ChroniCleTheCrummer

A publication for the Crummer alumni community

5 Years after the Crash

Dr. Seyfried Discusses

Small Business in the

Aftermath of the

Great recession

winter 2014

Happy New Year and warm greetings, fellow alumni! The Crummer Alumni Association is pleased to have the opportunity to update you on the school, faculty, students, and alumni through this latest edition of the Crummer Chronicle. The focus of this edition is the economy.

Has it really been five years since the economic crash? Given the breadth of industries and businesses with which our alumni are affiliated, I have no doubt that

some of you have had a bit of a wild ride over the last few years. Every one of us has been touched by the great recession in some way. And I am hopeful that each of you has used the knowledge and skills you gained at Crummer to help weather the storm. In the pages ahead, you will learn how members of the Crummer family have reacted to the economic changes. You will learn how businesses have been adapting, what a top alumni employer is doing to invest in the United States, and what faculty member Dr. Bill Seyfried thinks of the economic road ahead.

I’m hopeful that as we begin 2014, we all have a prosperous year ahead. On behalf of the Crummer Alumni Association, thank you for staying connected.

Bob Hartmann ’79 ’06MBA Alumni Board President

A messAge

from the AlumniAssociAtion President

crummer Alumni Association Group

stAy connected

crummer connect

Friend crummer Grad

@crummerAlumni

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crUMMer cHronicLe

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Craig mcAllaster

editorsnadine Avola ’14mPCu Kate Kehrberger ’13mBA Dawn nagy ’13mBA suzy Plott ’09 ’13mBA

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Call: 407. 646. 2537 email: crummeralumni@rollins.edu mail: office of Alumni relations rollins College Crummer graduate school of Business 1000 holt Avenue – 2722 Winter Park, fl 32789

in this issue

news & events

5 years After the crashSmall Business in the Aftermath

of the Great Recession

economic & Political effect onthe defense industry

siemens shows its FlexPowering the U.S. Economy

teller turned PresidentFAIRWINDS CEO Gives Back

drtina’s departure29 Years at Crummer

crummer “inn”pactThe Alfond Inn’s Crummer Alumni

Alumni spotlights

class notes

4-5

6-8

9

10-12

13

14

15-16

17

18-19

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neWstHe crUMMer scHooL indUcts FoUr MeMbers into tHe ALUMni HALL oF FAMe

Induction into the Alumni Hall of Fame is the highest honor bestowed upon an alumnus by the Crummer Alumni Association. The Alumni Hall of Fame was created in 1987 to recognize and honor alumni who, through leadership, character, and hard work, have made exceptional

contributions to the field of business. More information is available at: crummerconnect.rollins.edu/halloffame

Angus S. Barlow+ ’69MBAFormer Partner, Ernst & Young

Charles “Chick” W. Gregg ’92MBAPresident & Chief Operating Officer-Retired, Greater Homes, Inc.

David H. Lord ’69 ’71MBAOwner & Principal, David H. Lord Investments

Larry F. Tobin ’89MBA ’00HHPresident/CEO, FAIRWINDS Credit Union+denotes deceased

crUMMer teAM Wins internAtionAL nesPresso MbA cHALLenGeA group of Crummer students, now alumni, won the first International Nespresso MBA Challenge this past summer. The competition, made up of teams from 32 institutions from 20 countries, asked teams to examine: “How

can Nespresso ensure that coffee farming is a sustainable economic activity for small-holder farmers in Colombia for the next 25 years?” The Crummer team, led by faculty advisor Dr. Keith Whittingham, made it through two rounds of academic and corporate judges before joining the Rotterdam School of

Management from Erasmus University in the Netherlands and the Gustavson School of Business from the University of Victoria in Canada in the finals in Lausanne, Switzerland.

The Crummer team presented their “Grow Forward” agenda, a multi-tiered approach that supports the profitability and sustainability of current and future coffee farming trends in Colombia. Their goal was to lessen the seasonality of the coffee industry and create alternative methods of income to diversify farmers’ economic activity. To sum up the experience, Lamar Chesney ’13MBA—one of the four group members, including Taylor Dalton ’13MBA, Morgan Filteau ’13MBA, and Scott Gould ’13MBA—explained, “We learned that it is never impossible to find solutions for big economic issues. By identifying the root-causes and addressing them effectively, small solutions will solve big issues.” Members of the team recently traveled to Colombia for a seven-day trip to assess the project’s feasibility.

Hall of Fame inductee Chick Gregg with Dean McAllaster.

reCent national rankings

Bloomberg Businessweek ranked the Rollins Professional MBA program 9th in the nation, 2nd in the South region, and 1st in Florida in its biennial ranking of part-time MBA programs. The program ranking is based on eight separate measures of student satisfaction, academic quality, and post-graduation outcomes.

Forbes magazine ranked the Rollins Early Advantage MBA 52nd in the nation and 1st in Florida in its eighth biennial ranking of business schools. Forbes studied the cost of the MBA programs compared to their return on investment for alumni from the class of 2008.

U.S. News & World Report ranked Rollins College number one of 128 universities in the South for the 9th consecutive year. Rollins has been a part of the top ten universities since 1987 when U.S. News & World Report first began its rankings. Additionally, the report listed Rollins as 4th in the “Best Value Colleges” category and 7th in “Best Undergraduate Teaching.”

4

eVentsCrummer Reunion - Mix & Mingle

Networking opportunities, socials, continuing education programs, and career workshops are just a few of the many events available to Crummer alumni. In 2013, in conjunction with the “Business and Baseball” annual fund giving theme, special events were held at ballparks across the country. The Orlando area alumni enjoyed a spring training game and nine City Clubs had the opportunity to get together to root for their Major League Baseball home team. Upcoming events are posted online at crummerconnect.rollins.edu/events.

see more photos at crummerconnect.rollins.edu/photos

Crummer Okotberfest Scholarship Fundraiser

San Francisco City Club at Giants Game Summer Alumni Social

New York City Club at Yankees GameSouth Florida City Club at Marlins Game

Tampa Bay City Club at Rays Game

Phoenix City Club at Diamondbacks Game

Washington, DC City Club at Nationals GameCrummer Reunion - Faculty Breakfast Denver City Club at Rockies Game

Charlotte Alumni Social Atlanta City Club at Braves Game

5

tHe econoMy

smAll Business in the AftermAth of the greAt reCession

Most people recognize that the economy has had a difficult time shifting into high gear in recent years as it struggles to recover from the “Great Recession.” Economic growth has been slower than in the past, averaging 2.3% since the official end of the recession in June 2009, compared to 3% in the five years before the recession (and 3.4%, on average, during both the previous 25 and 50 years, respectively). But what is the difference between 2.3% growth and 3% growth? If the economy had grown at its pre-crisis average of 3% per year, the U.S. economy would have produced an additional $1.25 trillion worth of goods and services during the four years since the end of the recession.

WHAt AboUt tHe job MArket? Unemployment fell from a peak of 10% in October 2009 to 7% as of November 2013. Though the economy has created millions of jobs in recent years, employment growth has only slightly outpaced population growth. The primary reason for the decline in the unemployment rate has been fewer people participating in the job market. As many may have heard, the labor force participation rate (ratio of adults participating in the job market to the noninstitutional adult population) has declined from 66% before the recession to 63% in November 2013, the lowest since 1978 (other than October 2013). Some of this was expected as baby boomers began to retire, but many researchers, including those working for the Congressional Budget Office and Bureau of Labor Statistics, attribute about half of the decline in the participation

rate to demographics and the other half to the weak economic recovery (potential workers becoming discouraged and giving up looking for a job). If the decline in the participation rate reflected only long-term demographic changes, the unemployment rate would be about 9% as of November 2013.

bUsiness dynAMicsWhy the sluggish recovery? There are many reasons, including an extended period of deleveraging as consumers recuperate from the debt binge during the housing bubble. In this article, we will focus on a significant factor that has received limited attention, the performance of small businesses and new business startups in recent years. A rich source of data on this topic is the Business Employment Dynamics Survey, maintained by the Bureau of Labor Statistics, which includes considerable information related to the economic performance of businesses related to their age (how long they have existed) and size (based on the number of employees). Using this information, one can identify the underlying dynamics of business formation and destruction. In the following paragraphs, a new business is considered to be a business open for less than two years.

What has happened to the number of new businesses since 2000? During the 2001 recession and its immediate aftermath, the number of new businesses fell from 1.12 million in 2001 to 1.08 million in 2004, a decline of 40,000. From 2004 to 2007, the number of new businesses rose to 1.18 million, a net gain of 100,000. The next

three years, the Great Recession, were disastrous for new business, as their ranks declined to 925,000 by 2010, a loss of more than 250,000 businesses. Since then, there has been a slight rebound, with 993,000 new businesses as of 2012; yet, still down significantly from before the recession. Consequently, employment by new businesses declined from nearly 7 million in 2007 to a low of less than 5 million in 2011 before rebounding slightly to 5.25 million in 2012.

Digging a little deeper, the following chart reveals the trend of business startups and endings (those ceasing operations) in the last decade, including the net change in the number of businesses (quarterly data, includes the prior 12 months):

After adding between 850,000 and 900,000 new businesses per year from 2005 to 2007, the rate of business creation declined sharply to about 700,000 during the recession before rising to about 780,000 in 2012. On the other hand, the number of businesses that ceased operations rose from 725,000-750,000 per year beforehand to about 925,000 during the depth of the recession before declining to 750,000 in 2012. Net business creation reached a low of -200,000 in 2009 and did not turn positive until 2011, still remaining low into 2012.

by William seyfried | Professor of economics, Crummer graduate school of Business

5 Years after the Crash

business startups and endings1000

800

600

400

200

0

-200

-400

Startups Endings Net2003 2006 2009 2012

6

tHe econoMy

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

Small Business Large Business

2003 2004 2005 2006 2007 2008 2009 2010

One can also look at this in terms of the rate of business creation (ratio of new businesses compared to total existing businesses) and destruction (percent of existing businesses that cease operations) per quarter.

As can be seen on the chart above, the rate of business creation was in the range of 3-3.5% per quarter during the early-to-mid 2000s before falling to 2.5% during the recession and rebounding to just under 3% in recent years. Meanwhile, the death rate for businesses rose from about 2.75% prior to the crisis to a high of 3.5% during the recession before falling to 2.6% in 2012 (equal to the recent low in 2006). Net business creation

is still quite low (between 0 and 0.2% recently) compared to the expansion of the 2000s when it tended to be approximately 0.5%. A key takeaway from all of these numbers is that the bulk of the recovery in net business creation since the end of the recession was due to fewer firms going out of business as opposed to a significant rebound in business creation. In other words, the Business Employment Dynamics survey suggests that the U.S. economy is not as dynamic as it was prior to the financial crisis.

econoMic GroWtH: sMALL bUsiness Vs. LArGe bUsinessBesides the job market, another way to assess the performance of the economy is to consider GDP or economic growth. The government normally does not release information about the relative contributions of small and large businesses to GDP. However, the Small Business Administration released a study in early 2012 that sought to fill this void by estimating the contribution of each (defining a small business as one with fewer than 500 employees and a large

business as one with 500 or more employees). There is quite a bit

of interesting information available, including

details by

industry, but we will focus on the big picture.

The following chart shows economic growth for small businesses and large businesses since 2003. The growth rates were similar from 2006-2009, with firms of all sizes suffering deep declines in 2009. Coming out of the recession, economic growth of large firms greatly exceeded that of smaller ones. Why the underperformance of small businesses? One reason was the type of industries that tend to operate as small businesses as opposed to large businesses (for example, real estate and construction tend to be dominated by small businesses). However, even within specific industries, small businesses tended to underperform larger ones.

rate of business creation anddestruction per Quarter

4

3

2

1

0

-1

-2

Creation Destruction Net2003 2006 2009 2012

%

7

Small Business Loans Large Business Loans

2007

2008

2009

2010

2011

2012

$686.8

$1536.8

$711.5

$1797.8

$695.2

$652.2

$606.9

$587.8

$1893.6

$1691.2

$1599.1

$1755.3

sMALL bUsiness Access to creditGiven that there was a financial crisis; access to credit played an important role in the relative weakness of small business. Though there are many different sources of credit for firms, the graph to the right presents data on an important source—the volume of loans outstanding by depository institutions from 2007-2012.

Note that outstanding loans declined for both small and large businesses between 2008 and 2010, down 8.3% for small businesses and 11.1% for large businesses. Over the next two years, outstanding loans for large firms rose by 18.4% while those for small firms continued to decline, falling an additional 9.9% for a total decline of 17.4%. But did the weakness in small businesses lead to less demand for loans or did less credit available lead to weakness in small businesses? In some cases, small businesses lacked opportunities for which they would need to borrow and invest, while in other cases lending became more difficult to obtain, whether due to tighter lending standards by banks or less credit-worthiness on the part of small business. Though both factors played a role, various surveys indicate that tighter credit impacted small business significantly more than larger ones in recent years.

sUMMAryThe Great Recession was unlike any downturn since the Great Depression. Though it ended more than four years ago, the recovery has been weak by almost any standard. There are many reasons for the sluggish recovery, but one has been the underperformance of small business compared to recent history. Though the rate of businesses ceasing operations has declined to pre-recession levels, the rate of business startups has experienced only a slight

rebound, remaining significantly below levels that existed prior to the financial crisis. Thus, the underlying U.S. economy appears to be less dynamic than before the recession, at least for now. As of the end of 2012, there were nearly 200,000 fewer new businesses compared to before the recession, employing about 1.75 million fewer workers. To achieve a stronger economy, the U.S. needs to improve the underlying dynamics of business creation.

Dr. William Seyfried’s expertise is in the areas of macroeconomics, including the Fed and monetary policy, as well as the interaction of the financial system and the economy. He has published extensively in professional journals including The Australian Economic Review, The American Economist, Journal of Economics and Finance, and Applied Econometrics and International Development. He has also authored instructor’s manuals for leading textbooks in the areas of money, banking and financial markets, as well as international economics. Dr. Seyfried currently serves on the Econometrics Council of the Florida Chamber Foundation.

Volume of Loans outstanding (in billions)

source: sBA, fDiC

8

eConomiC & PolitiCal effeCt on the Defense inDustrYby doug Medcalf ’13MbADirector, Drs network & imaging solutions group Drs tactical systems

$5

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eder

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20

21

300,000jobs lost as result of federal cuts

In 3 years, 30% of skilled workforce are eligible for retirement

The Great Recession has undoubtedly affected every facet of the American economy. While some sectors of the economy have stabilized and perhaps even shown slight improvement, the Aerospace and Defense industry began to feel the full effects of the economic crisis in 2012. This has revealed major challenges that can dramatically change the industry.

The economic downturn, coupled with the drawdown of the war efforts in Iraq and Afghanistan, has led to declining defense spending since it peaked in 2008. Annual appropriation of funds has decreased due to large federal budget deficits and the Budget Control Act of 2011 (known as sequestration) which mandates $50 billion of annual defense cuts through 2021. The law prohibits sequestration cuts to certain funding categories, such as the military personnel account, resulting in cuts to procurement and research, development, and testing, which are the lifeblood for many defense companies.

Reduced defense spending has also resulted in fewer new business opportunities. This has intensified the level of competition, and recent trends show contracts being won at great fee discounts. While larger companies have the capacity to eat into their backlog and still generate profits, the long-term effect of this trend will be lowered profits and investment budgets for companies in the sector. Small- and medium-sized businesses, however, are at risk as they lack the cash flow and capital to weather the protracted delays of decreasing government appropriations. The Aerospace Industries Associates (AIA), which represents many A&D firms, estimates nearly 71% of the defense supplier base is at some level of risk.

The industry is also facing some major challenges when it comes to the workforce. The backbone of the defense industry is the skilled engineers who develop and deploy defense products. However, due to the industry’s unattractive growth and employment stability forecast (AIA estimates that nearly 300,000 jobs in the sector will be lost as a result of the cuts), the defense industry has seen a recent trend of science, technology, engineering, and mathematics (STEM) graduates avoiding the industry. Additionally, AIA estimates that of the roughly 70,000 engineers the U.S. graduates each year, only about 55% of them are eligible to work in the industry due to security restrictions. So, while commercial sectors have the opportunity to move operations overseas or hire international STEM skills sets, defense companies do not have that option. There is a desire and demand to hire, but funding and supply are lacking.

The timing of the weak employment outlook for the defense industry could not be worse. The AIA estimates that nearly 30% of the skilled engineering workforce will be retirement eligible by 2016. This combined with the lack of new talent, translates to little opportunity to pass along the historical knowledge and unique job skills to successive generations. To combat this, defense companies are making major concessions to the retirement eligible population of STEM workers to keep them in the industry. Some incentives allow them to retire and then be brought back as consultants; some offer more generous pay packages and longevity bonuses, and others provide quality-of-life enhancements. The goal is to keep the experienced STEM workforce in place to serve as mentors until new STEM employees master the unique skills.

In short, without any overarching industry and political solutions, the defense industry will face major challenges through 2021. My remedy for this is for Congress to end the sequester cuts, provide stable multi-year funding guidance to the defense department, and offer incentives to STEM graduates who enter public and private defense sectors.

Doug Medcalf leads the Advanced Programs business of DRS Network and Imaging Solutions (NIS) headquartered in Melbourne, FL. Doug has been a member of the NIS leadership team since May 2010, reporting directly to the company president. Doug is a retired U.S. Army Infantry Officer with two combat tours of duty in Iraq. He holds degrees in Telecommunications and East Asian Studies from Indiana University, and an Executive MBA from Crummer which he completed in November 2013.

9

Before we had telephones, typewriters, automobiles, or even light bulbs, Siemens was already buzzing around Europe. Initially titled as the Telegraph Construction Company of Siemens & Halske (English translation), the firm’s crowning glory was its pointer telegraph—a device which raced past Morse code and, instead, used a needle to point to specific letters in transmitted messages. Werner von Siemens, the company’s mastermind and pioneering spirit, established the dynamic company in 1847 with only 10 men. Since its humble beginnings in Berlin, the company has pushed the engineering envelope with several innovative firsts and continues to advance technology at lightning speed. The timeline below outlines some of its most notable achievements.

After just celebrating its 165th birthday in October, Siemens is now a global force of over 370,000 employees in 190

countries with annual revenue of $102 billion. Hiring nearly 11,000 employees in 2012 alone, Siemens is the 47th largest corporation in the world. Defining itself by responsibility, excellence, and innovation, Siemens explains in its 2012 Annual Report, “We’re providing the world with the solutions it needs to master the challenges of demographic change, urbanization, climate change, and globalization.” It accomplishes this through its four sectors: Energy, Healthcare, Industry, and Infrastructure & Cities.

While Siemens has made a global name for itself, Siemens USA has a stronger footprint than you might think. Siemens USA has approximately 60,000 employees. Siemens is committed to investing in the U.S. by focusing on sustainable cities, high-tech manufacturing, job creation, and training and education.

siemens shows its flexPowering the u.s. eConomY

By nadine Avola ’14mPCu

Begins operation of the Indo-European Telegraph Line, allowing messages to transfer from London to Calcutta in 28 minutes, rather than 30 days

Implements the first streetcar system in China, at 20 km/h (12 mph) it is the fastest in the world

Becomes the world’s largest company specializing in electrical medicines, specifically x-ray machines

Produces the first 1 MB memory chip

1870 1899 1932 1987

10

El Segundo Energy Center in California

GenerAtinG sUstAinAbLe cities tHroUGH sMArt enerGySiemens is helping cities around the world become more sustainable and economically viable by providing clean, efficient, reliable, and affordable energy options. One smart energy example in the U.S. is the highly flexible Siemens combined cycle power plants, known as Flex-Plants. The Siemens Flex-Plants are vastly efficient (net efficiencies ranging from 49% to over 57%) and provide operational flexibility that is environmentally friendly. One of the greatest attributes of these combined cycle Flex-Plants is their use of gas-fired turbines, which immediately take over when weather-dependent solar or wind generators temporarily shut down. The first two Flex-Plants were installed in El Segundo and Lodi, California. The station at Lodi powers 12 entities including the Bay Area Rapid Transit (BART) system in San Francisco. It also supplied the local economy with a one-time boost of $1 million from sales tax revenue, and continues to generate nearly $900,000 a year for the city’s general fund (for city services, like police, fire, and parks). Siemens is constructing a third plant in Texas and once it is completed in 2015, it could be one of the cleanest fossil-fueled power stations in the United States. According to BusinessWire, these plants have “an electrical capacity of 758 megawatts” and, moreover, “will be able to supply the power needs of approximately 750,000 homes” with a 53.7% efficiency rate. Crummer alumnus Rick Loose ’07MBA, director of marketing for Siemens Energy Solutions Americas, explains, “This translates locally to cleaner, cheaper energy by displacing the dirty and inefficient assets from the ‘50s, ‘60s, and ‘70s.” The Flex-Plants give cities the power to support growth in population, growth in infrastructure, and growth in business at an affordable cost.

driVinG tHe econoMy WitH HiGH-tecH MAnUFActUrinGSiemens sees high-tech manufacturing playing a major role in the future of the American economy. With access to cheap energy, effective workers, and a developed infrastructure, Siemens will continue to grow its manufacturing footprint in the U.S. An example of this is the Siemens’ Charlotte Energy Hub. At this fully integrated hub, Siemens not only manufactures steam and gas turbines and generators, but it

also houses engineering, servicing, and other support functions related to supplying these innovative and efficient products to markets around the world. Housing everything under one roof, Siemens fosters a culture of collaboration and continuous improvement. An expansion in 2011 added a state-of-the-art LEED Gold certified gas turbine plant that assembles the turbines used in the Flex-Plants in California and Texas. The expansion resulted in more than 700 new jobs and an estimated 2,000 indirect jobs that were created as a result of the economic impact of the new plant. The Hub now employs 1,500 workers making Siemens Charlotte’s second largest employer.

cLosinG tHe skiLLed LAbor GAPWhile Siemens aggressively adds new jobs to our economy, it is also keeping an eye on long-term growth. Siemens requires a dynamic workforce that drives innovation and has the advanced skills needed to operate sophisticated production systems. Therefore, Siemens seeks to plant its roots near colleges and universities where it can form strategic research and educational partnerships. In North Carolina, Siemens

Produces the world’s first large-scale advanced gas turbine to break the 60% combined cycle efficiency barrier

Tests the first multi-megawatt “floating” wind turbine, a catalyst for its now-operating offshore wind farms

Helps land the largest Mars rover with Siemens’ product lifecycle management (PLM) software

1987 2007 2009 2012

11

Lodi Energy Center in California

sieMens crUMMer ALUMni netWorkAs one of the Crummer School’s top alumni employers, Siemens employs more than 70 Crummer alumni, 6 student interns, and 7 current Crummer students. The alumni at Siemens are spread throughout 10 cities in the U.S., along with additional alumni in Europe and Latin America. Together, they constitute an informal Siemens Crummer Alumni Network, which develops knowledge transfer between alumni employees, promotes talent retention, provides mentoring opportunities, and strengthens relationships with the Crummer School. The Siemens Crummer Alumni Network has participated in several interactive events including fundraisers, site tours, and speaker engagements—like Siemens USA CEO Eric Spiegel’s visit to Rollins in 2012 (pictured above).

worked with University of North Carolina Charlotte to develop its Energy Production and Infrastructure Center (EPIC) whose goal is to develop highly trained engineers for the energy industry. Siemens has also created a unique relationship with Central Piedmont Community College (CPCC) to collaborate its industry with instruction. As part of an apprenticeship program, students are employed at Siemens, while they work toward a mechatronics degree at the college. Siemens pays for their tuition, offers them competitive paychecks, and gives them thorough and rigorous technical training. Mark Pringle, director of operations for Siemens Energy, acclaims, “CPCC is a great partner for us because they are extremely customer focused, flexible and diligent in meeting all of our training needs. They are a huge part of our success story.” By locating facilities near higher education institutions, the world-wide company is literally closing the skilled labor gap.

Since Siemens has a specific need for highly skilled and innovative employees, they have also partnered with Discovery Education to form the Siemens STEM (Science-Technology-Engineering-Mathematics) Academy. According to its website, STEM Academy “is committed to supporting the next generation [grades 3-12] of scientists, engineers, and business leaders through multiple educational initiatives.” Offering competitions, challenges, national awards, and scholarships, STEM Academy is developing its future employees, today.

With a strong focus on building sustainable energy, cities, and highly-skilled job forces, there is no doubt that Siemens will have a strong impact on not just the economy, but on many generations to come. From its humble beginnings in Berlin to its world-wide impact today, I think we can agree: Siemens has spun the globe a little faster.

12

If Larry F. Tobin ’89MBA ’00HH could offer the recipe for his success, there is a good chance it would look something like this: two cups of hard work, three cups of genuine goodwill, and a dash of serendipity. It’s been more than three decades since he wandered into his local FAIRWINDS branch to interview the manager for an assignment he was doing as a finance major at the University of Central Florida. Tobin ended up with an A on the paper and a job as a part-time teller at FAIRWINDS. He’s now FAIRWINDS Credit Union’s President and CEO.

“From the beginning, I loved the concept of credit unions,” Tobin says. “We were really trying to help people. We still had to be concerned about the bottom line, but we could do this by offering people what was in their best interest.”

After graduating from UCF, Tobin was promoted through the Information Systems department until he was running it. He enrolled at Crummer in 1985 as a part-time student taking two classes each semester until he earned his MBA. Along the way, Tobin and a few of his classmates worked on a case study centered on FAIRWINDS. “This ended up being the company’s first formal strategic plan and as a result, it became evident that the credit union needed a COO,” says Tobin. Tobin also happened to be a perfect fit for the role.

It has been 32 years since Tobin started working at FAIRWINDS, where he has been CEO for the last 10 years. “This is the only company I have ever worked for,” he says. “We serve a seven-county region, and we are the largest locally-based financial institution in the area with 160,000 members. I love being able to make an impact on people’s lives and in the community.”

He also loves making an impact on students enrolled at Rollins and Crummer. “We have had internships here and mentoring programs. And I host events at my house for students,”

says Tobin, a current member and past chairman of the Crummer Board of Overseers.

Through the years, Tobin has become a strong advocate for Crummer, never missing a chance to share with potential students the value of getting an education at a small school. “I think you get to know the other students, professors, and administration better than you would at a big school. You don’t get lost in a big class. The students feel very valued and the administration really listens to the students. Our input actually meant something,” says Tobin, who came back to Rollins after Crummer and got a second B.A., this time in music. “Crummer students get access to a lot of networking events. The mentoring program matches up students with community leaders and these relationships stay strong.”

As a board member, Tobin works closely with the dean to promote what is happening at the school. He sees himself as an advocate for Crummer’s executive education. “When someone asks, I tell them to choose Crummer,” he says. “I focus on the personalized experience. It’s a quality program where you’re not just going in and getting a piece of paper; you are building relationships, learning subject matter in-depth, and not just being churned through. I consider it to be among the best.”

Tobin continues to network with students and help them find meaningful internships or opportunities for case studies. He sees the experience as a mutually beneficial one. “The students think they are the only ones getting the benefit but, in reality, we get talent, new ideas, and someone who sees things differently,” Tobin says. “This adds a new perspective. It’s a fresh set of eyes.”

Between his rewarding work at FAIRWINDS and the time he spends at Crummer, Tobin feels he is able to give back. “I care about the community,” he says. “The world is so much bigger than who we are as individuals.”

teller turneD PresiDentFAIRWINDS ceo GiVes bAck by kristin Manieri

13

Walking into Ralph Drtina’s office in Crummer Hall, I can’t help but notice the warm tones, bright walls, and framed beach vacation photos on the bookshelf. There’s a welcoming feel, which is good, because I know I’m walking in on thin ice.

I’m greeted by a big smile and a hug, but I tread lightly. You see, Ralph Drtina is just not a pomp and circumstance kind of guy. As alumni director, when I heard of his retirement, I was excited to celebrate a man who has been a Crummer faculty member for 29 years. I asked, “Will you give a last lecture?” No. “What about a big party?” No. “A little party?” No. I can see where this is headed. A mild-mannered and modest man, Ralph is not someone who likes the limelight. But, after laughing at my persistent requests, he sat down for an interview. I tell him I’m here on behalf of his legions of alumni fans. He laughs that right off.

Ralph studied accounting because it was the hardest and most respected major at the time. After earning an MBA, Ralph went on to get his Ph.D. in Public Administration from Ohio State. He started teaching early in his academic career, but wanted to get away from the cold. Yet the idea of teaching at Crummer was “a huge risk,” according to Ralph. The school was not yet AACSB accredited and there were only 10 faculty members… Ralph decided to take the gamble. Dean Marty Schatz hired him in 1984, the same year as Serge Matulich and Don Plane.

Ralph lists the other faculty members at the time: Julian Vince, Frank Dasse, Charles Gallagher, Charles Brandon, Jim Higgins,

David Currie, Max Richards, and Marty Bell. Crummer was a lot different back then “for better or for worse,” according to Ralph. But, he liked the environment. Being such a small group, the faculty spent a lot of time together. They’d get together for basketball and softball games. Apparently, once Sam Certo was hired, they discovered he had

a pretty good arm. “It was like a startup,” he says, “we felt like we were all in this together.”

His first day of teaching was actually the day his daughter was born. He taught class having not slept because he had been at the hospital all night. He remembers being pumped up and excited by so many new beginnings. Looking back, he says he can’t believe he’s been here 29 years. “How did that happen?” he asks with a smile. Over the years, Ralph taught ethics and management courses, but eventually began teaching accounting classes—where many of you learned from him. Calculating how many alumni he must have taught, my conservative guess is that more than a third of the alumni population (somewhere around 2,500 of you) learned from Ralph.

Having held visiting academic appointments all over the world, one of Ralph’s favorite experiences was when he won a Fulbright Scholarship. His daughters were still young, and his family spent six months in Mauritius, 500 miles off the coast of Madagascar. Ralph spent a lot of time there not just working, but diving off the coast. That’s how he plans to spend his retirement—reconnecting with the things he’s always loved to do. He enjoys surfing, diving, sailing; he even used to throw pottery back in the day.

Ralph officially retired in May, but I ran into him recently. He had just gotten back from a trip to Thailand—photos of which I’m sure will be added to his collection of framed vacation pictures, only this time on his bookshelf at home. Given the smile and sense of relaxation that comes from him, it seems like retirement suits him. For the 29 years of alumni that will miss Ralph, don’t worry, he’s already been asked to come back and teach another class.

Drtina’s DeParture29 YeArs At Crummerby dawn nagy ’13MbA

Dr. Drtina’s early days at Crummer

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the renderings for the Inn three years ago,” says Gabel, who had semi-retired from her role as a senior vice president for Wyndham Hotels and Resorts’ hospitality division. “We were all very excited about the project and felt it would serve a great need at Crummer in housing learning groups locally.”

Not long after, Gabel was offered the position of GM. “The opportunity was particularly compelling for me because, first of all, I love Rollins. I have been very engaged with the school through the years. I saw this as an opportunity to give back to the school and to do something for a positive education cause,” says Gabel, who had been the GM at several large resort properties over the course of her career.

Richard Harem ’04MBA is another Crummer graduate that joined the team tasked with opening The Alfond Inn. Harem’s company, ZIO, was put in charge of the Inn’s integrated media technology employed in its meeting and banquet spaces.

“When I first heard about The Alfond Inn and how the money would be donated back to Rollins scholarships, I immediately knew I wanted ZIO to be involved,” Harem says. “Being a Crummer graduate, I feel a huge sense of pride about this

The Alfond Inn, a 112-room boutique hotel built by Rollins College with a lead gift of a $12.5 million from the Harold Alfond Foundation, opened for business on August 18. Not only has it now provided Winter Park visitors and Rollins College families with a beautiful place to stay, but the net operating income from the Inn will provide a revenue stream for The Alfond Scholars program fund to help new generations of students.

The Alfond Inn boasts the Hamilton’s Kitchen restaurant, an outdoor pool, fitness center, and 10,000 square feet of flexible meeting space, all within steps of Park Avenue. Its expansive lobby, filled with modern art and drenched in sunlight from the Inn’s glass-domed conservatory, will take your breath away.

As the applause pours in for the Inn’s design, décor, and culinary magnificence, it is easy to forget how much work and how many people played a role in the property’s unveiling. At the top of the list is Deanne Gabel ’99MBA, General Manager (GM) of The Alfond Inn and graduate of Crummer’s Executive MBA program.

“I remember being at a meeting for the Crummer Board of Overseers when Jeff Eisenbarth presented the concept and

Crummer “inn”PaCt the AlfonD inn’s Crummer Alumni By Kristen manieri

© Len Kaufman

© Len Kaufman15

project and really wanted to be part of the team that made it successful.”

While a few of the kinks are still being worked out, the Inn opened with some of the most cutting-edge technologies in the audio/visual world. “We integrated everything together, so each new user coming in can have the same seamless experience. You don’t have to be a technophile to use it. Just press a button and the screen drops down and the projector drops down. I like to think we did a great job.”

It was not just Crummer alumni who had a role in the opening of the Inn, but a Crummer student as well. Maki Wiggins, current Crummer student in the EAMBA 21 cohort, who had always been interested in hospitality, had a strong interest in working at the Inn. After meeting with Deanne Gabel as the Inn was in its final construction phase, he was added to the initial leadership team. His experience has now led him to his current role at the Inn, Assistant Restaurant Manager. Wiggins is gaining valuable hospitality experience as he finishes his final year at Crummer before graduating in May 2014.

The Alfond Inn may directly give back to Rollins students through The Alfond Scholars program fund, but the success of the Inn itself has definitely been impacted by the Crummer alumni network.

sAve the DAte

5th Annual crummer reunion Weekend

march 20 – 22, 2014

Celebrate. Connect. network.

Winter Park institute’s “America’s Promise in uncertain times” with Jeb Bush

thursday

Dr. edward moses Portrait Dedication

friday

Alumni mix & mingle

friday

family, friends & faculty Breakfast

saturday

(left to right) Maki Wiggins, Richard Harem, and Deanne Gabel (seated)

crummerconnect.rollins.edu/reunion2014

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jenny LoVeLy ’00MbAAs an EAMBA student in the 1990s, Jenny Lovely was not really sure what career path she wanted to take. Initially she was not even sold on the idea

of Crummer. Yet she knew she wanted to take the next step in her career, and a MBA seemed to be the natural choice. She liked Crummer’s team-learning and case-study focused format, and, of course, the technology (laptops in the classroom 15 years ago were a very big deal). So, Crummer convinced her to climb aboard.

After graduation, she took a Human Resources program manager role with Marriott. More than 13 years later, she is now the Director of Global Internal Communications at Marriott Vacations Worldwide. Jenny loves the values of the company: the strong focus on integrity and the importance placed on both the Marriott family and its clients. Her current communications role has been the highlight of her career because she has taken on a strong leadership role, and was able to choose her own team. She likes helping her staff grow, motivating them, and creating an environment where everyone enjoys working together. In her free time, Jenny focuses on her husband and two children, Jack and Paige. They are active in sports, their church, and many forms of community service.

LAUren MAxWeLL ’13MbAIf there is one thing Lauren Maxwell is passionate about, it is making a difference. While attending Crummer’s Early Advantage MBA program,

Lauren was the community chair for the MBA Association. In this role, she led efforts to support local charitable organizations. She’s especially proud of the holiday toy drive that collected a record high number of donations during her tenure. Additionally, as a student, she joined the Crummer Women Executives & Entrepreneurs (CWEE)—a group that desires to help Crummer women succeed. Today, Lauren is the president of CWEE.

Lauren is also making a difference in her professional career as the marketing director of First Green Bank—a LEED Platinum design, local bank with a global mission. She calls this job the perfect combination of her personal passion and business talent. Her professional experience at Disney, Fry Hammond Bar, and U.S. Postal Solutions crafted Lauren’s marketing skills, but it is her interest in sustainability that ultimately drew her to this role. It comes as no surprise that her favorite class at Crummer was Global Sustainability with Dr. Keith Whittingham.

Originally from South Florida, Lauren lives in Orlando and enjoys the theater, running, and traveling.

dArren sPArks ’05MbA Darren Sparks has been busy working with the mouse—Mickey Mouse, that is. As the Director of Strategic Marketing Alliances at Siemens,

Darren acts as the point person between the Disney and Siemens organizations, managing the marketing ecosystem of this complex relationship. Moreover, his office is located inside the Spaceship Earth Pavilion, the Epcot geodesic dome, at the Siemens Executive Briefing Center. Darren travels 45% of the time either to the Disney headquarters in Burbank, California, or Siemens satellite offices in New York, New Jersey, and Washington, DC.

In fact, one of his very first jobs was interning with Disney while attending the University of Alabama for his undergraduate degree. After graduation, he came back to Orlando and began Crummer in 2003. “The Crummer experience continues after graduation,” Darren remarked. As a board member on the Crummer Leadership Center’s Advisory Board, he stresses the importance of its “360-degree partnership,” being able to connect with the students and faculty as well as alumni and the community. If Darren can find any spare time, he runs or plays fetch with Mr. Banks, his 3-year-old, white Labrador. With the Chicago Marathon already behind him, he always packs his running shoes to explore new cities on business trips.

AlUMniSPoTliGhTS

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Class notes

1960sbob savage ’69Mcs authored his second book titled, Shortening Our Leash On Politicians: Returning To Purpose. His first book, Rendering Unto Caesar: The Fairest Tax, was published in 2011. Bob is retired from BellSouth where he was a director for its pricing and economics department in Atlanta. He and his wife, Annette, reside in Hartwell, Georgia.

1970seric Von jares ’74 ’75MsM shares that his nonfiction book, Find the Work You Love: The 9-Step Job Search Breakthrough, is now available at Amazon and other online outlets. Eric has made a miraculous recovery in 2013 from a brain tumor thanks to many prayers. He wishes everyone well.

1980ssteven Grune ’87MbA has been named publisher of Allrecipes magazine, which was just launched in 2013.

1990sjordan Lomas ’95MbA was promoted to Senior Vice President, Business Solutions and Infrastructure Services at Darden Restaurants, Inc. In this role, Jordan will continue to lead the Enterprise Analytics, DASH/POS, Service Oriented Architecture, and Application Management Solution teams as he expands his responsibilities to include Enterprise Infrastructure and Restaurant Systems Services.

2000stim ramsberger ’00MbA is the President of the Honda Grand Prix of St. Petersburg, which is in its 10th year. He recently became a commissioner for

the City of Treasure Island, District #2, and continues to serve on the Board of Governors for the St. Petersburg Area Chamber of Commerce, the Board of Trustees for All Children’s Hospital Foundation, and the Board of Directors for the Tampa Bay Sports Commission and St. Petersburg Sports Alliance. He also recently acquired his FAA Private Pilot’s License.

doug Allen ’02MbA and wife Bernice welcomed their daughter, Rebecca Florine, on May 7, 2013.

She weighed in at 7 pounds and 15 ounces, and was 21 inches long. She joins big sister, Grace.

in Memoriam...randy Lyon ’71 ’72MbA passed away on November 4, 2013. In the fall of 1967, he enrolled at Rollins, where he was an active student body president, majored in math, and earned an MBA with a concentration in international finance. After graduation, he moved forward in real estate development and spent 11 years as President of Lake Nona. While there, he helped spearhead the development of the nationally acclaimed NorthLake Park Community School. Randy’s post-graduate service for Rollins included two terms as President of the Alumni Association Board of Directors, serving on the

Board of Trustees, and spending time on the Alumni Board and the Board of Overseers for the Crummer School. He dedicated his talents to a number of other local and national organizations including leadership roles with the Urban Land Institute and the Orlando Health Foundation. Additionally, he spent five years as chair of myregion.org, a regional association that encompasses seven Central Florida counties.

kevin tyjeski ’95MbA, a long time Rollins adjunct professor and one of Central Florida’s leading urban planning experts, passed away in February 2013. With a Master of Urban Planning from the University of Wisconsin and an MBA from Crummer, he played a key role in bringing Baldwin Park, SunRail, and recently Creative Village, from plan to reality. Kevin served the City of Orlando for over 20 years, contributing his last two years as the Deputy Director of Economic Development. Additionally, as a highly respected member of the community, Kevin taught with a passion at

Rollins. His wife, Patricia Tyjeski, created a scholarship fund in his name, which was awarded to a city-planning graduate student this past September. Since then, the city has dedicated a memorial bridge and downtown park in his honor. Kevin will be missed deeply by the students and colleagues he touched. – Bruce Stephenson, Rollins College Professor of Environmental Studies

18

Michael Holmes ’02MbA retired in September from his Chief Financial Officer role at Odyssey Marine Exploration. Michael is also being ordained as a permanent deacon in the Catholic Church.

katie Witter ’02MbA and husband David welcomed their daughter, Kathryn Anne

Witter, on August 29, 2013. She weighed in at 7 pounds and 12 ounces and was 20¼ inches long. Kate joins big brother, William.

jordan noff ’05MbA and shavara srabian ’05MbA were married in July in Park City, Utah. The couple resides in New York City.

jeffrey deMott ’05 ’06MbA and his wife Sarah ’05 welcomed their first daughter, Ella June DeMott, born on May 14, 2013. She joins big brother, Tyler.

Lizzy Feliciano ’06MbA was featured in Hispanic Executive magazine. Lizzy is currently the director of healthcare marketing for LexisNexis.

Meredith kovarik ’06MbA was promoted to Director of Supply Chain at Jabil, a publically traded, Fortune 125 company. In this role she will be managing Advanced Planning for the Enterprise and Infrastructure segment of Jabil, or over $6 billion in revenue to the company.

Vijay Marolia ’06MbA founded Regal Point Capital, an investment management firm based in Orlando, FL.

Manuel Atanacio ’07MbA, P.E. and SMBA 02 Cohort President was promoted to Vice President, Control Center and Engineering Services at Utility Integration Solutions Inc. —an Alstom Company.

Mary dees ’07MbA welcomed twins, Justice Grayson Dees and Jessie Raine Dees, born on May 3, 2013.

nidia bullard ’09MbA and joseph Volpe ’09MbA, both PMBA 36 classmates, were married on March 9,

2013 at the Knowles Memorial Chapel on the Rollins College campus.

charles Helms’ ’09MbA and charles Wright’s ’09MbA company, C&C Convenience Inc. was awarded the Emerging Business of the Year Award by the African American Chamber of Commerce in 2013. Their company owns and operates convenience stores, including several 7-Eleven franchises.

cat Mcconnell ’07 ’09MbA and james Hackenberg ’09MbA were married on May 10, 2013 in

Paradise Island, Bahamas. The couple resides in Winter Park, Florida.

charles Wright ’09MbA and his wife Lauren welcomed their son, David Michael Wright, born on November 30, 2012.

2010solive Gaye ’10MbA launched her own business, GenCare Resources. The company provides personalized in-home companion care.

josh truitt ’10MbA earned his Ph.D. in Higher Education Policy from UCF’s College of Education. His thesis was on the relationship between student engagement and alumni giving.

erick Almasi ’11MbA and Megan Lanier ’11MbA were recently engaged while vacationing in Asheville, North Carolina.

jennifer Felder ’13MbA and jordan McVay Voght ’13MbA formed the consulting company, The Felder Voght Group. The company volunteers at the Winter Park Towers and the Westminster Towers assisting its residents with their digital and technical needs, including navigating social media.

4Email: crummeralumni@rollins.edu

Online Community: crummerconnect.rollins.edu/classnews (go to “Class News” and then select “Add Class Note”)

Mail: Alumni Relations Office | Rollins College Crummer Graduate School of Business | 1000 Holt Avenue - 2722 | Winter Park, FL 32789

Phone: 407.646.2537

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