the persona. Fiorina isn’t coyabout relating some of the trials of herearly years, including the time her bossat AT&T arranged a meeting withimportant clients at a strip club,assuming Fiorina would be tooembarrassed to come. Instead, armedwith a briefcase and garbed in hermost conservative business suit, sheshowed up at the strip club and triedto ignore her surroundings. But herboss, who was feeling the effects ofseveral gin and tonics, kept callingstrippers over to dance on the table.“In a show of empathy that bringstears to my eyes still, each womanwho approached the table would lookthe situation over and say, ‘Sorry, gen-tlemen. Not ‘til the lady leaves,’”writes Fiorina. Returning to work thenext morning, she found that the inci-dent had won her the respect of hermale colleagues:“I had shown … thatI would not be intimidated, even if Iwas terrified.”



21

was the kind of person who processedbest through debate; she became the per-son who either instigated debate or causedit. It was a signature part of her manage-ment style.“I actually think better whensomeone is challenging me,” says Fiorina.“It helps me identify soft spots in a plan.Creating an environment where debatecan occur takes work; it’s actually easier tohave the kind of environment wheredebate doesn’t occur, but it’s less effective.”

Fiorina is also the kind of person whotruly enjoys helping others live up to theirpotential. She has often spoken of the roleRudy Lamone, former dean of the SmithSchool and now professor emeritus, playedin her early development.“Rudy broughtme into the dean’s office to work for him,and he treated me like a peer,” remembersFiorina. She values the memory of beingtreated like a peer by a powerful andinfluential leader, and while she doesn’tcare for the term “mentoring,” implyingas it does a formalized relationship, she isenthusiastic about informal opportunitiesto help others grow. Recently she hasbegun to work with organizations thatseek to alleviate global poverty; she is alsoserving on the boards of several startupfirms—both opportunities to fosterhuman potential in unexpected ways.

These days, Fiorina is busier than everand spends much of her time traveling forspeaking engagements or board meetings.But what she prizes most about her post-HP life is the freedom to do things she’snever done before, like writing a book.Fiorina is the author of “Tough Choices:A Memoir,” which will be published thisfall by Portfolio, an imprint of PenguinGroup (USA).

Video and audio of Fiorina’s com-mencement speech are available at SmithBusiness Online.

SMITH SCHOOL DEAN HOWARD FRANK, LEFT,

WITH CARLY FIORINA, MBA ’80, AND

UNIVERSITY OF MARYLAND PRESIDENT C.D.

“DAN” MOTE, BEFORE THE 2006 MAY COM-

MENCEMENT CEREMONY.

Women MBAs at Smith The Smith Association of Women

MBAs (SAWMBA), a chapter of the

National Association of Women MBAs,

has been an important venue for

personal support, development and

networking for women in the Smith

community. SAWMBA sponsors a

variety of events throughout the year,

including conferences and symposia,

resume and interview coaching, golf

lessons, and social events.

Read more about SAWMBA atSmith Business Online.



22

The just-in-time economy depends on thequick and reliable delivery of goods andservices, and a breakdown anywhere alongthe line can throw a serious spanner in thewheels—as Toyota found out in 1997,when a fire in an Asian brake factory shutdown the company’s car assembly plantsaround the world for several days.

Meeting the supply chain challenge hasbecome a more complicated and criticalendeavor than ever before.The SmithSchool is at the forefront of this field, witha strong academic program that is produc-ing the managers, scholars and innovatorsof tomorrow.

Supply Chain Management at Smith The Smith School’s Logistics,Transportation and Supply ChainManagement (LTSCM) program is robustand exciting, but like the field of logistics,it doesn’t always get the recognition itdeserves.

Smith’s LTSCM undergraduate pro-gram is one of the largest in the country,second only to Penn State. Courseworkfocuses on globalization and informationmanagement tools that integrate procure-ment, operations and logistics, from rawmaterial suppliers to the final customer.


Supply Chain Management:Meeting the Challenge

illustrations by Patricia Lookand Jeanette J. Nelson

Continued on page 24

THE SMITH SCHOOL’S SUPPLY CHAIN MANAGEMENT PROGRAM SHOWS WHY GETTING THERE IS HALF THE FUN.

Logistics used to be considered ‘back-of-the-house’ activity; it was thought of in termsof minimizing costs and ensuring that there weren’t too many screw-ups. In today’sglobal, digital, intricately interconnected economy, logistics is now a strategic issuethat can provide powerful competitive advantage to companies, or hold them back inequal measure. Wal-Mart and Dell have captured the top spots in their markets inpart because of the innovations introduced into their supply chains.



23


“The school’s academic program has produced winners of national supply chain management scholarships two years running—Anna Kroupnik in 2005 and Jonathon Ulrich in 2006—showing the excellent preparation students receive in the program.”

More than Just a GameThe Smith School isn’t just teaching

cutting-edge material; we’re teach-

ing it in cutting-edge ways. The

globalization of supply chains has

created new challenges for compa-

nies: longer transportation times,

big inventories, complex logistics,

and the high cost of coordinating

information, goods and money

across the globe. A new Web-based

management game at the Smith

School is the first of a series devel-

oped to address supply chain chal-

lenges such as globalization, the

increasing importance of the cus-

tomer role and mass customization.

Thomas Corsi, Michelle E. Smith

Professor of Logistics, and Sandor

Boyson, research professor, who are co-

directors of the Smith School Supply

Chain Management Center, developed

the Distributor Game, a management

game designed to help students

engage with supply chain challenges

related to globalization, giving students

a feel for the 24/7 global environment

of the supply chain world.

But this isn’t just a game. It’s a pow-

erful new teaching tool that is trans-

forming the way students think about

logistics. Computer models are an

important tool for supply chain man-

agers, and the Distributor Game was a

natural outgrowth of that tool.

“Gaming and modeling are two sides of

the same coin,” says Bill DeWitt, “but

gaming is more interactive and fun.”

Students playing the game log in to

a Web portal that contains the instruc-

tion, content and background informa-

tion for the game. The scenario focuses

on a demand surge for laptop comput-

ers in Asia and a diminishing demand

for desktop computers. Suppliers in the

Asian region were modeled in such a

way that they could not meet the

increased demand of distributors, caus-

ing shift in demand from Asian distribu-

tors to suppliers in the U.S.

Players have to manage a variety of

operational-level decision-making

processes to keep their distributors in

an economically healthy state. Players

deal with quotes, orders, confirmations,

and bills. Shipments and payments are

handled by computational algorithms

that support the human players. The

game’s architecture supports splitting

the decision-making process between

multiple players on a team, so that one

player focuses on inventory and one on

sales, for example.

To better reflect the pace of the

real-time global supply chain, the sim-

ulator allows for continuous play by

looping over an event list while taking

pre-defined steps in between. The con-

trols allow the game operators to slow

down or speed up a game, helping to

emphasize and control the attention

and focus of the players. A game may

last several weeks or even over the

course of a semester, where players

can make decisions to manage compa-

nies at different times and from differ-

ent locations. Continuous time

advance, rather than turn-based play,

allows players to interact with the

game over a long period of time.

This fall teams from a number of

business schools worldwide will go

head-to-head, playing the Distributor

Game against one another over the

Internet. The competition is being

sponsored by Sun Microsystems, which

has supplied funding, equipment and

technical assistance.

The Distributor Game was jointly

developed by the Smith School’s

Supply Chain Management Center and

the Delft University of Technology,

Delft, Netherlands.


Students have the chance to use computermodels and programs which will be key totheir later careers, and to work in theschool’s Supply Chain ManagementCenter, a leading producer of practical, rel-evant research in this area.

Starting in 2008, students will also havethe option to pursue special co-curricularevents and study opportunities through aSupply Chain Management Fellows trackas part of the Smith Undergraduate Fellowsprogram. SCM Fellows may take one addi-tional specialized course, but most of theirextra time will be spent doing internshipsand attending trade shows on Fridaysthroughout their junior and senior years.

There are only 18 programs in thecountry offering LTSCM courses at boththe undergraduate and graduate level,and Smith has one of the mostcomprehensive and far-reaching

course offerings available. Students canpursue an MBA with a concentration inLTSCM or a PhD in LTSCM, which givesstudents more depth and a greater strategicunderstanding of the models and programsthey use as undergraduates.

Starting in 2007, Smith will also offeran Executive MS in Supply ChainManagement, aimed at practitioners look-ing to update and upgrade their skills.“The MS in SCM will give corporationsthe opportunity to develop the skills oftheir high-end employees,” says BillDeWitt, Professor of the Practice ofSupply Chain Management at the SmithSchool and the program’s most ardentadvocate.“It will permit them to do morestrategic work with modeling.Theyalready know how to use SAP or Oracle,

but this will help them understandhow to make the most effective useof it.”

Student InvolvementLTSCM students are some of the

most involved in the Smith

School community.The LTSCM Societyis an undergraduate student-run organiza-tion which promotes careers in LTSCM,sponsoring weekly talks by industry lead-ers. Graduate students participate in theGraduate Supply Chain Club.The twoorganizations work together to sponsor anannual Industry Day, a large employmentfair and networking event for those in theindustry. Last year, 80 recruiters from morethan 30 companies attended the event.These events create important networks ofconnections for students moving on to themarketplace after graduation.

And when they’re ready to move on,Smith LTSCM alumni are sought-afteremployees. Most LTSCM majors doublemajor in another academic area as well—finance, marketing and information systemsare the most common.This gives studentsboth managerial depth and a breadth offocus that recruiters just love.

Read more about the LTSCM pro-gram, Industry Day and the new MS inSupply Chain Management at SmithBusiness Online.

Supply Chain Management CenterThe Smith School’s Supply Chain

Management Center, led by co-

directors Sandor Boyson, research

professor, and Thomas M. Corsi,

Michelle E. Smith Professor of

Logistics, was established in 1998 to

advance supply chain practices and

research.

The center developed a proto-type supply chain portal throughwhich all the functions of a supplychain—demand forecasting, collabo-rative planning, inventory optimiza-tions, warehouse management, trans-portation planning, and customerservice, among others—are conduct-

ed. The portal helps teach all aspects ofmanagement of a real-time supplychain, and uses some high-tech tools todo so, including RFID (radio frequencyidentification) technology.

In addition to its research projects,the center also offers consulting tomajor U.S. and international corpora-tions. “We’ve conducted graduate fieldprojects with U.S. MaritimeAdministration, BAE and Censeo andworked with Black and Decker on aUndergraduate Total Quality project inLogistics,” says Corsi, describing someof the Center’s recent work. “We havealso sponsored MBA consulting projectswith Lockheed Martin.”


24



25

Connections

Ben Cope, MBA ’05, knewthat his MBA degree wouldgive him the professional skillshe needed.What he didn’tknow was that it would alsogive him connections thatwould provide him with someimportant advice and assistancefor his fledgling enterprise.

Cope is the developmentdirector for 4-year-old TeamAcademy, a charter school inNewark, NJ, and part of theKIPP (Knowledge Is PowerProgram) network of high-per-forming charter schools aroundthe country.The schools allserve low-income rural andurban communities.“I dofundraising, public relations,some financial management, alittle teaching and mentoring,”says Cope.“Like any entrepre-neurial venture, everyone inthe back office does a little bit

of everything.”When Team Academy had

problems with its Web design-er, Cope knew just where toturn: Smith classmate JohnKavanaugh, MBA ’05, who inaddition to his full-time jobalso runs a small Internet host-ing company. Cope andKavanaugh had collaborated ona content management systemat Smith; Cope contacted hisfellow Terp to see if there wasa way for Team Academy touse that system for the school.Kavanaugh provided TeamAcademy with an easy-to-usesystem that fit their needs.

“With the previousprovider, it was very costly andtime consuming for us to editcontent on our Web site,” saysCope.“John’s system is muchmore efficient and effective.And John has been extremely

helpful every step of the way.”Cope went on to recommendKavanaugh’s system to othercharter schools within theKIPP network.

Kavanaugh is not the onlySmith alumnus to be part ofCope’s network. Etim Edim,MBA ’05, another one ofCope’s classmates, is sharing hisexpertise by mentoring twoeighth-grade students at TeamAcademy. Cope has talked withanother classmate, IvanCayabyab, MBA ’05, aboutimproving the school’s market-ing materials. Even the school’spublic events are well-attendedby Smith alumni from theNew York City area.

Making use of the Smithalumni network has helpedCope deal with some of thechallenges he faces in his job.“One of the projects John andI are in discussion on is todevelop a supply chain man-agement system which willtrack teachers’ need for sup-plies online.This will help uskeep teachers and order man-agers better informed aboutwhat has been ordered andwhen it is coming,” says Cope.“Without an MBA, I neverwould have thought of evensticking my nose into theordering process.”

Cope continues to reachout to other Smith alumni andhopes to see even more volun-teer involvement with studentsat the school in the future.

Build your own Smith network! Log on to theeAlumni Network,www.alumninetwork.rhsmith.umd.edu/, to get connected.

THERE ARE 42,000 SMITH ALUMNI WHO

LIVE AND WORK IN 72 COUNTRIES

AROUND THE WORLD.

Team-Building—The Smith Way


SMITH BUSINESS O FALL 2006SMITH BUSINESS O FALL 2006SMITH BUSINESS O FALL 2006

26

Connections

1) Stay in contact with former colleagues.You never know who will land a job withyour dream company.

2) Volunteer to assist the professionals youare interested in connecting with by partici-pating in their events and connecting themwith coveted career opportunities. Otherswill be more likely to help you when theneed arises.

3) Approach every social interaction asan opportunity for career-relatedadvancement. Connecting outside of thework environment can afford you time toget to know and connect with businessprofessionals away from the distractions ofan organized networking locale.

4) Be proactive, productive and creative.Engage desirable business contacts andthen respect their time by having yourvalue proposition ready and your request(s)clearly articulated.

5) Come prepared.Always keep business cards on hand; younever know when an opportunity to net-work may present itself. Also, bring extracopies of your (up-to-date) resume to for-mal networking settings.

6) Follow-up, follow-up, follow-up. People in today’s business world areextremely busy and even those with thebest of intentions may need a few gentlereminders. Don’t be afraid to keep the dia-log going and always thank those whohave interviewed and/or taken time out oftheir jobs to devote to your career needs.

7) Utilize available career resources.Many companies, groups and resources areavailable to business professionals lookingto network. Smith’s Office of CareerManagement is available to you and happyto provide guidance in this regard.

Ask the OCM: 7 TIPS FOR SUCCESSFUL NETWORKING

COMMENCEMENT

Nearly 1000 business degreeswere awarded to undergradu-ates, MBAs and PhDs at theSmith School commencementceremonies on May 22, 2006.Joining 16 U.S. EMBA graduateswere 22 recent graduates ofSmith’s Beijing EMBA program.The following graduates earnedPhDs: Dax Basdeo, Long Jiang,Patrick Maggitti, LikoebeMaraping, Antoaneta Petkova,Holly Slay, Debora VianaThompson, and Liu Yang.Undergraduates Roger Fox andAnthony Geisler performed theNational Anthem. Student speak-ers included undergraduate JoelWillcher and MBA Tawney Bains.

Carly Fiorina, former chair-man and CEO of HewlettPackard and 1980 MBA gradu-ate of the Smith School, deliv-ered the keynote address.Fiorina told graduates theessence of leadershipinvolves the abilityto lead throughchange in anera when thevery natureof business ischangingfrom “thephysical andthe analog” to“the digital, mobile,virtual and personal.”She described the difficulties ofKodak and the proliferation offantasy baseball teams to illus-trate the ubiquitous effects oftechnology and the electronicsharing of music to illustrate thepower of today’s individual con-sumer. View video of her com-mencement address at SmithBusiness Online.

THE SMITH SCHOOL’S OFFICE OF CAREER MANAGEMENT (OCM) OFFERS CAREER ASSISTANCE TO ALUMNI AS WELL AS CURRENT

STUDENTS. HAVE A QUESTION FOR THE OCM? SUBMIT IT VIA E-MAIL TO [email protected].

NEW UNDERGRADUATESCHOLARHIPS FROM BEERS & CUTLER

The accounting and consulting firmBeers & Cutler has established theJames R. Beers ScholarshipEndowment with a donation fromBeers & Cutler, matched by found-ing partner James R. Beers, totaling$250,000. The endowment will pro-vide scholarships for undergraduate students at the Smith School’s College Park and Shady Grovecampuses. The endowment honors Jim Beers’ contribution to the profession and recognizes out-standing academic performance in the Smith School’s undergraduate accounting program.

“We have a deep familiarity with the quality of students who come from the Smith School asmany of our partners and professionals are alumni. We are delighted to be able to make a financialcontribution to such a successful and widely-respected program,” said Beers & Cutler managingpartner Ed Offterdinger. Twenty-five Smith alumni work for the firm.



27

ALLEN J. KROWE ’54 attributes some of the successes in his tremendously successfulcareer to the start he received at theUniversity of Maryland’s business program. He endowed the Krowe Teaching ExcellenceAwards to acknowledge the great educationhe received at the university. “I received atop-grade education that I could afford—which was about $400 a year at the time,”remembers Krowe. “There is something veryspecial about the land grant schools. A student of modest means can attend theschool in their state and, if they were luckyenough to be in Maryland, receive a tremendous education.”

Krowe took that education to great heights,first as a fighter pilot with the U.S. Air Force,then as CFO, executive vice president andmember of the Corporate Management Boardfor IBM. He was an integral part of Big Blueduring the years that saw the advent of theinternational fax machine, the invention of barcodes, the launch of the first business satellites,and the ascendance of the personal computer.

Krowe remembers the difficulties IBM hadpersuading both managers and consumers toaccept the now-ubiquitous bar code system.

“We had to fight our way through the briarpatch of consumer advocates who weredead set against having a bar code on aproduct because they felt—wrongly—that

it would confuse consumers or that it wouldcheat people,” says Krowe. “What they failedto understand was that it cut the costs ofoperation by about 2 percent, which in thecompetitive retail business is very significant inkeeping prices down.”

This kind of success might have beenenough for others, but Krowe went on to dis-tinguish himself in a second career: as vicechairman of Texaco Inc. Krowe was 57, andIBM’s mandatory retirement age of 60 wasstaring him in the eyes. Texaco was goingthrough a difficult period, working through anadverse legal ruling that was going to costthem several billion dollars. “Frank Carey, theprevious chairman of IBM, and Tom Murphy,the chairman of Cap Cities ABC, were on boththe IBM and Texaco boards,” says Krowe.“They told me ‘We’d love to have you stay atIBM, but here’s a chance for you to have eightor nine more years at Texaco.’”

Krowe took that chance and served asdeputy to the chairman of the board and chiefexecutive officer of Texaco. “It was very energiz-ing to take on a new industry,” says Krowe. “Ireally enjoyed it! It was a great second career.”

Krowe is retired now, but is on several pri-vate capital boards. In his free time he enjoyswriting poetry, playing saxophone and clar-inet, painting, and the company of his fivewonderful granddaughters.

North Star Games Wins Cupid’s Cup

Under Armour’s Kevin PlankAwards $10K PrizeBoard-game company North StarGames took home the big checkand the big trophy cup at theDingman Center forEntrepreneurship’s first Cupid’sCup business competition May 19.Under Armour Chief ExecutiveKevin Plank ’96 put up the$10,000 prize and helped pick thewinner from five finalist alumni-run startups.

North Star Games, founded by2004 MBA graduates DominicCrapuchettes and SatishPillalamarri, incubated in theDingman Center and has soldthousands of copies of its award-winning games, “Cluzzle” and“Wits and Wagers.”

“This event has given us a sig-nificant amount of exposure andwill help pique professionalinvestors’ interest in our compa-ny,” Crapuchettes said.

Other finalists in the wereteen-oriented T-shirt companyCrooked Monkey, interactive Webmap software maker Geocentric,beer brewer Hook & LadderBrewing Co., and collegiate jewel-ry maker Dayna Designs. Eachteam had eight minutes to pres-ent a business plan before fivejudges and a sizable crowd in VanMunching Hall’s Frank Auditorium.

The competition was namedfor Plank’s early venture as aSmith student—a rose deliverybusiness he called Cupid’sValentine.

Plank founded his athleticapparel company in his grand-mother’s basement while still aSmith student and has grown itinto a successful publicly tradedcompany. He encouraged entre-preneurs to determine their pas-sions, create a vision, and assem-ble great people to grow success-ful businesses. –CTw w w . t h e s m i t h s t o r e . c o m

ST REGO SHOPPING!

Allen J. Krowe ’5460 SECONDS WITH…


China Business PlanCompetitionWednesday, September 13,

2006

6:00 p.m. to 9:30 p.m.

China World Hotel

No. 1 Jianguomenwai Avenue

Beijing 100004, China

Tel: (86 10) 6505 2266

See the finalists in the China

Business Plan Competition as

part of this full-day program,

which includes corporate, ven-

ture capital and academic

expert participants focused on

encouraging innovation and

entrepreneurship in the China

market. Please RSVP to

Maggie Ma via e-mail at mag-

[email protected] by

September 6, 2006.

17th Annual SmithAlumni Chapter GolfTournamentThursday, September 21, 2006

1:30 p.m. shotgun start

University of Maryland Golf

Course

Join fellow alumni and corpo-

rate partners for a day on the

links. A portion of the pro-

ceeds benefit scholarships and

programming at the school.

Homecoming—Marylandvs. NC StateSaturday, October 21, 2006

Edwards Courtyard

The Smith School will host a

tented reception in the

Edwards Courtyard at Van

Munching Hall. Alumni and

friends are invited to enjoy

delicious food and great

music. Join us for raffle prizes,

food, fun, and more! Check

the Web site for time of event.

LTSCM Society Alumni EventThursday, October 26, 2006

Van Munching Hall

The Logistics, Transportation

and Supply Chain

Management Society (LTSCM)

of the Smith School of

Business will host their

“Person of the Year” event.

This event is open to logistics

and transportation majors,

faculty and the Smith School

community. Check the Web

site for time of event.

LTSCM Society Career FairFriday, October 27, 2006

Stamp Student Union

Meet some of the best logis-

tics, transportation and supply

chain management students in

the nation! Join recruiters

from more than 30 companies

nationwide at this premier

career fair. Check the Web site

for more details.

CIO ForumFriday, November 3, 2006

8:00 a.m. – 4:00 p.m.

Van Munching Hall

The Smith CIO Forum is an

exclusive gathering of the

region’s top CIOs. For one day

each year, these high-level pro-

fessionals get away from the

pressures and distractions of

the office to reflect, learn, min-

gle, and network at one of the

nation’s top business schools.

Now in its seventh year, the

Smith CIO Forum is the place

to come for new ideas and a

fresh perspective on IT strate-

gy and management. Keynote

speaker is Ted Leonsis, vice

chairman of AOL LLC and

president, AOL Core Service.

Smith School WinterCommencementThursday, December 21, 2006

Comcast Center

Up

com

ing

Eve

nts

FALL

PHD AWARDS

Students, faculty, alumni and guests

celebrated the accomplishments of

Smith’s PhD students at the Doctoral

Awards Banquet on May 18, 2006.

Dean Howard Frank, in his welcoming

address, said that the Smith School’s

PhD program was a key component of

the school’s success as a world-

renowned research institution.

The event also marked the tenth

anniversary of Larry Gordon’s role as

director of the PhD program; he was

honored with a special presentation and

plaque. The program has grown under

his tenure to include 110 students who

go on to placements in prestigious

schools both in the United States and

around the world.

Robert Jolson ’67 was in attendance

with other members of the Jolson family

to meet the winner of the award

endowed by Marvin A. Jolson, PhD ’69,

a former professor of marketing at the

Smith School. Gerald Stempler ’53,

who endowed a new PhD program

award this year, was also in attendance.

Frank T. Paine Award for

Academic Achievement

Ioannis Gamvros

Sweta Oza

Michael Pfarrer

Xiaomeng Zhang

Allan N. Nash Outstanding

Doctoral Student

Tashfeen Sohail

Abraham Golub Memorial

Dissertation Proposal Prize

Daliborka Stanojevic

Marvin A. Jolson Outstanding

Marketing Doctoral

Student Award

Debora Viana Thompson

Gerald and Deana Stempler

Competition Award

Jason Kuruzovich

The Association of DoctoralStudents also presented a seriesof whimsical awards to celebratetheir year.


28

Connections

DON’T MISS OUT—SUBSCRIBE TO SMITHNEWSLINK!

Smith Newslink is a free e-newsletter published monthly

exclusively for Smith School alumni, with the latest

news, information on events, alumni profiles, and

more! If you’re not receiving Smith Newslink, just

update your e-mail address in your alumni profile

at www.alumninetwork.rhsmith.umd.edu.


SMITH SCHOOL DEDICATES VAN MUNCHINGHALL COURTYARD TO ROBERT L. ('39) ANDGERTRUDE M. EDWARDS

Alumni, faculty, administrators, and friends gathered in theVan Munching Hall courtyard to dedicate the area as theRobert L. ('39) and Gertrude M. Edwards Courtyard.The Edwards Courtyard, located outside Rudy’s Café andbeneath the Smith School’s iconic clock tower, is a favoritespot for student activities, particularly during nice weather.The celebration included a luncheon with remarks fromDean Howard Frank and University President Dan Mote.Bob Edwards said that he wanted to leave something thatfuture generations can enjoy.

Invitation Illustration by Conceptual Geniuses


29

Puttin’ on the RitzApril 18, 2006

At this networking event at The Ritz-

Carlton Tysons Corner, Ken Rehmann

’84, vice president of Finance and

Business Development for The Ritz-

Carlton, shared details of the company’s

branding strategy and philosophy for

achieving excellence in customer service.

Dean Howard Frank along with students

and Smith alumni were in attendance.

The Power of a CultureApril 11, 2006

Dave Goldfarb ’79, chief administrative

officer and executive vice president with

Lehman Brothers Holdings Inc., spoke

to alumni about the culture of Lehman

Brothers and how it is a contributing

factor to their organization’s success.

The event was attended by finance and

accounting alumni and students.

Maryland DayApril 29, 2006

More than 75,000 people visited campus,

ate strawberry shortcake and enjoyed beau-

tiful weather on Maryland Day. The Smith

School welcomed visitors on McKeldin Mall

with the day’s most popular giveaway—a

Smith School/Testudo beach ball. Kids (and

kids-at-heart) got to play “Smitho,” a game

based on The Price is Right’s popular Plinko

pricing game. In Van Munching Hall, visi-

tors were able to tour the state-of-the-art

building and attend an undergraduate

program information session.

Alumni Events Photo Gallery

Many more events are coming your way this fall! Get the latest news on upcoming

events at www.rhsmith.umd.edu/alumni/, or call 301-405-5777.


SMITH BUSINESS O FALL 2006SMITH BUSINESS O FALL 2006SMITH BUSINESS O FALL 2006

30

Connections

’60sRobert Pincus ’68 received the2006 Restaurant Association ofMetropolitan Washington, D.C.’s,Duke Ziebert LifetimeAchievement Award.

’70sAllan Griebenow ’74 is presidentand chief executive officer ofAXCESS International. He hasover 20 years of experience intelecommunications andadvanced applications, startinghis career in 1979 as a presiden-tial management intern withNASA.

Anthony J. Montcalmo, MBA’71, recently took an early retire-ment after 35 years in the humanresources field, most recently asdirector, WorldwideCompensation and InternationalHR Programs, for McCormick &Co., Inc., in MD, to join the full-time faculty in the GraduateHuman Resource DevelopmentProgram at Towson University.

Preston Romm ’75 is vice presi-dent and chief financial officer ofIomega Corporation, a leader indata storage.

Odonna Mathews ’72, MBA ’82,who served as the Giant FoodCompany’s consumer advisorsince 1977, retired after 28 yearsas the public face of the company.

Edward A. Wasil Jr., MBA ’78,PhD ’84, was named the KogodScholar and Teacher of the Yearby American University’s KogodSchool of Business.

’80sThomas A. Bradley ’80 has beennamed president and chief execu-tive of Universal UnderwritersGroup in Overland Park, KS.Universal is a subsidiary of ZürichFinancial Services; he was previ-ously the chief financial officer forZürich in North America.

Ronald W. Ellis, MBA ’81, wasappointed senior vice president,

research and development, atAVANT Immunotherapeutics. Ellisis also editor-in-chief of the peer-reviewed journal Human Vaccines.

Ira Malis, MBA ’83, is co-directorof research at Legg Mason CapitalManagement. Previously heserved as a senior vice presidentand director of research for LeggMason Wood Walker, Inc.

Stephen H. Neff ’82 was appoint-ed president and CEO of NewIsland Hospital in Bethpage, NY.

James Reilly ’87 joined TIAA-CREF as senior vice president andchief compliance officer. Prior tojoining TIAA-CREF, Reilly hadbeen a managing director andhead of global equities compli-ance at Goldman Sachs.

’90sThomas Brooks, MBA ’92, is theauthor of “A Wealth of Family: AnAdopted Son’s International Quest forHeritage, Reunion and Enrichment.”Brooks grew up as the only child ofa struggling single mother in inner-city Pittsburgh. At age 11 he wastold he was adopted; his biologicalparents were a white woman whodescended from Lithuanian Jewsand a black Kenyan foreign studentfather. Years after that stunning rev-elation, Brooks found his biologicalmother in London with his previ-ously unknown British siblings, andlocated his biological father andextended family in Nairobi.

Augustine Duru ’97 received theKogod Faculty Award forOutstanding Research fromAmerican University’s KogodSchool of Business.

Commander Bill Guarini, MBA’97, is the Commanding Officerof the Navy’s Riverine SquadronOne, based in Norfolk, VA. Hiscommand is preparing for over-seas deployment in support ofthe global war on terrorism.

Jon R. Hansen, MBA ’99, is aresearch consultant for the HedgeFund Group of CambridgeAssociates.

John Huettel, MBA ’90, is seniorvice president of sales and mar-keting at SignalDemand, a lead-ing provider of pricing and pro-motion optimization solutions forfood and consumer goods manu-facturers.

Paul Mason, MBA ’95, has joinedVF Corporation in Greensboro,NC as director of corporate com-munications. VF Corporation is aleader in branded apparel withbrands such as Wrangler, Lee,JanSport, Eastpak, The NorthFace, Vans and Reef.

Erik D. Rosenstrauch, MBA ’98,has joined Ubiquity Brands as thedirector of salty snack marketingin Chicago. Ubiquity Brands is aprivate equity-backed firm spe-cializing in consumer snack foods.

Ted Sherry, MBA ’94, is the newfederal manager of the Y-12National Security Complex in OakRidge, TN. Sherry previouslyheaded the nuclear explosivesafety program at Los AlamosNational Laboratory inAlbuquerque, NM.

Jason J. Warnke ’99 is co-founderand owner of www.hometown-artgallery.com, an online artgallery with 750 self-representingartists displaying over 8,000 origi-nal artworks.

Nicole Zussman, MBA ’94, hasbeen named the vice president ofhuman resources at the YankeesEntertainment and SportsNetwork.

’00sMark D. Acton, MBA ’06, wasnominated by the President ofthe United States to be a com-missioner of the Postal RateCommission for a term expiringOctober 14, 2010.

Aditya Bhatnagar, MBA ’01, is director of engineering andstandards at the ConsumerElectronics Association.

Diane G. Dempsey, MBA ’04, isthe director for small-businessrelations for BAE Systems’

UpdatesCustomer Solutions business. She will be responsible for providing guidance and leadership in small-business relations for the organi-zation and for developing itssmall-business programs.

John Hogarth ’02 married Cheryl Ann Kubicki on October 22, 2005in Marlton, NJ. He works as aninventory analyst for SunocoLogistics in Philadelphia, PA.

Lt. (jg) Erik Kenny, MS ’02, mar-ried Maria O’Connell onDecember 30, 2005. Kenny is aNaval aviator who flies the F/A-18C Hornet at the Naval AirStation in Lemoore, CA.

Michael Robbins, MBA ’02, isthe director of new schools devel-opment for the SEED Foundationin Washington, D.C. The SEEDFoundation operates the nation’sonly public urban boardingschool.

James Sheehan ’01 marriedAndrea Leigh O’Dwyer. Sheehanis a sales representative for Eli Lillyand Company.

Melissa Luksis ’00 married AdamPerez. Luksis works in marketingoperations for SAS Institute in Cary,NC.

Jeff Morrison ’01 is engaged to Ann Evans.

Jennifer Trent ’05 married JasonLewis Batty. Trent is employed atBeers & Cutler LLC.

Information for Alumni News and Notes may be sent to [email protected] or Editor,3570D Van Munching Hall,University of Maryland, CollegePark, MD 20742-1815.

You can view even moreinformation about your fellowalumni at the eAlumni Network.www.alumninetwork.rhsmith.umd.edu



31

ClocktowerThe Clocktower Club is a community of alumni

and friends, recognized for their contributions of $1,000 or

greater to the Robert H. Smith School of Business. Last year,

Clocktower Club members provided scholarships to deserving

and gifted students, supported faculty development and

research, continued to renew technology and equipment, and

expanded programs and offerings for students and alumni.

Please join this exclusive community by contacting Christina

Hardy ’90, 301.405.9458, for more information.

The

Club

Odonna Mathews ’72, MBA ’82, beganher career with an internship at Giant FoodInc. while still a junior at the University ofMaryland. After graduation she returnedto the company full-time and spent 33years with the company, and 28 as theirconsumer advisor, before retiring last yearas vice president of consumer affairs.

Mathews became a familiar and trustedpresence in the Baltimore-Washington, D.C.,metropolitan region for her TV and radiospots, as well as the weekly column shewrote for Giant Food ads. Long before thenation’s focus on obesity and health,Mathews initiated precedent-setting pro-grams to educate consumers about fat, fiber,sodium, and cholesterol. Through labels,shelf tags, booklets, and other means, sheeducated consumers about healthy productsand diets and provided them with credible,accurate information about the food theywere eating. “When I started at Giant, con-sumers were not well informed about nutri-tion or food safety,” says Mathews. “Today’sconsumers are more savvy and educated.”

Supermarkets have also changed a greatdeal since Mathews began her career, inpart because of the enormous amounts ofhealth and nutrition information readilyavailable to consumers through the Internet.“I’ve seen more of a focus on fresh food,and there’s a growing desire for more natu-ral and organic products. More and more

retailers and manufacturers are developinghealth programs and offering organic andprivate label foods as well. Giant was a pio-neer in this area, but it’s great to see othercompanies doing more to assist consumerswith their health concerns.”

Mathews found it very exciting to workfor Esther Peterson, who originated theposition of consumer advisor at Giant, andwho Mathews had studied in college.“Esther encouraged me to get my graduatedegree,” says Mathews. “Having that greatdegree from Maryland can take a student inso many directions. The reputation of theschool has grown so much over the years.”

The University of Maryland honoredMathews in 1998 with the President’sDistinguished Alumnus Award, presented toalumni who have been nationally recog-nized for excellence in their field. She hasserved on the Maryland AlumniAssociation Board of Governors, and isnow on the Board of Visitors for theCollege of Health and HumanPerformance.

Mathews is vice president and con-sumer advisor of her own consultingcompany, Cotandy Inc., and is enjoyingthe opportunity to spend more time athome with her husband and two chil-dren, now in elementary and highschool.

60 SECONDS WITH… Odonna Mathews ’72, MBA ’82

SmithBusiness FA06 9/1/06 12:12 PM Page 31


32

Last Word

As summer winds down, a new school yearbegins on college campuses around thecountry...but here at Smith, it’s clear that wenever really took a break.

As the Smith School has become increas-ingly global, we have become a 7x24x365operation.We celebrated spring commence-ment in College Park in May, the same weekstudents in Smith School’s newest ExecutiveMBA (EMBA) class in Beijing were gettingstarted.Also that week 32 MBA studentsfrom Smith’s U.S. program began a 12-dayinternational study trip in India, while Smithfaculty taught students in Zürich in ourGlobal Executive MBA program.

In June, a group of executives fromIndia’s renowned Management DevelopmentInstitute (MDI)–Smith’s newest internationalpartner–participated in a corporate transfor-mation workshop in College Park. In July,we opened a national resource center tohelp firms compete in the global businessenvironment and hosted 50 European stu-dents from our Global EMBA program.Anda few weeks ago, we welcomed representa-tives of the Chinese Ministry of Health for aforum on the future of healthcare manage-ment in China.

Because of Smith’s globalization, eachnew school year now begins with newinternational learning opportunities for students. Five MBA students enrolled atIndia’s MDI will spend the next six monthsat Smith taking classes, working in teams,and sharing personal experiences with Smith MBAs.

With operations on four continents (atlast count), we are indeed building a globalSmith community.Why? Because to be a

global enterprise (or individual), you mustdo more than be internationally minded—you must operate internationally.With astrong and dynamic Smith community wecan accomplish anything. Our growingglobal community provides terrific opportu-nities for our students and for you, ouralumni.We look forward to bringing youinternational lifelong-learning programs,which you will be hearing about soon.Weare bringing together alumni in severalEuropean cities for networking events.AndSmith’s China alumni chapter, started byNancy Jiang (College Park MBA ’01) isbecoming one of our most active and supportive alumni chapters.

As we build programs in important loca-tions around the world, we further strength-en the Smith network, with people likeJames Li, a graduate of our first EMBA classin Beijing. James was a regional manager forMicrosoft in China when he began theSmith program and he is now the countrymanager for Lexmark in China.

Please seek out your fellow alumni, likeJames Li, Nancy Jiang and more than 40,000others, via Smith’s eAlumni Network.Thisportal, located at www.alumninetwork.rhsmith.umd.edu provides an unparalleledopportunity for you to experience thepower of Smith’s global community.Globalization is transforming the Smithcommunity, just as it is transforming peopleand organizations everywhere.As we contin-ue to expand the global Smith community,the opportunities are endless for all of us.

Building a Global Community

HOWARD FRANK, DEAN


Stephanie Bauer ’03Consultant, Verizon Wireless

Ricardo Benn ’94, MBA ’99Senior Associate, Booz Allen Hamilton, Inc.

Rita Cheng ’93American Express Financial Advisors Inc.

Nicole T. Cole ’91Director, pHase V Consulting, LLC

Timothy S. Dennis (Tim) ’92, MBA ’01Director of Licensing, Under Armour

Lanta Evans Mott ’86, MBA ’88Raymond James Financial Services

Michael Green, MBA ’02Principal Consultant, ICOR Partners

Kevin Fallon ’93Director, pHase V Consulting, LLC

Ethan Foxman, MBA ’04Group Dental Service of Maryland

Alex Frum, MBA ’04Bear Stearns & Co., Inc.

Karen Goetze Frum, MBA ’04Manager, Investor Relations, Interpublic

Landon Johnson, MBA ’99Chief Executive Officer, Talant

Dargeelyn Loftin, MBA ’90Vice President, Marketing and StrategicConsulting, The Baldwin Group, Inc.

Kevin Martini, MBA ’04Senior Director, Individual Segments, Sprint Nextel

Joseph Mattingly ’58, MBA ’66, DBA ’79Assistant Dean Emeritus, Professor Emeritusof Logistics, Business and Public Policy

James Poulos ’70, Executive Finance Manager,Host Marriott Corp.

Julia A. Pulzone, ’89, MBA ’93Managing Director, Global Environment Fund

Narda Quigley, PhD ’03, Assistant Professor of Management, Villanova University

Maya Rao, MBA ’05Associate, Investment BankingSandler O’Neill & Partners, L.P.

Edward W. Rose ’89, MBA ’93President, Rose Financial Services

Mark Weinstein ’05Associate, PricewaterhouseCoopers

Rosetta Clay ’94Acting Alumni Relations Director, Robert H. Smith School of Business

Danita Nias ’81Executive Director, Alumni Association,University of Maryland

Joanne Ferchland-Parella, MBA '06Assistant Dean for External Relations,Robert H. Smith School of Business

Tian Changan, President, Fedex China PacificFu Jun, Associate Dean, School of

Government, BeijingXu Heyi, President, Hyundai BeijingShao Ning, Director, Maryland China CenterSong Ning, Macro Economic Department,

State CouncilJueren Shen, CEO, China Association

of International TradePan Shiyi, Chairman and Co-CEO,

SOHO China LtdTian Suning, CEO, China NetcomGao Xiqing, Vice Chairman, China

Security Regulation CommissionChen Xuerong, CEO, XiangCai Securities

William N. Apollony ‘69, Senior Vice President, M&T Bank

Robert Basham ‘70Vice Chairman, Outback Steakhouse

Lee S. Becker ‘85, Director, Boomer Esiason Foundation

Robert A. Bedingfield ‘70, Partner, Ernst & Young LLP

Eric F. Billings ‘77, Co-CEO, Friedman Billings Ramsey Group

John M. Boyle ‘76, Partner, ThinkEquity Partners, LLC

John Brown, III ’73, Owner, R.J. Bentley’s Filling Station

Richard C. Brustein ‘77, ConsultantMark Burdett ‘81, Sr. Director,

Corporate Partnerships & Development, Baltimore Ravens, Inc.

Albert P. Carey ‘74, President, PepsiCo Sales, PepsiCo, Inc.

Rita Carton ’71, MBA ’79, Vice President, Operations Management, Buena VistaHome Entertainment

Jospeh Chow MBA ’93, Chief Financial Officer, Harbour Networks

Francis A. Contino ‘68, CFO & Executive VicePresident, McCormick & Company, Inc.

Mike Corvino ’83, President, JansportB. Gary Dando ’64, (Retired) Partner,

Ernst & Young LLPLoretta M. Downey, Chairman of the Board,

Empower IT, Inc.Fred R. Ehrlich ’84, (Retired) Sony

Music CorporationStephen Finney MBA ’83, Senior Vice

President, Disney Retail, DisneyEdward Feigeles ‘76, (Retired)

Managing Director, Lehman Brothers, Inc.Stuart I. Feldman, Vice President, Area Strategy,

On Demand Business, IBM CorporationTerry Fitzpatrick ’75

Senior Vice President, Science Application International Group

Antoinette FordStephen Gaines ‘91, Head of U.S. Corporate

Finance, KPMG Corporate Finance LLCDave Goldfarb ‘79, Chief Administrative

Officer, Lehman BrothersThomas J. Healy ‘79, (Retired), Partner,

AccentureTeresa E. Iannaconi ‘78, Partner, KPMG LLPRobert Isaman ‘85, Vice President of Integration,

United Technologies Corporation, UTC Fireand Security

Robert L. Johnson ’80, Senior Vice President, Nextel Communications

Robert Kashan ’76, Chief Executive Officer, Earth Color

Susan C. Keating, President & CEO, National Foundation for Credit Counseling, Inc.

Kevin M. Kimball ’72, Executive Vice President, Marriott International, Inc.

Albert Krall ’81, Partner, AccentureChristopher E. Kubasik ’83, Executive

Vice President & CFO, Lockheed Martin Corporation

William A. Longbrake, ‘76, Vice Chairman, Washington Mutual Bank

Milton Matthews ‘68, (Retired) Chief Customer Officer, Hershey Foods

Bill Mayer ’67, MBA ’67, Senior Partner, Park Avenue Equity Partners

Bruce W. McConnell, President, McConnell International, LLC

John A. Moore, Jr. MBA ’79, Executive Vice President, ManTech International Corporation

Janna Morrison, Senior Vice President, Customer Care, Choice Hotels

Charles Nobs ’73, MBA ’74, Executive V.P. & Dir. of Corporate Administrative Services,UBS Inc.

Paul J. Norris ’71, (Retired) Chairman,President & CEO, W.R. Grace & CompanyMark Ordan, Chief Excecutive Officer,

Balducci'sSusan Pearson ’75, Ph.D ’84, AccentureMichael D. Quinn ‘72, Chairman,

Estate Trust Company, Inc.Mark Ronald, President & CEO,

BAE Systems of North AmericaHoward Ruddell ’78, Vice President of

Operations, Lockheed Martin Information Tech.

Harry Saal, Chairman, Octago, Inc.David C. Saunders ’81, Managing Director,

K2 Advisors LLCRichard Schaeffer ’74, Executive Director,

Global Energy Futures, ABN-AMROMark Shores, ’78, U.S. Retail Sales Director,

ExxonMobil – Fuels Marketing Company

Edward S. Stein ’81, Principal, Sandler O'Neil & Partners LLP

James B. Stradtner ‘58, Managing Director, Century Capital Management

David M. Trone ‘88, MBA ‘95, President & Senior Analyst, Fox-Pitt, Kelton Inc.

Mark G. Turner ‘78, CEO & President, Escape Enterprises, Inc.

Samuel Wasserman ‘58, Chair & Director of Private Client Services, Trautman Wasserman & Co.

John Weisel MBA ‘80, Partner, AccentureDennis R. Wraase ‘66, President, Chief

Executive Officer, PEPCO Holdings, Inc.

David Allen ’80, Senior Vice President, Interwoven

Steven M. Bergida ’86, Managing Director, Quellos Financial, LLC

Kim Boulmetis ’92, Vice President, The Bank of New York

Robert Butmann ’77, President & Chief Executive Officer, TQA Investors

Anthony T. Calderazzi ’92, Manager, Ernst & Young

Charles Carr ’85, Partner, Deloitte & ToucheJoanne Foltz Casey ’74, President & Chief

Financial Officer, Intermodal Association ofNorth America

William Cole ’71, Partner, Ernst & YoungCharles Corcoran ’81, President & ChiefExecutive Officer, Corcoran CateringDavid Covington ’73, Partner, Deloitte

& Touche, LLPB. Gary Dando ’64, Partner (Retired),

Ernst & YoungBarry DesRoches ’80, Managing Member

and President, Vintage Settlement ServicesJayne Edge ’76, Vice President, DatatelKevin Fallon ’93Stephen Feeney ’70, OPICDaniel Flannery ’85, Vice President &

Area General Manager, The Ritz Carlton Hotels of New York

James Flick ’62, President, Winnow, Inc.Ralph Foxman ’55, Owner, Group

Dental ServiceCatherine Galgano ’83, Senior Vice President,

Smith BarneyJack Gates ’73, President & Chief Operating

Officer, National Captioning Institute, Inc.Laurence Giammo ’87, Mayor, City of RockvilleChristopher Greer ‘88, AccentureStephen Halpin ’77, Executive Vice President

and Chief Financial Officer, Chevy Chase BankJohn T. Hardisty ’67, President, Hardisty &

AssociatesLeRoy Herbert ’50, Partner (Retired),

Ernst & YoungDiane Herndon ’77, Partner, Ernst & YoungAlan Horowitz ’81, General Manager,

Microsoft Worldwide Public Sector,Microsoft Corporation

Michael Jarmolowich ’92, Private Client Services, Credit Suisse First Boston LLC

Nancy Jiang ’01, Exceutive Director, China Euro Securities Limited

Elizabeth Karavangelos ’52, Lehman Brothers (Retired)

Cynthia Keith ’78, Vice President, Loomis Sayles & Co

Robert Kern, Jr. ’75, Partner, PricewaterhouseCoopers

Ab Krall ’81, Partner, AccentureCharles Levine ’76, Owner,

Charles Levine CaterersThomas Liu ’83, Director, UBS PaineWebberPhillip Livingston ’79, Vice Chairman,

Approva CorporationDargeelyn Loftin ’90, Vice President of

Marketing, The Baldwin GroupWilliam Loomis ’76, Chief Financial Officer &

Chief Operating Officer, FiletekJames Low ’54, Chief Executive Officer,

Dynamics, Inc.Hugh Mallon, III ’70, President & Chief

Executive Officer, Executive CompensationConcepts

Joseph Mattingly ’58, Assistant Dean Emeritus,Robert H. Smith School of Business

David M. Mike ’94, Goldman Sachs & CompanyThomas Parsons ’93, Senior Management

Advisor, DARCARS Automotive GroupCharles Randle ’65, Principal, Wyndham

Road and AssociatesMaureen Reidy ’91, President, NYC Bid

Events, Inc.James Reilly ’87, Director, Global Equities

Compliance, Goldman Sachs & CompanyRobert Roath ’66, Chairman of the Advisory

Board, LEK Cons., Former CFO, RJR NabiscoJeff Seal, III ’76, Vice President,

Equitable Life AssuranceRobert W. Smith ’63, Smith Management &

Consulting CorporationMark Smotkin ’75, Partner, Ernst & Young LLPMichael Stein ’71, Vice President &

Chief Financial Officer, ICOS CorporationRobert TardioJames S. Tinghe ’73, Executive Vice

President, Citigroup, Smith BarneyJeanne Krips Tobin ’79, Executive Vice

President (Retired), Key CorporationSteve Torrico ’83, Senior Vice President

Investment, Smith BarneyJoseph Valeri, ’91, Co-founder & Vice

President, Lucernex Technologies, Inc.Greg Wilkes ’82, Vice President, Sling Media

Office of Marketing Communications301.405.7282

Office of Alumni Relations301.405.9461

Office of External Relations301.405.9459

Undergraduate Programs301.405.2286

Master’s Programs301.405.2278

PhD Program301.405.2214

Office of Professional Programs and Services301.405.5266

College Park Scholars Program in Business,Society and the Economy

301.314.7216QUEST (a joint program for undergraduatebusiness, engineering, and computer sci-ence majors)

301.405.0292

Smith Advisory and Collaborative Services301.405.4800

Center for Excellence in Service301.405.4300

Center for Electronic Markets andEnterprises

301.405.0100Center for Global Business

301.405.3554Center for Human Capital, Innovation, andTechnology

301.405.2240Dingman Center for Entrepreneurship

301.405.9545MBA Consulting Program

301.405.4800Netcentricity Laboratory

301.405.3784Supply Chain Management Center

301.405.3784

Office of Career Management301.405.9457

>>RECRUITMENT SERVICES

>>BUSINESS RESOURCES

>>ACADEMIC PROGRAMS

>>SMITH SCHOOL CONTACTS

>>DEAN’S ADVISORY COMMITTEE

>>BOARD OF VISITORS

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