winter 2005–2006 simon business

SimonBUSINESS

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Winter 2005–2006

Also Inside: Simon Rises in Recent Rankings • Plosser on Greenspan Legacy • Economic Cost of Sarbanes-Oxley • 2004–2005 Report on Giving

Simon Ph.D.Program Turns 40

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RANKINGS

The Simon School continues to gain mo-mentum in surveys of the nation’s topbusiness schools.

In its September 5, 2005, issue, Forbesmagazine ranked schools based on a five-year gain measured as the five-year totalcompensation, minus the sum of tuitionand forgone compensation. Forbes rankedthe Simon School 36th among the na-tion’s top 50 business schools based on a

five-year M.B.A. gain of $75,000. Simonplaced 41st in the magazine’s 2003 bien-nial survey.

Forbes surveyed the Class of 2000 andmeasured the return on investment forM.B.A. grads. The category that witnessedthe most improvement for the SimonSchool is post-M.B.A. salary. The SimonClass of 2000 reported a four-year post-M.B.A. salary of $110,000 (compared to$100,000 for the Class of 1998, surveyedin 2003). The Class of 2000 experienced a“Years to Payback” of 3.3 years.

The results of The Wall Street Journal /Harris Interactive 2005 “Business SchoolYear 5 Survey” of the world’s top businessschools appeared in The Wall Street Journal(September 21, 2005 issue). The pub-lished rankings, based on a corporate re-cruiter survey, span 86 of the world’sleading business schools, and use threecategories for the incorporated businessschools (national, regional and interna-tional). The Simon School was ranked17th out of 47 schools in the second ofthe two published categories and movedup three spots from last year’s 20th-placeranking.

The factors that distinguish nationalfrom regional categories are recruitingreach and overall student enrollment. Forexample, national school recruiters aremuch more likely to recruit at four ormore schools; they also tend to be muchlarger in terms of student size (84 percentof national schools have over 500 full-time M.B.A. students, compared with 9percent for regional schools).

“We have worked hard during the pastyear to deepen our recruiter base,” saysDean Mark Zupan. “We have added 24new recruiters during the 2004–2005 aca-demic year and are intent on making fur-ther progress this year.

“Moving forward, our long-run objec-tive remains to play at the highest levelsnationally and internationally,” Zupanmaintains. “Achieving this goal necessi-tates focusing on the fundamentals thathave long been our hallmark: providing afirst-rate management education while re-maining committed to a process of con-tinuous improvement.”

Simon Rises in Recent Rankings

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Key to the Cover1) Steve Koppitsch, Ph.D. student

2) Dentiza Gintcheva, Ph.D. student

3) Dan Ma, Ph.D. student

4) Scott Newman, Ph.D. student

5) Atanu Lahiri, Ph.D. student

6) Christopher Wright, Ph.D. student

7) Professor Rajiv Dewan, Ph.D. Program chairman

8) Apoorva Misra, Ph.D. student

9) Serdar Kalaycioglu, Ph.D. student

10) Dean Mark Zupan

11) Professor John Long

12) Tiago Duarte-Silva, Ph.D. student

13) Melissa DeBolt, Ph.D. Program coordinator

14) Professor Greg Dobson

15) Fangjian Fu, Ph.D. student

16) Cake by Philip Duquette, Premier Pastry, Rochester, N.Y.

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Winter 2005–2006

Upfront

• UBS Chairman Speaks at Simon-Bern Commencement

• C.E.O. Fellows Roundtable

• Simon Brings in Top National Business Leaders

• Simon Promotions and Appointments

• New Executive Advisory Committee Members

• Sarbanes-Oxley Highlighted During Meliora Weekend

• All Finance Conference

Research News

• The Economic Costs of the Sarbanes-Oxley ActA recent paper by Simon School Ph.D. student Ivy Xiying Zhang M.S. ’03 is gaining nationalattention for estimating the economic costs of SOX at $1.4 trillion. —by Sally Parker

• Simon Welcomes New Faculty Members

• Accounting Programs Registered in New York State

Cover Story

Simon School Ph.D. Program Turns 40Perspective on the Ph.D. Program, the success of its graduates, and its future. —by Anne Field

Monetary Policy After Greenspan: Is It Time for a Change?

As Alan Greenspan prepares to step down as chairman of the Federal Reserve, what lies in store for U.S. monetary policy? —by Charles I. Plosser

Time, Talent and Treasure: Simon Gives Back

The Simon Community demonstrates its commitment to serving others in the greater Rochester community. —by Marget Lee Braun

2004–2005 Report on Giving

• Class Lists

• Matching Gift Companies

• Corporate Foundation Support

Alumni News

• Dean’s Corner

• Alumni Gatherings

• Mergers and Acquisitions

• Alumni Leader Profile: Ted Roosenmallen ’95

• Class Notes

• Alumni Leader Profile: Greg Vangellow ’94 and Deb (Bordynski) Vangellow ’99

• Alumni Leader Profile: Richard Leftwich ’80 Ph.D.

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DeanMark Zupan

Admissions and Financial AidGregory V. MacDonaldExecutive Director of M.B.A. Admissions andAdministration

Alumni Relations and DevelopmentJohn-Paul RoczniakExecutive Director of Alumni Relations andDevelopment

Career Management CenterPatricia PhillipsExecutive Director of Career Management

External Relations and M.B.A.

AdministrationHollis S. BuddAssociate Dean for External Affairs and M.B.A.Administration

Faculty and ResearchRonald W. HansenSenior Associate Dean for Faculty and Research

Marketing and CommunicationsDawn S. McWilliamsExecutive Director of Marketing andCommunications

M.B.A. and Executive M.B.A. ProgramsSteven S. PosavacAssociate Dean for M.B.A. Programs

Ph.D. ProgramRajiv M. DewanChairman, Ph.D. Program

EditorCharla Stevens Kucko

Contributing WritersMarget Lee Braun, Anne Field, Sally Parker,Charles I. Plosser

Art Director/DesignerGeri McCormick

Production ManagerJohn M. Robortella

Copy EditorsCeil Goldman, Dawn S. McWilliams

PhotographyAnnette Dragon, John Smillie

Simon Alumni News

Contributing WritersSusan Bauer, Shelly Jansen, Joy Underhill,Beth Zogby

Copy EditorSara McLaughlin

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SIMONBUSINESS, Vol. 20, No. 1 © 2006. ISSN 1077-5323Published two times per year by the University of Rochester, William E.Simon Graduate School of Business Administration, Carol G. Simon Hall,Box 270100, Rochester, New York 14627-0100.

Office of Marketing and Communications: (585) 275-3736 (phone), (585)275-9331 (fax), [email protected].

Postmaster: Send address changes to the William E. Simon Graduate Schoolof Business Administration, Carol G. Simon Hall, Box 270100, University ofRochester, Rochester, New York 14627-0100.

© 2006 William E. Simon Graduate School of Business Administration,University of Rochester

www.simon.rochester.edu

Executive Advisory Committee

J. Peter Simon, Chairman

Mark Stuart Ain, M.B.A. ’67John W. Anderson, M.B.A. ’80Matthew S. Aroesty, M.B.A. ’90Joseph BellJay S. Benet, M.B.A. ’76Paul A. Brands, M.B.A. ’66Steven P. Brigham, M.B.A. ’99*David J. Burns, M.B.A. ’78Andrew M. CarterKevin P. Collins, M.B.A. ’82Donald (Skip) Conover, M.B.A. ’79*José J. Coronas, M.B.A. ’75*Richard G. Couch, M.B.A. ’79*Frank G. Creamer Jr., M.B.A. ’70John L. Davies, M.B.A. ’73Peter R. Dodd, M.S. ’78, Ph.D. ’81Mark FasoldRonald H. Fielding, M.B.A. ’76Barry W. Florescue, B.S. ’66James S. Gleason, M.B.A. ’68*Robert B. Goergen, B.A. ’60Bruce M. Greenwald, M.B.A. ’69Mark B. Grier, M.B.A. ’80Charles R. Hughes, M.B.A. ’70Rene F. Jones, M.B.A. ’92David T. Kearns, B.A. ’52William M. Kearns Jr.

Robert J. Keegan, M.B.A. ’72John M. KellyWilliam W. Lanigan, Esq.Jeff E. Margolis, M.B.A. ’78Donna L. Matheson, M.B.A. ’79J. Richard MunroJames PieresonDavid Reh, M.B.A. ’67Robert E. Rich Jr., M.B.A. ’69*William D. Ryan, B.A. ’49Richard SandsLeonard Schutzman, M.B.A. ’69Joel Seligman (ex officio)George J. Sella Jr.William E. Simon Jr., Esq.Gregg M. SteinbergJoel M. SternMichael C. Stone, M.B.A. ’95*Amy Leenhouts Tait, M.B.A. ’85*Kathy N. Waller, M.B.A. ’83Ralph R. Whitney Jr., M.B.A. ’73*Janice M. Willett, M.B.A. ’78Joseph T. Willett, M.B.A. ’75Timothy W. Williams, M.B.A. ’86

*Executive M.B.A. graduate

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W I L L I A M E . S I M O N G R A D U A T E S C H O O L O F B U S I N E S S A D M I N I S T R A T I O N

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Chief executive officers throughout theRochester region are sharpening their lead-ership skills and networking with fellowsenior executives during a unique monthlyC.E.O. Fellows roundtable at the SimonSchool. The roundtable, which started inSeptember 2005, is being offered by theSchool in conjunction with PeerHQ, aPittsford, N.Y.-based consulting firm thatprovides group and individual coachingfor companies, their board members andsenior executives.

The C.E.O. Fellows roundtable consistsof nine monthly, full-day peer group meet-ings at the Simon School. Participantsnetwork with other C.E.O.’s, receive indi-vidual and group coaching as well as men-toring on corporate strategy. They alsopractice problem solving and decision-making analysis.

The group is being led by Bruce Peters,co-founder of PeerHQ. Peters brings a di-verse background as a lawyer, executive, en-trepreneur and educator to the program. Inaddition to a successful career in law, heserved as an adjunct faculty member atRochester Institute of Technology, where hetaught courses in business and business law.In 1998, he joined TEC Worldwide, an in-

ternational network ofchief executives whomeet in small groups toshare experiences and de-velop solutions. As aTEC chair, Peters offeredindividual coaching forsenior executives, and fa-cilitated groups to helpmembers reap the per-sonal and professionalbenefits of peer learning.

Kevin Pickhardt ’90,*C.E.O. of PharosSystems Inc., says he enjoys participating inthe roundtable. “Networking with areabusiness leaders offers us all a great oppor-tunity to leverage the knowledge and expe-rience that exists in the Rochester area, so Iknow this is a wise investment of my time,”Pickhardt says. “I appreciate the SimonSchool taking a leadership position in thisinitiative. With the School’s involvement, Iam confident in the quality of the C.E.O.Fellows roundtable.”

PAETEC Communications Inc. hasworked with Peters and PeerHQ to createand facilitate customer advisory boards inmany of its 28 markets nationwide.

“These boards have provided us with anunsurpassed forum to listen to our cus-tomers, which in turn helps us to becomea better company,” says Arunas Chesonis’91, chairman and C.E.O. of PAETECCommunications Inc. “Bruce is truly moti-vated to helping executives improve asleaders and companies become more cus-tomer focused. I highly recommend takingthe time to learn what Bruce and PeerHQcan offer through the Simon School’sC.E.O. Fellows group.”

Another C.E.O. Fellows roundtable isforming in early 2006.

UPFRONT

UBS Chairman Speaks at Simon-Bern Commencement

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UBS Chairman Marcel Ospel speaks to graduates at the Simon-Bern Commencement on June 24, 2005, at the University of Bern inSwitzerland, as Simon School Dean Mark Zupan (far right), University of Rochester Provost Charles Phelps (second from right), andRochester-Bern E.M.B.A. Program Director Claudio Loderer ’83 (far left) look on. Ospel, who was appointed UBS chairman in 2001,previously served as group C.E.O. at the world’s largest investment bank. Prior to that, he was president and group C.E.O. of Swiss BankCorporation, which later became SBC Warburg. Ospel received an honorary Doctor of Laws degree during the ceremonies.

C.E.O. Fellows Roundtable


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UPFRONT

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Simon Brings in Top National Business Leaders

The Simon School welcomed an impressive roster of prominent national scholars and executives this past fall to speak to students about theircareers and current challenges. Recent speakers have included:

Internationally renowned financescholar and former Simon School

professor Michael C. Jensendelivered an optional five-day

leadership course for first- and second-year students and alumni at

Simon during Orientation inSeptember 2005. Jensen is theJesse Isidor Straus Professor of

Business Administration, Emeritus,at Harvard Business School, and

managing director of theorganizational strategy practice at

the Monitor Company.

Joseph G. Doody ’75, president, North American Delivery, for Staples Inc., spoketo students on October 5, 2005, about business ethics. Doody, who manages thecompany’s North American delivery business—contributing more than 30 percentof Staples’ revenue—told students ethics have everything to do with successfulleadership. Previously, Doody was general manager and vice president, NorthAmerica, Office Imaging, for Eastman Kodak Company.

Ursula Burns, president, Business Group Operations at Xerox Corporation, spoke tostudents on October 12, 2005. Burns, a corporate senior vice president, is responsible for a $12 billion operation consisting of six business groups: production, office, supplies,worldwide manufacturing and supply chain services, information management and the XeroxEngineering Center. The key lessons Burns says she learned during Xerox’s recentturnaround are: focus on your core strengths; communicate effectively to yourconstituencies, especially in a crisis; and never underestimate the intelligence of yourcustomers.

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Jonathan Alger, vice provost and chief legal counselat Rutgers University, delivered a lecture, “UnfinishedHomework: Diversity Hiring in Higher Education,” onOctober 17, 2005. Previously, while chief counsel atthe University of Michigan, Alger was instrumental inarguing its recent reverse discrimination case beforethe Supreme Court. Alger’s lecture coincided with theintroduction of the book, The Complete AcademicSearch Manual: A Systematic Approach to Successfuland Inclusive Hiring, coauthored by Harriette J.Royer, assistant director of counseling and educationat the Simon School’s Career Management Center,and Lauren A. Vicker, professor and chair of theCommunication/Journalism Department at St. JohnFisher College in Rochester.

Karl Eller, chairman and C.E.O. of The Eller Company, talked about theimportance of integrity during a Kalmbach lecture on October 18, 2005. Ellerspoke to students about his entrepreneurial journey, which has included seniormanagement positions at Columbia Pictures and Circle K Corporation. Ellerdiscussed his autobiography, Integrity Is All You’ve Got, encouraging students tosurround themselves with people of flawless integrity. A graduate of theUniversity of Arizona, Eller established and funded the university’s Karl EllerCenter for the Study of Private Market Economy, and the business school therewas renamed the Eller College of Management in 1999.

Stanley Bergman, chairman and C.E.O. of Henry Schein Inc., visited the SimonSchool on October 19, 2005. Bergman manages the Fortune 500 company, the largestdistributor of dental, medical and veterinary products and services to office-basedhealth care practitioners in North America and Europe. Bergman discussed theimportance of social responsibility in light of his firm being ranked first in Fortune’sMost Admired survey.

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UPFRONT


Hollis S. Budd has as-sumed expanded responsi-bilities as associate dean ofexternal relations andM.B.A. administration.Budd will oversee externalrelations, including mar-

keting and communications and careermanagement. She will also manage admis-sions, advising and operations areas of theSimon School Full-Time, Part-Time andExecutive M.B.A. Programs.

Rajiv M. Dewan M.B.A.’84, Ph.D. ’87, has beenappointed chairperson ofthe Simon School Ph.D.Program in addition to hisduties as associate professorof computers and informa-

tion systems. Dewan has teaching and re-search interests in electronic commerce,organizational issues in management ofinformation systems, the information tech-nology industry and financial informationsystems. Prior to joining the Simon Schoolfaculty, Dewan was a faculty member atNorthwestern University’s Kellogg Gradu-ate School of Management.

Steven S. Posavac, associ-ate professor of marketingat the Simon School, hasbeen appointed associatedean for M.B.A. programs.In his new role, Posavacwill oversee all aspects of

the Simon School’s Full-Time and Part-Time M.B.A. and Executive M.B.A. curric-ula, as well as administration of the Full-Time, Part-Time and Executive M.B.A.Programs. As a member of the faculty, hewill combine administration with researchand teaching.

Gregory V. MacDonaldhas been named executivedirector of M.B.A. admis-sions and administration.MacDonald is responsiblefor admissions, financialaid, registration and pro-

gram administration for the Simon

School’s Full-Time and Part-Time M.B.A.and M.S. Programs. Since 2002,MacDonald had served as director of ad-missions for the University of Rochester.Prior to that, he was associate director ofadmissions at the University of Rochester,and has held a variety of admissions posi-tions at other top universities, includingCase Western Reserve University(Cleveland, Ohio), Syracuse University andCarleton University (Ottawa, Ontario).

Patricia S. (Patty) Phillips joins the SimonSchool as executive directorof the Career ManagementCenter. In her new posi-tion, Phillips will drivestrategies that lead to highstudent, recruiter andalumni satisfaction.

Previously, she managed the Upstate NewYork region for DBM Inc. (formerly knownas Drake Beam Morin), a human resourcesconsulting firm, where she assisted down-sized executives with the execution of suc-cessful job search strategies and corporatebusiness development. Prior to DBM,Phillips was a director in the structured fi-nance division of J. P. Morgan Chase & Co.

John-Paul (J. P.) Roczniakhas been promoted to ex-ecutive director of alumnirelations and development.Previously, Roczniak servedas director of major gifts.In addition to cultivating

and soliciting major gifts, he will overseethe daily operations of the AlumniRelations and Development Office. Priorto joining the Simon School, Roczniakserved as associate director of developmentfor the University of Arizona’s Eller Collegeof Management, where he was responsiblefor cultivation, solicitation and stewardshipof major gift prospects during the school’ssuccessful $100 million campaign.

Susan Bauer has been pro-moted to assistant directorof student activities in theSimon School AdmissionsOffice. Most recently, she

served as annual fund program manager inthe Simon Alumni Relations andDevelopment Office.

Laura Gavigan has beenpromoted to associate di-rector of student services/director of orientation pro-grams. Previously, sheserved as assistant directorof student advising at

Simon. She will continue advising stu-dents, with the added responsibility of or-ganizing Simon orientation programs andsupervising the assistant director of studentactivities. Prior to joining the SimonSchool, Gavigan was assistant director ofadmissions in the University of Rochester’sOffice of Undergraduate Admissions, andwas an academic adviser in the University’sCollege Center for Academic Support.

Jacqueline Thomas B.A.’99 has joined the Admis-sions Office as associatedirector of admissions/director of the Simon EarlyLeader Awards Program.Previously, she served as

senior assistant director of admissions inthe Undergraduate Admissions Office atthe University of Rochester. During thattime, she directed a very successful corpo-rate awards program with Eastman KodakCompany, Xerox Corporation and Bausch& Lomb, and a volunteer alumni admis-sion program. In her new role, Thomaswill help launch the Simon Early LeaderAwards Program, which is aimed at attract-ing and providing scholarships to studentswith up to five years of work experience.

Timothy Wilmot ’05 hasbeen appointed associatedirector of admissions/di-rector of college relations.In addition to admissionscounseling, Wilmot willlead the School’s efforts to

establish an assertive college recruiting pro-gram aimed at attracting younger students.

Simon School Promotions and Appointments

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Several colleges have expressed an interestin developing a Simon School DirectAdmission partnership, which would feedstudents into Simon directly out of under-graduate studies. Before completing hisM.B.A. at the Simon School, Wilmotworked as a senior financial adviser atMerrill Lynch & Co. for five years.

Andrea (A. J.) Warner hasbeen appointed operationsfacilitator at the SimonSchool. Warner bringsextensive experience inUniversity of Rochesterfacilities to her new posi-

tion. Previously, she worked in UniversityAdvancement Services and, prior to that, inFacilities and Auxiliary Operations at theEastman School of Music.

Simon Welcomes NewExecutive AdvisoryCommittee MembersThe Simon School is pleased to welcomethe following new members to itsExecutive Advisory Committee: Donald(Skip) Conover ’79,* president, CBaySystems Ltd.; Rene F. Jones ’92, senior vicepresident and C.F.O., M&T Bank;Richard Sands, chairman and chief execu-tive officer, Constellation Brands Inc.; JoelSeligman (ex officio), president, Universityof Rochester; and Timothy W. Williams’86,* president, PICS TelecomCorporation.

The following members of the SimonSchool E.A.C. have become emeritusmembers. We are deeply grateful to themfor their service on the board: J. P. Bolduc,Paul S. Goldner ’79, Larry D. Horner,Michael S. Joyce, Donald D. Lennox andMarilyn R. Seymann.

Claudius Modesti (above left), director of enforcement and investigations for the Public CompanyAccounting Oversight Board (P.C.A.O.B.), delivered the keynote address following a panel discussionat the Simon School on the Sarbanes-Oxley Act during Meliora Weekend at the University of Roch-ester. The panel discussion featured Jerold L. Zimmerman (below), Ronald L. Bittner Professor ofBusiness Administration and professor of accounting at Simon; Kathy N. Waller ’83 (at left), chiefof internal audit for the Coca-Cola Company and Simon Executive Advisory Committee member; andRene F. Jones ’92 (above right), senior vice president and C.F.O. of M&T Bank and SimonExecutive Advisory Committee member. Dean Mark Zupan moderated the discussion.

Sarbanes-Oxley Highlighted During Meliora Weekend

All Finance Conference

Simon alumni joined students on campus in October 2005 for the fourth annual All Finance Conference. Panels ofalumni, including the one above featuring (from left) Lawrence Creatura ’94, Clover Capital Management;Michael Dimler ’01, UBS AG; Jamie Hague, The Millburn Corporation; and Lucas Binder ’97, UBS AG,explored all aspects of the finance industry. Three concurrent panels focused on: buy-side, sell-side equity and debtresearch; corporate finance; and investment banking and specialty finance. Several alumni traveled to Rochesterfrom cities nationwide to participate in what has become an annual Simon hallmark event.


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hen it was passed three years ago, the Sarbanes-Oxley Act (SOX) brought about a sea of change

in the regulations that businesses must follow. Whileprevious securities legislation simply mandated disclo-

sure, Sarbanes-Oxley went one step further. It introduced sub-stantive changes in firms’ operations, such as restricting nonau-dit services that an auditor can provide to clients.

“Given the significance and the controversy of the act, I setout to examine its economic consequences by investigatingmarket reactions to the SOX rule-making activities,” says IvyXiying Zhang M.S. ’03, whose paper, “Economic Conse-quences of the Sarbanes-Oxley Act of 2002,” has receivedwidespread national attention from financial media and aca-demics. Zhang is a current Ph.D. student at the Simon School.

It’s no surprise that Zhang has been inundated with e-mailsrequesting the paper. The act, she says, is the most influentialsince the Securities Acts of 1933 and 1934. People are clamor-ing to understand its economic consequences.

When they passed the act in July 2002, lawmakers intended toprevent fraud and increase shareholder value in the nation’s publiccompanies. But, Zhang says, Sarbanes-Oxley could have an unin-tended effect on businesses. Her research found that from July8–26, 2002, the period when the act was proposed and its finalrules passed, market prices dropped sharply—by $1.4 trillion.

Stunned, Zhang set out to understand why. To establish a con-nection between the loss of market value and the events relatedto Sarbanes-Oxley, she examined the private benefits and costs ofmajor provisions of Sarbanes-Oxley by investigating variations inmarket reactions to the rule-making events.

First, she investigated the provision to restrict nonaudit ser-vices provided by the auditor. “It can be cost efficient for firms topurchase nonaudit services from their auditor,” Zhang says. “Theknowledge spillover between performing audit and nonaudit ser-vices reduces the costs of the auditor and of the firm to completethe audit and the consulting projects. If firms’ purchase ofnonaudit services was efficient on average prior to SOX, we’dobserve that companies purchasing more nonaudit services would

incur greater costs as a result of the restriction.” Indeed, Zhangfound this to be the case—that these companies experiencedmore negative returns in the SOX event period.

Many SOX provisions aim to better protect shareholders.Zhang argued, however, that these provisions could be costly, asstronger shareholder rights reduce management discretion in de-cision making and decrease the speed at which firms respond todynamic market conditions. Consistent with the costliness ofthese provisions, Zhang found that firms with weak shareholderrights experienced more negative returns.

Zhang also examined the implications of Section 404, whichmandates an internal control test and is considered one of theprimary cost drivers of the act. Recent papers find that firmswith more complex businesses are more likely to report controlweaknesses. This suggests that these firms benefit more from thecontrol test. These same firms, however, also likely incur greatercosts to comply with Section 404. The auditor needs to samplemajor classes of transactions and walk through them with nu-merous staff members—an expensive process.

“My research suggests the costs outweigh the benefits,” Zhangsays. “Companies with more complex businesses experiencedmore negative stock returns in the rule-making period.”

In addition, Zhang examined the impact of the S.E.C.’sdeferment of Section 404 compliance. If a firm complies withSection 404 later, it would avoid competing with early adoptersfor auditing resources; it can also benefit from the experience of those early adopters. If the cost savings are significant, lateradopters would experience more positive returns around theS.E.C.’s announcement of the deferment. But if the company’stop priority is to improve accounting efficiency, a late adopterof Section 404 would experience negative returns as a result of the delay in compliance. When Zhang studied the marketreaction to the announcement of delaying Section 404 compli-ance, she found that small later adopters realized higher abnor-mal returns.

Zhang was careful about contemporaneous confoundingevents in the SOX rule-making period—knowing the negative

The Economic Costs of the

Sarbanes-OxleyAct

—by Sally Parker

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return she documented could be driven by other significant newsreleased in the period.

One such event was the simultaneous corporate earnings period.Zhang examined earnings announcements and found that the pe-riod’s earnings news tended to be good: More firms met or beatanalysts’ forecasts and reported positive earnings.

She also searched news about other legislative activities in Con-gress and news about accounting scandals released in this period.She found that accounting for such other news failed to explainaway the adverse impact of SOX rule-making on the market.

A few other papers also investigated market reactions to SOX,and argued the act was beneficial. But they omitted some legis-lative events from their investigations, says Zhang, who foundresults conflicting with their findings.

Since her paper garnered a mention in The Economist in May2005, The Wall Street Journal ran an editorial citing it, and articlesin the Washington Times, The Wall Street Journal online and nu-merous other Web sites followed. After the American EnterpriseInstitute (A.E.I.) posted the paper on its site, the paper loggedA.E.I.’s most downloads for the first month.

Zhang expects to obtain her Ph.D. in Accounting from theSimon School soon, and she recently joined the University ofMinnesota’s Carlson School of Management in Minneapolis as anassistant professor. She presented her findings at a number of uni-versities and at the American Accounting Association’s nationalconference in August 2005.

RESEARCH NEWS

Duncan T. Moore, Rudolfand Hilda KingslakeProfessor of OpticalEngineering, professor ofoptics and professor ofbusiness administration,will teach an Entrepre-

neurship course to a combined class ofengineering graduate students and SimonM.B.A. students this fall. Moore is the for-mer dean of the University of Rochester’sSchool of Engineering and AppliedSciences, as well as the former director ofThe Institute of Optics.

Moore, whose research interests includegradient-index optics, is a past president ofthe Optical Society of America. From1997–2001, he served as associate directorfor technology in the White House Officeof Science and Technology Policy for theClinton Administration, where he workedon the Next Generation Internet, CleanCar Initiative, new construction materialsand NASA. From 2002–2004, he waspresident and chief executive officer of theInfotonics Technology Center Inc., an in-dustry, academia and government partner-ship to foster cutting-edge research, proto-typing of new technology and economicdevelopment in upstate New York.

Moore earned a B.A. degree in physicsfrom the University of Maine at Orono,and an M.S. and Ph.D. in optics from theUniversity of Rochester.

David J. Oliveiri 81* joinsthe Simon School facultyfull time as executive pro-fessor of business adminis-tration. Previously, heserved as a member of theSchool’s adjunct faculty.

Oliveiri has held several executive posi-tions over a 30-year career in publishing andlaw. He recently served as group vice presi-dent of legal education for West Group (anoperating arm of the Thomson Corpora-tion, a $7.3 billion publicly-traded companylisted on the New York Stock Exchange),and president of Foundation Press.

He has held positions as senior vice presi-dent and publisher, vice president of busi-ness development, vice president of productsystems, and general manager/chief operat-ing officer for various Thomson subsidiariesand operating groups.

Oliveiri began his career at LawyersCooperative Publishing in Rochester, N.Y.,where he was a managing editor, and later, aneditorial director. He has also served as gen-eral counsel at Theatre Confections Inc. andwas assistant counsel at Central Trust Bank.

Oliveiri is a member of the New YorkState and Monroe County Bar Associa-tions, Beta Gamma Sigma, the ScribesSociety of Legal Writers, and the Academyof Legal Studies in Business. He is licensedto practice law before the courts of NewYork State and the Federal Court of theWestern District of New York.

He is the author of the revised edition ofNimmer’s Commercial Asset-Based Financing

(Thomson/West), a leading legal treatise.His research interests are in the areas of lawand economics as interrelated disciplines,and in particular how the legal environ-ment affects comparative advantage.

Oliveiri earned a B.S. and J.D. at theUniversity of Buffalo, and an M.B.A. fromthe Simon School.

Joel Seligman, president ofthe University of Rochestersince July 1, 2005, alsoholds faculty positions inthe University’s Depart-ment of Political Scienceand in the William E.

Simon Graduate School of BusinessAdministration.

Before he became the University ofRochester’s tenth president, Seligman wasdean of Washington University’s School ofLaw since 1999. He was dean and SamuelM. Fegtly Professor of Law at the Univer-sity of Arizona’s College of Law from 1995to 1999. He also served on the faculty atthe University of Michigan Law School,George Washington University Law Schooland Northeastern University Law School.

Seligman is one of the nation’s leadingexperts on securities law, and is the co-au-thor, with the late Louis Loss, of the 11-volume Securities Regulation, the leadingtreatise in the field, and author of TheTransformation of Wall Street: A History ofthe Securities and Exchange Commission andModern Corporation Finance.

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He also has served as a reporter for theNational Conference of Commissioners onUniform State Laws, Revision of UniformSecurities Act (1998–2002); as chair of theSecurities and Exchange Commission Ad-visory Committee on Market Information(2000–2001); and as a member of theAmerican Institute of Certified PublicAccountants Professional Ethics ExecutiveCommittee. He is currently a member ofthe board of the National Association ofSecurities Dealers (N.A.S.D.).

Seligman is the author or co-author of 20 books and over 40 articles on legalissues related to securities and corporations.He is the co-author (with John C. CoffeeJr. of the Columbia University Law Schoolfaculty) of the leading casebook, SecuritiesRegulations: Cases and Materials, and au-thor of the casebook, Corporations: Casesand Materials.

Seligman earned an A.B. in political sci-ence at the University of California at LosAngeles and a J.D. from Harvard University.

Heidi Tribunella, senior lecturer in ac-counting at the Simon School, has servedas an auditor for two national firms,

Deloitte & Touche andPricewaterhouseCoopers.At those firms, she servedclients in the health careindustry as well as mid-sized firms; she continuesto consult with Price-

waterhouseCoopers. Tribunella also spentover five years in industry as a manager offinancial reporting for two different healthcare companies. Prior to joining theSimon School faculty, she taught a varietyof business and accounting courses at vari-ous colleges, most recently at KeukaCollege.

Tribunella has an interest in accountingand auditing research and has publishedarticles with other professors in the Journalof Business and Economics Research and theJournal of College Teaching and Learning, aswell as a forthcoming article in the Reviewof Business Information Systems.

Tribunella has received the OneidaCounty Comptroller’s Office AccountingAward for academic achievement in theM.S. Accountancy program at the SUNYInstitute of Technology. She is listed in the2002 edition of Who’s Who Among

America’s Teachers and received a BestPaper Award at the International Businessand Economics Research Conference andthe Accounting Information SystemsEducators’ Conference.

Tribunella holds a B.S. in accountingfrom the John Wiley Jones School ofBusiness at SUNY Geneseo, and an M.S.in accountancy from the SUNY Instituteof Technology. She is also a New YorkState Certified Public Accountant.

Wei Yang, Simon Schoolassistant professor of fi-nance, has research inter-ests in empirical corporatefinance and asset pricing.His recent research focuseson corporate investment

and inefficiency, and dynamic term struc-ture models and their fit to historical in-terest rate behavior.

Yang earned an M.S. degree and aPh.D. in electrical and computer engineer-ing from Carnegie Mellon University anda Ph.D. in finance from StanfordUniversity.

Simon School AccountingPrograms Registered inNew York StateTwo Accounting programs offered by theSimon School are now registered as licen-sure qualifying programs by the New YorkState Board of Accountancy and the NewYork State Education Department. This dis-tinction means that students who earn aSimon School M.B.A. with a concentrationin Public Accounting or a Master of Sciencein Accountancy are now qualified to sit forthe C.P.A. examination in New York Stateand obtain subsequent licensure.

The Simon School tailored both pro-grams to meet the state’s new 150 credit-hour rule, which officially takes effect onAugust 1, 2009.

“We are pleased to have met our goal ofbecoming a C.P.A. licensure qualifying pro-gram,” says Dean Mark Zupan. “This quali-fication will make it easier for our students

to obtain C.P.A. licensure in New YorkState and is another accomplishment thatdistinguishes the Simon School among theworld’s top-tier business schools.”

To meet state requirements, the SimonSchool added three new courses to itsM.B.A. in Public Accounting and M.S. inAccounting programs: ACC 436 AdvancedAccounting Research, a course for practi-tioners to research accounting rules andprinciples; ACC 438 Auditing II–Auditingand Information Systems; and ACC 437Basic Federal Income Tax Accounting.

The Simon School is internationallynoted for excellence in accounting. Simonfaculty member Jerold L. Zimmerman andformer Simon faculty member Ross L.Watts recently earned the highest prize inthe field from the American AccountingAssociation for their groundbreaking re-search. A recent study measuring the place-ment and publications of Ph.D. accounting

graduates from 1991–1997 ranked theSimon School first for placement of Ph.D.accounting graduates three years post grad-uation and second for placement six yearspost graduation. Simon also ranked first forpublications in accounting journals threeyears post graduation and third for publica-tions in accounting journals six years postgraduation. Another recent study placedthe Simon School first among colleges anduniversities in the world in terms of passrate on the certified management accoun-tant (C.M.A.) exam from 1992–2001. The data was compiled by The Institute of Certified Management Accountants(I.C.M.A.).

For more information about SimonSchool Accounting programs, contactGregory MacDonald, executive director ofM.B.A. admissions and administration, at(585) 275-3533 or [email protected].

RESEARCH NEWS

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prolific research university. A pathbreaking leader in busi-ness education. A training ground for some of the coun-try’s most innovative and prestigious scholars. That’s the

Ph.D. Program at the William E. Simon Graduate School ofBusiness Administration, now celebrating its 40th anniversary.

Back when the program began, business schools had only recentlystarted to develop into the high-level, analytically oriented institu-tions of today. And the Simon Ph.D. Program was instrumental inbringing a rigorous approach to the study of business—not just atthe School, but throughout the country as well.

Central to the program’s approach is a demanding curriculum, in-corprated into a free-form departmental structure and a wide breadthof study. While students are required to choose a major and minorfield, they also are exposed to many other areas, from marketing tofinance. Faculty regularly work with students and colleagues in otherdisciplines. In addition, after the first year, students present their re-search to their peers throughout the School, giving them the opportu-nity to discuss each other’s findings and broaden their perspectives onresearch. The result: an army of highly-trained researchers able toproduce groundbreaking work.

In fact, ever since its first graduate, Richmond M. Lloyd, nowWilliam B. Ruger Chair of National Security Economics at theNaval War College, graduated in 1971, the program has producedsome of the country’s most notable scholars. About 20 percent of theprogram’s 179 graduates teach at the top business schools in the na-tion, from M.I.T. to Wharton.

Some are department chairs, like Robert Holthausen ’80, professor ofaccounting and finance and management chairperson of the accountingdepartment at the Wharton School. Others have become chaired profes-sors, including such graduates as Stephen Graves ’78, Abraham J. SiegelProfessor of Management Science and Engineering at M.I.T.; PaulHealy ’83, a professor at the Harvard Business School; Thomas Lys ’82,Gary A. Rosenberg Distinguished Professor of Real Estate Managementand professor of accounting information and management at North-western University’s Kellogg School of Management; and SeungjinWhang ’88, Jagdeep and Roshni Singh Professor of Operations, Infor-mation and Technology at the Stanford Graduate School of Business.Still others, like Hasan Pirkul ’83 and Claudio Loderer ’83, are nowdeans and program directors. Pirkul is dean of the School of Manage-ment at the University of Texas at Dallas, and Loderer is program direc-tor of the Rochester-Bern E.M.B.A. Program at the University of Bern.

There also is a crop of newly-minted graduates already gaining na-tional attention for their research. Case in point: Ivy Xiying ZhangM.S. ’03, whose paper on the economic costs of the Sarbanes-OxleyAct is attracting national attention in both media and academic circles(see page 8).

Though most Ph.D. graduates choose to stay in academia, somehave made their mark as practitioners, taking a more hands-on route.Roger Edelen ’96, for example, is a research consultant at ReFlow, aninnovative San Francisco, Calif., firm that helps fund managers meettheir redemptions.

Here, to mark the program’s 40th year, are profiles of six notablegraduates.

—by Anne Field

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Kenneth R.French ’83During his prestigiouscareer, Kenneth R.French ’83 has pro-duced a long series ofcutting-edge researchpapers, some ofwhich have trans-

formed the world of finance. An expert onthe behavior of security prices, investmentstrategies and corporate finance, Frenchconducted much of his research withEugene Fama of the University of ChicagoGraduate School of Business, the man manyconsider to be the dean of modern finance.

In 1992 and 1993, Fama and French’smost prominent papers were published.The first showed that value stocks—withhigh book-to-market, earnings-price anddividend-to-price ratios—tended to experi-ence higher returns than growth stocks,which had low ratios of fundamentals toprice. The second developed what is nowknown as the Fama-French Three FactorModel. In essence, it extended the CapitalAsset Pricing Model (C.A.P.M.) to incor-porate both the value effect and the well-known size effect (small stocks generallyhave higher returns than big stocks).

Fama and French’s work changed theface of financial analysis. Their more recentresearch focuses on corporate finance and

Massachusetts Institute of Technology(M.I.T.), commuting from Hanover a fewdays a week. Three years ago, he joined thefaculty of the Tuck School of Business atDartmouth as the Carl E. and CatherineM. Heidt Professor of Finance.

French also works with DimensionalFund Advisors, a Santa Monica, Calif.-based money management firm withstrong ties to the academic community.He’s been affiliated with Dimensional forabout 15 years and is currently director ofinvestment strategy.

French plans to continue his prolific re-search activity, finding that he remains asexcited about his current work as anythinghe’s done before. When asked which is hisfavorite paper, he quickly responds,“Whichever one I’m working on now.”

Robert J.Dolan ’77For Robert J. Dolan’77, quality andquantity are impor-tant, but so is influ-ence. Indeed, his life-long goal has been toproduce not only a

large body of research, but work thatwould have as much impact as possible.

And, impact he certainly has had. The au-thor of eight books and numerous case stud-

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Ross L. Watts, until recently chairman of the Ph.D. Program, as well as William H.Meckling Professor of Business Administrationand professor of accounting and finance, leftSimon this summer to become a full professorin the accounting department at Massachu-setts Institute of Technology (M.I.T.). Weasked Watts for his perspective on the pro-gram’s accomplishments and history.

What do you think have been the mostimportant attributes of the program andits philosophy?One key area has been the concentrationon giving students a rigorous educationbased in a discipline, such as economics orquantitative methods. From the beginning,the finance majors, the accounting majors,the strategy majors, the marketing majorshave all been taught applied economics. So,they were all trained as economists first,with training in their field second.

Ph.D. Program Perspectives

investment issues—for example, such areasas tests of asset pricing, the tradeoff be-tween risk and return in financial markets,and the relation between capital structureand firm value.

French didn’t start out as an investmentand finance guru, however. After graduat-ing from Lehigh University, he worked as amechanical engineer for Eastman KodakCompany for a couple of years, debugginghigh-speed packaging equipment. “It waslike being a highly paid auto mechanicwith the best equipment possible,” saysFrench. “What could be better?”

Trouble was, French didn’t see much fu-ture in the work. That’s when he decided togo back to school, deciding on the SimonSchool, where he first got an M.B.A. in1978 and then a Ph.D. There, he thrived inan environment that complemented hisown proclivity for doing empirical work.“As a Ph.D. student at Simon, I had incred-ible access to the faculty,” he says. “It’s hardto imagine a better way to learn how to doempirical research.”

French’s first stint after graduating fromthe Ph.D. Program was at U.C.L.A., wherehe met Fama, who was visiting the schoolfor a quarter. After that followed 11 yearsat the University of Chicago. Then,French, who wanted to move back to hisnative New Hampshire, accepted jobs atthe Yale School of Management and

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But perhaps the major factor distin-guishing us from other programs has beenits breadth, which has helped studentsthink about problems outside their area.When you talk to students about the rea-son for their success, that is one thing theytend to emphasize.

Can you tell us more about that?The program enabled them to come upwith new ideas and to recognize interestingquestions, in contrast to people who havebeen trained more narrowly.

Another factor that has helped studentslearn to be innovative is the thesis.Students develop the topic themselves,rather than have a faculty member comeup with an idea. Our attitude is, when youbecome an assistant professor, no one’sgoing to come along and give you an ideato work on. We train students to be ableto generate the kinds of ideas that will helpthem get tenure.

It’s also why, if you look at citations ofPh.D. theses, our graduates in accountingand finance have a high degree of citations.

Were there any notable changes over theprogram’s history?I think most important was what hap-pened in the areas of information systemsand operations management, when theprogram started to require students inthose fields to be trained in core economicsubjects. It also meant that the wholePh.D. Program became more integratedacross those areas. It caused a sea change inthe field.

(continued on p. 15)

ies, written while he was on the marketingfaculty of the Harvard Business School,Dolan has reached a wide range of

academics and business people with hisresearch.

It’s also a goal that was shaped, in largepart, by his experience at Simon. “Roches-ter was an extremely rigorous place, whereyou learned the craft of research,” he says.“There was a tremendous emphasis on notjust getting something published, but alsoon making sure you would influence theworld in a meaningful way.”

At Simon, Dolan mastered an eclecticarray of disciplines. While his major fieldwas Operations Research and his minorwas Marketing, he ended up writing athesis with a Finance professor as chair—something that “wouldn’t have happenedanyplace but Rochester,” he says—becauseit meant he’d have the chance to work withthe legendary Michael C. Jensen. Jensen isa former Simon faculty member now pro-fessor emeritus at the Harvard BusinessSchool. “It was too good an opportunity topass up,” Dolan says.

Dolan thought he would return to hishometown of Boston, Mass., after gradua-tion. Instead, he wound up spending fouryears at the University of ChicagoGraduate School of Business in marketing.Then, seeking to do more applied work, hemoved to Harvard, where he eventually be-came the Edward W. Carter Professor ofBusiness Administration. There, he focusedhis research on two areas—new product

development and pricing—aiming at threeaudiences: researchers through papers,managers through books, and educatorsthrough case studies.

Consider how he treated one researcharea, the reasons firms offer quantity dis-counts. In 1987, he published a piece on thesubject in a scholarly publication, MarketingScience, with “all the heavy duty math youtypically find in a journal like that,” he says.Then, he took a specific company and wrotea case study of how it handled the issue.Finally, he wrote about his findings in aconsiderably less technical book, PowerPricing: How Managing Price Transforms theBottom Line, targeting managers.

Four years ago, Dolan left Harvard to be-come dean of the Stephen M. Ross Schoolof Business at the University of Michigan.Thanks to unexpected budget cuts, he’sspent much of his time fundraising and de-veloping a marketing strategy for theschool, “putting into practice the theories Ihad taught for years,” he says. In 2004, theschool was named the number one M.B.A.program in the country by The Wall StreetJournal in its annual survey of the nation’stop business schools. It also received a $100million gift—the largest ever given to anybusiness school—from Stephen Ross, aNew York real estate developer and Michi-gan alumnus. Clearly, Dolan continues tohave an impact.

“I am deeply impressed by the qualityof the Simon School’s academicprograms, particularly the Ph.D.

Program. It is indeed remarkable that,in the past 40 years, the Simon Ph.D.

Program has produced so manygroundbreaking scholars at the

nation’s premier business schools.Simon graduates have a monumental

impact on the way managementeducation is taught in this country.That is a stellar achievement, for

which all of us at the University ofRochester can be proud.”

Joel SeligmanPresident of the University of Rochester

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lection process, and were useful in pickingup instances of incorrect pricing.

That research has also frequently beenahead of its time. In 1996, well before theEnron debacle, Dechow, along with Huttonand Sloan, looked at firms that had manip-ulated earnings and showed that the com-panies had weak corporate governance.Similarly, in 2000, the three studied ana-lysts’ growth forecasts and found evidencethat they provided an overly optimisticprognosis when it involved firms in whichtheir employers were making equity offer-ings.

Recently, Dechow wrote a monographfor the C.F.A. Institute about ways to mea-sure the quality of reported earnings. Sheis now focusing on research related to assetsecuritizations—accounting methods com-panies use to record gains made fromsales—and whether firms with weaker cor-

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Collegiate Professor of Accounting at theUniversity of Michigan. The couple movedthere together from their native Australia.She joined the faculty of Wharton aftergraduating but, in 1997, moved to Michiganwhen she and her husband were offeredtenured positions.

Much of Dechow’s research has been donejointly with Sloan and with fellow class-mate Amy Hutton M.B.A. ’86, Ph.D.’92, now associate professor of business ad-ministration at Dartmouth’s Tuck Schoolof Business. “We three formed a uniquebond,” she says. For example, in 2001,they investigated short sellers’ use of finan-cial statement ratios in picking stocks;short sellers would buy the stocks of firmswith high price earnings ratios, because theprice was high in relation to the company’searnings potential. They found evidencethat the ratios did, indeed, help in the se-

Patricia M. Dechow ’93In her research, Patricia M. Dechow ’93,Carleton H. Griffin-Deloitte & ToucheL.L.P. Collegiate Professor of Accountingat the Ross School of Business at theUniversity of Michigan, has maintained aconsistent focus on questions related to ac-counting and its effect on capital markets.That has meant such topics as how in-vestors respond to financial informationand the use of accounting by investors andanalysts. It’s also a highly practical ap-proach, in which Dechow develops a the-ory and then tests it, “so it’s not just amodel in a vacuum somewhere,” she says.

Her ability to do that was primarilyforged at the Simon School, where shestudied finance as well as accounting.“Learning about both helped me to see thebig picture,” she says.

Dechow started at the program with herhusband, Richard Sloan ’92, who is nowVictor L. Bernard PricewaterhouseCoopers

“The Simon School’s Ph.D. Programhas been one of the most spectacularsuccesses not only in the University of

Rochester but in all of highereducation. The rate at which Ph.D.’splace in the top 25 business schoolsis so far ahead of anything else I’ve

ever seen—at the University ofRochester or any other university—

that it just seems impossible. But it’strue: we teach the teachers at all of thetop business schools in the country,

and we do so at a rate that isimpossible to match.”

Charles PhelpsProvost of the University of Rochester

Seeking Top Candidates for Simon’s World-Renowned Ph.D. Program

Simon’s Ph.D. Program is noted for:

• Rigorous academics, intellectual stimulation

• Providing generous support to highly qualified candidates

• Producing leading scholars who conduct groundbreaking research

Success of our Ph.D. Graduates:

Total Number of Graduates: 179

Percent Placed in Academic Jobs: 75

Percent Placed in Top 50* Schools Right After Graduation: 52

Percent in Top 15* Schools After Graduation: 25

Percent in Top 10* Schools Right After Graduation: 20

To submit nominations of potential candidates for this program, contact:

Rajiv M. Dewan M.B.A. ’84, Ph.D. ’87Chairman, Ph.D. [email protected]

*Based on the 2005 ranking of M.B.A. programs by U.S. News & World Report.

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porate governance reported larger gains to make their earn-ings look bigger. Enron has made this a particularly interest-ing topic.

Brian T. Ratchford ’72As a Ph.D. student with concentrations in Economics andMarketing, Brian T. Ratchford ’72, could have gone downeither path. While he chose to concentrate on marketing inhis professional life, that dual training has long stood him ingood stead. “I was one of the few people in those days whocame to marketing with a training in economics,” he says. “Asa result, my research always has a theoretical foundation.”

Ratchford, who was in the Ph.D. Program’s second graduat-ing class, wound up there in large part thanks to the VietnamWar and the student deferment that enrollment provided him.“It struck me as a better idea to get a Ph.D. than to get shotat,” he says. What he found when he arrived at the new pro-gram was an exciting and challenging environment, with smallclasses that often “seemed like tutorials,” he notes.

Later, Ratchford joined the faculty of Boston College,where he also finished his dissertation. Then, in 1971, hemoved to SUNY Buffalo, where he stayed for close to 30years, eventually becoming Alumni Professor of Marketing.Six years ago, he accepted an offer at the Robert H. SmithSchool of Business from the University of Maryland to be-come the PepsiCo Chair in Consumer Research.

Throughout much of his career, Ratchford has concen-trated his work on what he calls “the economics of the con-sumer.” For example, in the early 80’s, he developed a theo-retical model for studying consumer behavior in searchingfor certain products. More recently, he has looked at howconsumers use the Internet in searching for durable goods,such as automobiles, and determined that consumers werethen able to come better armed with information and there-fore spent less time with the dealer. Since coming to theUniversity of Maryland, Ratchford has placed greater empha-sis on research that is more directly tied to industry, such as amajor forecasting project for PepsiCo. Still, says Ratchford,“It’s the research that continues to interest me the most.”

Ann Gray ’92Ann Gray ’92 always had her eye onthe practical. Even as a Ph.D. candi-date studying Operations Manage-ment, Gray was interested in doingsomething “real world” when she grad-uated. So, it shouldn’t come as a sur-prise to learn that she’s now acquiredthree manufacturing companies and,

to hear her tell it, “having a great deal of fun, too.”Before coming to Simon, Gray worked briefly at Frito-Lay

as an industrial engineer at a manufacturing plant in Irving,

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Rajiv M. Dewan M.B.A. ’84,Ph.D. ’87, associate professor ofcomputers and information systems,is the new chair of the Ph.D.Program. A graduate of the Ph.D.Program, Dewan was previously afaculty member at NorthwesternUniversity’s Kellogg GraduateSchool of Management. Dewantalked to us about the future of thePh.D. Program.

What do you see as the core strengths of the program?Its strong interdisciplinary approach to business education and re-search. Our approach to training students to do world class re-search is key to their success. We devote an entire year to founda-tions in mathematics, statistics and economics. At the end of this“core” year, our students quickly reach the frontiers of their respec-tive disciplines and do good quality research. The interdisciplinaryapproach that is fostered by the schoolwide funding and supportfor our students, rather than support from individual departmentsor faculty groups, is another key strength.

What new plans do you have for the future of the program?I see my role and the role of the program as selecting, training andplacing the best Ph.D. students in the top schools in the country.Not only do the majority of our graduates go on to positions at thetop 50 business schools, but many go to the top 15. Continuingthat tradition is my main goal.

This brings me to my other goal: To make the success of theprogram better known. The Ph.D. Program is a hidden gem. I in-tend to make it more public.

How is the program handling the problem of foreign visas forstudents?We’re a highly selective program. About 2 percent of applicants areaccepted. We work hard at getting the students we admit to comehere. But, we recognize that our country faces challenges in this re-gard, and we’re willing to work to address them.

Any other plans?I also intend to have more interaction with the M.B.A. program.Our Ph.D. students are part of the intellectual strength of the en-tire school. They add an intellectual rigor few other schools canmatch. I hope to bring more and more of that to the M.B.A. pro-gram—in effect, to see a spillover effect.

Ph.D. Program Perspectives continued

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actual business people might encounter.But, the program’s pioneering approach tothe study of information systems took adifferent tack, and one that was consistentwith Gurbaxani’s own orientation. “Theireconomic world view captivated me,” hesays.

After finishing Simon’s Ph.D. Program,Gurbaxani went straight to the Universityof California. “I determined that I’d seenenough snow in Rochester to last me forthe rest of my life,” he says. He’s beenthere ever since, with brief stints as a visit-ing scholar at Stanford University andM.I.T., as well as a year at ComputerSciences Corp. as a research fellow lookingat issues related to IT outsourcing, hisprimary area of research. In 2002, he wasawarded the prestigious OutsourcingWorld Achievement Award in the aca-demic category by Pricewaterhouse-Coopers and Michael Corbett &Associates.

In 1998, Gurbaxani helped form a con-sortium called the Center for Research onInformation Technology and Organization.Since 2003, he’s served as its director.With funding from the National ScienceFoundation and participation from suchcompanies as I.B.M., Boeing, Intel andMicrosoft, the Center brings together fac-ulty from a variety of universities in com-puter science, the social sciences and busi-ness, to investigate a variety of issues ofinterest to the group’s sponsors. One re-cent example of that research is a look athow information technology is transform-ing enterprises and the sets of managerialcapabilities needed to run a highly net-worked organization.

Last year, Gurbaxani was appointed as-sociate dean of the full-time M.B.A. pro-gram, a job he also assumed from 1995 to1999.

Anne Field is a freelance writer based inPelham, N.Y. She has written for The NewYork Times, Fortune and BusinessWeek,among other national publications.

VijayGurbaxani’87For Vijay Gurbaxani’87, professor ofmanagement andcomputer scienceand associate deanfor the M.B.A. pro-

gram at the University of California–Irvine’s Graduate School of Management,the Simon Ph.D. Program was a perfect fitfor his interest in the applied aspects ofcomputer science. At the time, mostschools focused on the technical side of thefield, with little attention paid to questions

Tex. She received an undergraduate degreein industrial and operations engineering atthe University of Michigan in 1985, andthought she’d eventually go on to get aPh.D. When, after a few years, her husbandentered a Ph.D. program in toxicology atthe University of Rochester, she decided toaccelerate her plans and applied to theSimon School to study OperationsManagement. “I got really excited aboutsome of the work being done at theSchool,” she says.

After graduating, Gray’s intention was togo back into industry. But when she wasoffered a job teaching operations manage-ment at the Harvard Business School, shedecided the position offered her the oppor-tunity to balance research and teachingand gave her the chance to work directlywith business people “to help shape cur-rent business practices in the here andnow,” she says.

Seven years later, however, Gray knew itwas time to enter the business world.That’s when a colleague she met throughher work at a group called The Center forQuality of Management, a nonprofit orga-nization aimed at helping companies sharebest practices to improve management de-cision making processes, suggested theyraise money to buy and run their ownbusiness. After several months of research,they found the perfect company—a then15-year-old Oxford, Mass.-based businesscalled Fabrico making components forland-based gas turbines, aircraft enginesand waste gas treatment facilities—andshopped it around to a number of venturecapital firms. In 2001, the deal wentthrough, and Gray became president of the100-person firm. While she declines to di-vulge the purchase price or revenues, shesays that since then they’ve made two moreacquisitions.

Gray credits her education at the SimonPh.D. Program for much of her success.“Education is all about learning how tothink, a way of examining a problem thatyou can apply not just to theory, but topractice,” she says. “I’ve used that through-out my whole career since graduating fromSimon.”

“The Simon School’s doctoralprogram is a hallmark of graduate

education at the University ofRochester. One measure of its impactis the representation of Simon Ph.D.

graduates on the faculties ofAmerica’s most highly ranked

business schools (Harvard, M.I.T.,Stanford, Chicago and the like).

There is no greater respect aprestigious institution may show thanto hire and promote another school’s

graduates. By this measure, the SimonSchool has made a significant mark inthe field of business administration.”

Bruce JacobsVice Provost and University Dean

of Graduate Studies, University of Rochester

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Monetary PolicyAfter Greenspan:Is It Time for a Change?—by Charles I. Plosser In January 2006, Alan Greenspan is scheduled to step down as chairman

of the Board of Governors of the Federal Reserve. Appointed in August1987, Greenspan’s tenure in this capacity is exceeded only by that ofWilliam McChesney Martin, who served from April 1951 to January1970. Moreover, during Greenspan’s tenure, the nation has experiencedrelative economic stability and low inflation. Thus, it comes as no surprisethat there is a great deal of uncertainty and, in some quarters, anxiety overthe replacement of someone who has become a fixture in economic policydiscussions for nearly two decades and served as the nation’s chief centralbanker under four presidents.

Federal Reserve Chairman Alan Greenspan testifies before the Senate Banking Committee in July 2005. Reuters/Larry Downing

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ent political environment or under differ-ent leadership.

The credibility and commitment of theFederal Reserve to price stability is cur-rently dependent on the credibility andcommitment of the members of the board,and especially the chairman. The marketsknow all too well that when Greenspansteps down, the prospects and expectationsfor inflation will depend, in large part, onwho becomes the next chairperson andwhat approach, knowledge and skills he orshe brings to the job. Thus, it is under-standable that markets may be nervous.

Modern Federal Reserve history beginsin early 1951 with the famous TreasuryAccord. For nearly a decade prior to 1951,Federal Reserve actions were dominated bythe government’s World War II financingrequirements. The Treasury wanted to keepthe interest rate on government bonds atlow levels to reduce the costs of wartime fi-nance. To accomplish this, Federal Reserveand Treasury officials agreed that the Fed

Why is there so much anxiety—and is itnecessary? The answer to the first part ofthis question is that history tells us that itmatters who is the nation’s chief centralbanker and that the American economy hasborne the consequences of good and baddecisions by these individuals. The answerto the second part of the question is thatmuch of the anxiety and uncertainty canand should be avoided.

Over the past 25 years, the FederalReserve has reduced inflation from over 12percent in 1980 to nearly 2 percent. Thislow inflation environment has played animportant role in promoting a healthy androbust economy. The Fed and ChairmenVolcker and Greenspan deserve credit forthis significant accomplishment.

Unfortunately, there is no institutionalmechanism in place that will ensure that afuture Fed chairman will be as dedicated, aswise, or perhaps as lucky as Greenspan.Consequently, the United States remains atrisk that inflation may resurface in a differ-

would act in such a way to maintain therate on 90-day government bills at three-eighths percent. Under this arrangement,the Federal Reserve was, in effect, actingunder the direction of the Treasury andthus was not free to conduct independentmonetary policy. With various adjustments,this agreement lasted until 1951. In Marchof that year, the Treasury and the Fedreached an agreement, known as “TheAccord,” which formally ended the obliga-tion of the Fed to support the price of gov-ernment bonds. This marked the beginningof the modern era of independent U.S.monetary policy, which continues to thisday.1

Since 1951, the U.S. experience with in-flation has varied considerably. Figure 1(above) and Table 1 (opposite) illustratehow inflation has varied under different Fedchairmen. During most of the 1950’s and1960’s, William McChesney Martin servedas chairman of the board of governors anddisplayed a fairly consistent commitment to

_______1Technically, complete independence didn’t arrive until the abandonment of the Bretton Woods system of fixed exchange rates in 1971.

Consumer Price Inflation

Figure 1

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price stability until the political pressurefrom then President Lyndon Johnson tohelp finance the Vietnam War throughmoney creation became too great. As a con-sequence, inflation began to gradually riseduring the late 1960’s. Nevertheless, Martinbelieved that low inflation was desirableand promoted long-run economic growth.He argued that even a modest rise in pricesof 2 percent a year was bad for the econ-omy. His commitment to low inflation waswell known even as he reluctantly suc-cumbed to the pressure from PresidentJohnson. Indeed, there is a great deal ofsimilarity between Chairman Martin’s viewson inflation and those of ChairmanGreenspan.

When Arthur Burns became chairmanin February 1970, the inflation rate hadreached nearly 6 percent, yet almost imme-diately, monetary policy became more ac-commodating in that the Federal OpenMarket Committee (F.O.M.C.) loweredthe targeted federal funds rate and money

growth rates exploded. In August 1971,with the support of Burns, then PresidentRichard Nixon imposed wage and pricecontrols. While this served to temporarilyslow the measured increase in prices, con-trols were ultimately a failure. By June1973, annual inflation reached 6 percentagain and was rising rapidly, and byJanuary 1974, inflation reached 9 percentand continued to climb to over 11 percentby the end of the year.

To most economists, Arthur Burns was adisappointment. He was a highly respectedeconomist, yet disappointed his colleaguesby advocating and supporting wage andprice controls. More significantly, because ofhis expansionary monetary policy, he was re-sponsible for the greatest run-up in U.S. in-flation in the last half of the 20th century.Whatever inflation-fighting reputation andcredibility the Fed had gained under Martinwas quickly squandered by Burns. Burnswas followed by the mysterious G. WilliamMiller. Miller’s term lasted only a little over

a year and largely reflected the residual ef-fects of the Burns policies.

Paul Volcker became chairman in August1979, and rightly deserves credit for bring-ing inflation down to levels not seen sincethe 1960’s. During Volcker’s term, inflationfell from over 13 percent to under 2 per-cent. Following in Volcker’s footsteps, AlanGreenspan became chairman in August1987 and has been extraordinarily effectivein keeping inflation under control. Notsince the Martin Fed have we seen such lowand stable inflation. Indeed, Greenspan’sreputation as an astute and effective centralbanker is well established. In his book,Maestro: Greenspan’s Fed and the AmericanBoom, Bob Woodward cultivated the imagethat Greenspan was an artist—orchestratingthe American economy and, in some cases,the world economy with sound judgment,skill and a stroke of artistic genius.Greenspan’s record deserves praise, but hislegacy would be greater if he were willing tolead the Fed toward a greater institutional


William McC. Martin April 1951–January 1970 2.15 1.79 -1.0–9.2

Arthur Burns February 1970–January 1978 6.28 2.35 2.9–11.5

G. William Miller March 1978–August 1979 8.53 1.61 6.5–11.2

Paul Volcker August 1979–August 1987 6.32 3.78 1.2–13.6

Alan Greenspan August 1987– 3.01 1.07 1.0–6.2

Chairman PeriodAverage

Year-over-YearInflation (CPI)

StandardDeviation of

InflationRange

Inflation Record of Fed Chairmen

Table 1

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commitment to price stability. Greenspanhas relied heavily on his personal judgmentand has argued repeatedly that the Fedmust have extensive flexibility to respondto the economic environment. WhileGreenspan’s judgment, skill and luck haveserved him and the country well, it is dan-gerous to rely so heavily on the individualjudgment of the chairman. History, as wesaw, has demonstrated that some chairmenhave made monumental mistakes. WhenGreenspan departs, he takes with him hisskills and judgment, as well as his credibil-ity and his personal commitment to low in-flation, much as Martin did when he de-parted in 1970. The Fed Greenspan leavesbehind has no explicit institutional com-mitment to long-run price stability. Thislack of institutional commitment poses therisk that the next chairman or some futurechairman may choose a different, and po-tentially damaging, course of action for theFed and the economy, just as Burns did inthe early 1970’s. Regardless of who may beappointed, the lack of an institutional com-mitment to price stability increases uncer-tainty in the market.

You might ask: Haven’t we learned ourlesson? Won’t future chairmen see the suc-cess of Greenspan and the failures of Burnsand choose to emulate the best qualities ofGreenspan or Martin? Perhaps, but even ifthat were the objective, Greenspan leavesno instruction manual, no guidebook thattells the next chairman how to conductGreenspan-style monetary policy. More-over, Chairmen Martin and Burns, nodoubt, had the best of intentions. But bothsuccumbed to political and economic pres-sures to inflate. Who is to say that at sometime in the future the economic or politicalclimate might be such that it generates sim-ilar reactions from some future chairman?

Is there a better way? Can we promotesound monetary policies that are less sub-ject to the whims and skills of who sits aschairman of the F.O.M.C.? The answer isyes. Among those economists who studymonetary policy, both inside and outsidecentral banks, a consensus seems to haveemerged over the last 10–15 years regard-ing the best approach to sound monetarypolicy. The view that has emerged is that

sound monetary policy is best viewed interms of policy “rules.”

Today, U.S. monetary policy is notguided by rules. Indeed, ChairmanGreenspan has repeatedly argued againstthe idea. The absence of any rule-like be-havior by the Fed is evidenced by the oftenwild gyrations in the financial marketsevery time Greenspan or some other Fedofficial makes a speech that says anything

of substance. The markets are clearly grop-ing for information on the future actions ofthe F.O.M.C. Is the army of “Fed watch-ers,” who read the tea leaves of every speechand attempt to interpret every nuance oftestimony of Federal Reserve personnel, butespecially of Chairman Greenspan, an effi-cient use of resources? Does it make the fi-nancial markets more or less volatile thanthey otherwise would be?

Central bankers, however, have usuallyargued for discretion. They say that theydon’t want their hands tied so that they canmake the “best” decision for the economyat the appropriate time. But that same dis-cretion permits bad decisions as well asgood ones. In fact, the value of discretionin the hands of the monetary authority isvastly overrated and can actually be detri-mental to economic stability. For example,

it is widely accepted that poor monetarypolicy contributed significantly to theGreat Depression and was the cause of therampant inflation of the 1970’s.

One argument in favor of rules, or atleast clear institutional objectives andsome sort of systematic guidelines, is thatmuch of this unnecessary volatility couldbe avoided. Adopting an explicit and un-derstandable objective and guidelines orrules for achieving it would make Fed ac-tions more transparent and predictable tothe markets and to the public. How oftendo you hear the financial media askingquestions about what the Fed will do next?The barrage is constant. Will the Fed raiseor lower interest rates at its next meeting?Does the Fed have a commitment to lowinflation? If so, what constitutes an accept-able range in its view? Will the new chair-man continue the “measured” increases inthe Fed funds rate or will there be a“pause”—or perhaps a more aggressiveincrease? Should the Fed take action inresponding to the “housing bubble” or toHurricane Katrina? These sorts of ques-tions are important and have created thehuge industry of “Fed watchers” and theendless parsing and deciphering of Fedcommunications and comments of Fedofficials all trying to guess the outcome ofthe next F.O.M.C. meeting. By articulat-ing a clear set of objectives and guidelinesfor achieving them, the Fed could substan-tially reduce this uncertainty.

The benefits of more explicit guidelinesfor monetary policy thus include: increas-ing public understanding of monetary pol-icy by increasing transparency; establishinga clear focus for the Fed regarding its goalsand objectives; and creating increased con-fidence that sound monetary policy will befollowed in the future.

Today, inflation remains relatively low,but we have not achieved price stability. AsGreenspan departs, it is important to ad-dress the question of how to institutionalizethe commitment to low inflation or, betteryet, price stability, and ensure the gainsachieved during the last two decades aresustained. By institutionalize I mean thatthe commitment to price stability andclearly achievable objectives should not de-


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The markets know alltoo well that whenGreenspan steps down,the prospects andexpectations forinflation will depend,in large part, on whobecomes the nextchairperson and whatapproach, knowledgeand skills he or shebrings to the job.

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pend on the attitudes and beliefs of thetransient members of the F.O.M.C. or thechairman of the board of governors.

One approach to ensuring continuedcredibility of monetary policy is to adopt aregime that commits the monetary author-ity to a clear objective in terms of inflation.Such an inflation-targeting regime has beensuccessfully adopted by a significant num-ber of central banks around the world, in-cluding the European Central Bank, theBank of England, the Bank of Canada, theBank of Australia, and the Reserve Bank ofNew Zealand, among others. These infla-tion-targeting countries have establishedexplicit numerical objectives for inflationand have acknowledged that controlling in-flation is the primary goal and responsibil-ity of the central bank. Other objectives orconcerns such as employment or real out-put are of secondary importance becausemonetary policy, we know, has no long-runeffects on either employment or output.

The Federal Reserve, by contrast, has nosuch explicit institutional commitment toprice stability or low inflation. WhileGreenspan has frequently expressed theview that monetary policy should keep in-flation low to promote economic growth,there is no guarantee that some futurechairman will feel the same way. TheF.O.M.C. has discussed inflation-targeting,but Greenspan has been firmly opposed.Consequently, he has missed a golden op-portunity to help commit the institution tosound monetary policy in the future.Greenspan has argued that inflation-targeting ties the hands of the Fed in waysthat would make it difficult or impossibleto respond to crisis situations. This is sim-ply not true. Inflation-targeting as prac-ticed by many other countries does notprevent the central bank from respondingto crises. For example, an inflation-target-ing regime would not prevent the Fed fromresponding to financial crises such as themarket crash in 1987 or the Russian crisisand the failure of Long-term Capital in1998. The Fed would still be responsiblefor ensuring the integrity of the paymentssystem in times of crisis.

The next chairman of the FederalReserve is likely to raise the topic of infla-tion-targeting again. Former Fed GovernorBen Bernanke, who recently became chair-man of the Council of Economic Advisers(C.E.A.), is a frequently mentioned candi-date to replace Greenspan. He was a strongvoice inside the Fed for inflation-targetingand is likely to place the topic on theagenda should he return as chairman.Others who are often considered candi-dates such as Glenn Hubbard, who is cur-rently dean of the Columbia Business

School and former C.E.A. chairman underPresident George W. Bush, and MartinFeldstein, a professor at Harvard and presi-dent of the National Bureau of EconomicResearch, are also likely to place inflation-targeting on the Fed’s agenda.*

The Shadow Open Market Committee(S.O.M.C.), www.somc.rochester.edu,**which I co-chair with Anna Schwartz ofthe National Bureau of EconomicResearch, has stressed that the credibilityand commitment of monetary policy toprice stability is an essential ingredient inpromoting long-term economic prosperity.The risk and uncertainty posed by the dis-cretion currently possessed by theF.O.M.C., and thus the transition to anew chairman who may have different be-liefs, can be limited by a more explicit in-stitutional commitment to sound mone-tary policy. To achieve this commitment,

the S.O.M.C. has consistently recom-mended that the Federal Reserve: • adopt a clear public statement that its

primary objective is to control inflation; • announce a specific target for inflation

with the goal of price stability, whichimplies zero inflation. Given the inher-ent measurement error in various priceindexes, the S.O.M.C. suggests that theFederal Reserve announce a goal of 1percent inflation in the overall C.P.I.measured year-over-year; and

• announce a policy process and guide-lines consistent with this objective.

The S.O.M.C. believes that these princi-ples would achieve the objective of estab-lishing an institutional commitment to lowinflation, while permitting sufficient flexi-bility for the Fed to be responsive to othereconomic developments in the short run if it deemed it necessary and prudent. Oneof the advantages of this sort of inflation-targeting regime would be a dramaticimprovement in the public’s understandingof the Federal Reserve and its actions, thuscontributing to transparency and a sub-stantial reduction in word games andnever-ending efforts to read between thelines of every official communication.

Let us hope that the next chairman of the Federal Reserve will help our cen-tral bank catch up with other centralbanks around the world by establishing aninstitutional commitment to low inflationand announcing its targets to the public.There is no better way to ensure that thesuccesses of the Volcker-Greenspan erawill be sustained.

Charles I. Plosser is the John M. OlinDistinguished Professor of Economics andPublic Policy and director of the BradleyPolicy Research Center at the Simon School.He is also a research associate at the NationalBureau of Economic Research, co-editor of theJournal of Monetary Economics, and co-chair of the Shadow Open MarketCommittee.

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*As this issue of SimonBusiness went to press, President Bush nominated Ben Bernanke to replace Chairman Greenspan.**The S.O.M.C. was founded in the early 1970’s by the late Simon School professor Karl Brunner and Allan Meltzer of Carnegie Mellon University.

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While Greenspan’sjudgment, skill andluck have served himand the country well,it is dangerous to relyso heavily on theindividual judgment of the chairman.

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he Simon School prides itself on being a place “wherethinkers become leaders.” It is also a place that fosters andpromotes community service. Despite challenging course

loads and hectic schedules, a sizable portion of the Simon commu-nity is committed to giving time, talent and donations to others.And many Simon students, faculty and staff say community in-volvement gives back as much as it gives.

One faculty member created a scholarship to cross-pollinatethinking between the American and Israeli medical systems (seesidebar on p. 24). Another founded a math tutoring program in theRochester City School District. Simon students are putting theirmanagement skills to work through Simon’s student-run VISIONProgram and the new ROC City Youth Program, a mini-case com-petition held at Simon for high school students to plan Rochester’sfuture. The Simon community also helps improve people’s livesthrough fundraising and roll-up-your-sleeves work. The School hasteamed with agencies such as Foodlink, United Way, RonaldMcDonald House, New York State Games for the PhysicallyChallenged and literacy programs, among others, to raise funds andcollect necessities for those in need. Members of the Simon commu-nity, for example, have pitched in to conduct inventory at ABVIGoodwill, build homes for Habitat for Humanity and plant gardensin Rochester’s South Wedge neighborhood.

The Secret Santa Program, now in its 13th year, is perhaps theSchool’s most well-known community service project. Every year atholiday time, the Simon community pools its resources to raise fundsto purchase holiday gifts for children in need. The Secret SantaProgram is organized each year by Simon Volunteers, a communityservice club, in conjunction with Family Service of Rochester, theSouth Wedge Planning Committee and guidance counselors fromRochester’s Monroe High School. Simon Volunteers raise cash dona-tions, hold a silent auction and host other fund-raising events. InDecember, the shopping begins as volunteers purchase clothing, toysand school supplies based on children’s wish lists. The project culmi-nates with a festive gift-wrapping party. Then, the gifts are deliveredto more than 200 children in Rochester, from “Santa.”

Last year, Simon Volunteers raised a record $25,000 in toys,clothing and school supplies for children in Rochester’s SouthWedge neighborhood.

Greg Osier ’06, president of Simon Volunteers, loves seeing chil-dren’s faces light up in another project called “It’s Your Life,” a life-skills component of an after-school program for students ages 12–14called the Rochester After School Academy (R.A.S.A.) at MonroeHigh School.

Osier co-created “It’s Your Life” with Richard Paufler, R.A.S.A.program director at Monroe High School, and Lyndie Siff ’05,

A Day in the Life at UBS—by Marget Lee Braun

T

Time, Talent

and TreasureSimon Gives Back

Crystal Park ’06 volunteers at Foodlink in Rochester during the VISION Program day of community service in the fall of 2005.

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past president of Simon Volunteers. “Theprogram was up and running after a fewweeks of discussion,” Osier says. “We meetwith the kids and talk about different direc-tions that can lead to a fulfilling life and adecent paycheck.”

Topics covered include money manage-ment, job search, résumé writing and tradi-tional and non-traditional career paths.“The kids really brighten up when we talkabout anything international,” Osier said.“Most of them have never left Rochester,much less gone to Europe or beyond. Weinvited Simon students from Brazil andBulgaria to speak last year, and the kids hadtons of questions—how is life the samethere, how is it different?”

Osier came to the Simon School straightout of undergraduate studies at St.Bonaventure University. “When I heardabout Simon Volunteers, I jumped at thechance,” he says, citing the Franciscan tra-dition at his college for “getting a sense ofyour place in the world.

“I played tennis in college, and it tookan incredible amount of time,” Osiernoted. “I loved it, but it was kind of allabout me. I practiced six days a week andplayed matches all weekend. I didn’t getmuch opportunity to give back to others.

“When I got to Simon I felt like therehas to be a balance in life. You can get sofocused on career that you can lose focuson everything else in the world.”

Now, Osier leads a group of more than40 Simon students who regularly volunteerto organize four major fundraisers eachyear, as well as help to place students involunteer positions in the community.

This year, Osier hopes to top the $25,000raised in 2004.

Volunteering, Osier says, gives him thechance to come into contact with commu-nity leaders. “I meet fascinating people, likeSister Diana Dolce, who founded HopeHall, a nonprofit school for children whoneed additional learning and mentoring toprosper in their academic careers,” he says.

And, volunteering has enhanced his or-ganizational skills. “You’ve got to constantlystay on top of a project,” Osier notes. “Isend out requests for donations to compa-nies like The Gap that might send a giftcertificate or merchandise. You have to

make a plan—I’m going to send out fiveletters a week—then learn to set a scheduleand get it done.”

Details aside, Osier is energized by thebig picture. “It’s good to give back toRochester because most of us are not fromhere, but we all have a home here.”

Ziad Chalhoub ’06 is another SimonSchool student who gets involved.Chalhoub is president of the GraduateBusiness Council (G.B.C.), the electedgroup that represents the Simon studentbody. The G.B.C. supports volunteer pro-jects with small grants. “Clubs get in touchwith us if they need money to rent a bus totransport volunteers, or feed 20 volunteerswho are helping to build a house forHabitat for Humanity,” he says.

The motivation? “What’s good about theSimon School is we collaborate a lot,”Chalhoub explains. “Everyone knows oneanother, and when you see your peerspainting a house or working in a soupkitchen, it encourages other students tocare and do more.”

Chalhoub has a history of volunteerism.When he graduated from high school at16, he was too young for college, so he de-cided, with his parents’ approval, to jointhe Red Cross. He served for two years inEthiopia, South Africa and Lebanon beforereturning to the United States to finish col-lege at Rutgers University.

At Simon, Chaloub sets aside five hours

a week to tutor children—on top of hisM.B.A. courseload, campus activities and asignificant (20 hours per week) consultingjob with I.B.M. Business Services.

“I’m a big advocate of free education,”says Chalhoub. “Ever since I was young, Itutored for free, because math, physics andchemistry are my cup of tea.”

Chalhoub tutors underprivileged chil-dren primarily through word of mouth.

“Even if I were to win the lottery,” hesays, “I’d keep getting an education. Andthe education I’d get, I’d give. People can’tafford education through no fault of theirown. It’s a hard cycle to break,” Chalhoubsays. “I’m clear it’s a privilege that I’m get-ting my education, not an entitlement.”

A new project at Simon this year, theROC City Youth Case Competition, sur-prised even the organizers with its positiveimpact. Geva Theatre posed the case prob-lem: How to reach the most young peoplewhile spending the least amount of money?They wanted to utilize existing resourcesand incorporate the idea into technology.

“I remember watching the faces of theGeva representatives and seeing how theylit up when our team presenter describedour idea,” said winning team mentor ChrisJohnston ’06.

The participants were affiliated withArtPeace Inc., a nonprofit arts, recreationand technology Young EntrepreneurProgram, funded by a New York State grant

Simon Volunteers and students from Monroe High School celebrate the completion of the first year of the “It’s YourLife” program.

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administered by RochesterWorks. ArtPeaceworks with low-income urban youth andgets them excited about developing life andvocational skills through the arts (digital,

visual, dance, music and literary) with anemphasis on science and technology.

“Our goal is to help youth get exposedto the global economy,” says Kris Rapp,

ArtPeace executive director.Admittedly, Rapp was a little nervous at

first. “The kids can be tough, noisy andthey don’t always listen. At first, the Simonvolunteers seemed a little nervous, too.They could see these kids were hard to or-ganize. But then it started to come to-gether.

“Whatever stereotypes our kids hadquickly turned around,” says Rapp. “Thekids could see the diversity at Simon. Theycould see these people wanted to hear theiropinions. They felt accepted and wel-comed.”

The idea for the youth case competitionwas conceived by Patrick S. Miller, SimonSchool director of information technolo-gies, who is on the board of ArtPeace. Itwas sponsored by the Simon School, inconjunction with Rochester City Ballet, ForYour Entertainment and Lorraine’s FoodFactory. Ten teams of six students com-peted for prizes, as they would in a typicalcase competition. The grand prize was a$5,000 scholarship to the Simon School foreach member of the first-place team.

Those who knew ProfessorEdna Seidmann say herbeauty and intellect werematched by her generosity—especially in helping students.When she received the G.Graydon and Jane W. CurtisAward for UndergraduateTeaching, a student wrote,“She is one of the best profes-sors I’ve ever had.”

When Seidmann, a senior lecturer in fi-nance and accounting at the Simon School,died of cancer at age 50 in 2000, her hus-band, Abraham Seidmann, Xerox Professorof Computers and Information Systemsand Operations Management, established ascholarship to encourage development ofmanagement and communication skills inmedical training—a gap Edna identifiedwhile undergoing medical care.

“The key idea,” says Seidmann, “is thatit’s not enough to be a good physician, but

a good physician-patient communicator.”The Edna Seidmann Memorial

Scholarship in Medical Communicationsprovides Israeli scholars an opportunity tocome to the University of Rochester tocompare and contrast the American andIsraeli health systems.

Shifra Shvarts, Ph.D., chair of Ben-GurionUniversity’s Faculty of Health Sciences andDepartment of Health Systems Manage-ment, met Edna Seidmann while on sab-batical at the University of RochesterMedical School. The two remained closefriends for 20 years. “This scholarship issomething Edna would have wanted—togo for leadership, to select the best studentsand give them the opportunity to make adifference. Her spirit is in this scholarship.”

Edna Seidmann joined the Simon Schoolin 1990. A native of Israel, she earned herB.A. and M.A. degrees in economics fromTel Aviv University. She drew on extensiveexperience in market dynamics and profit

analysis for classroom instruction.“Edna was a top student and an advocate

for excellence in her own life,” says Seidmann.The candidates reflect her standards: Theyare among the top 10 percent of their medi-cal school class with the highest G.P.A.’s.This year, two Edna Seidmann Memorialscholars are medical students, getting theirM.D./Master of Health Administration dualdegree at Ben-Gurion University in Beer-sheva, Israel. Tamar Cohen, 22, and JordanaFriedler, 26, spent a month in Rochester onthe scholarship. The two scholars combinedclinical medicine and management whenthey returned to Israel.

“From the beginning, Tamar and Jordanastood out,” says Shvarts. “Jordana spent twoyears in the army, and Tamar will entermilitary service as a doctor. They are moremature than their peers. They are dynamic,curious, and demonstrate leadership by vol-unteering with community organizationswhile pursuing their dual degree.”

Faculty Gift Brings Israeli Scholars to the Simon SchoolThe Edna Seidmann Memorial Scholarship in Medical Communications

A Simon student (at left) works with students during the ROC City case competition.

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During their first two weeks, Tamar andJordana observed the outpatient clinics atStrong Memorial Hospital with Dr. BettyRabinowitz, a primary care physician. “Wechose Dr. Rabinowitz because of her out-standing skill in medical communications,”Seidmann explains.

“My university [Ben-Gurion] also stressescommunications,” says Jordana. “Theycheck to see if you’re human enough to be-

come a doctor. It centers on the patient, notthe doctor.”

Tamar went on to work for two weeks atHighland Hospital in internal medicine,and Jordana worked for two weeks atStrong in cardiac surgery with Dr. Peter A.Knight.

Among the topics that fascinate Jordanais incentives. American doctors earnbonuses on the number of patients and

screenings (such as colposcopies or mam-mograms) per year, she said, whereas doc-tors in Israel have a fixed salary.

“Screening incentives are good,” Jordanaconcludes. “Besides promoting generalhealth, it is economical. Treating breastcancer may be a simple procedure if caughtearly.”

Jordana is also interested in the availabil-ity of home health care. “Here, the elderlycan get medical care at home, even if theyneed an I.V. In Israel, you’d be forced to behospitalized if you were on an I.V. Youwouldn’t be allowed to stay at home.” Onthe other hand, Jordana says, in America,you must buy health insurance, and there-fore, not everyone has health insurance be-cause some people can’t afford it.

“This is a great opportunity to see howmedicine is practiced in another country,”says Jordana. “The whole medical world ischanging to communicate better and viewpatients as a whole.”

Rabinowitz and Seidmann hosted thescholars during their stay in Rochester.“We believe they will be new leaders ofchange,” says Seidmann. S

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Tamar Cohen (at left) and Jordana Friedler (at right), during their stay as Edna Seidmann Memorial Scholars.

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“The openness and willingness of theSimon community to mentor 60 kids for awhole day was phenomenal,” says Rapp.“The students felt their voices were beingheard.”

“I couldn’t get over how well the teamworked together to come up with a plan,”says Johnston. “But, surprisingly, everymember of the group wanted to present, sowe had to make a decision based on acomplicated game of rock-paper-scissors.”

The winning team proposed an idea tosend an e-mail to all of the registered visi-tors to Geva Theatre and include a couponfor a discounted ticket. The catch: to usethe coupon, the registered visitor wouldneed to forward the e-mail to all their con-tacts as well. Meanwhile, the children wereexposed to M.B.A. students from all overthe globe, business school professors andadministrators, along with professionals inthe arts.

“The kids were shocked and thrilled toget those scholarship certificates from

Dean Zupan,” says Rapp. “They werebeaming. One girl told me, ‘Wow, they ac-tually believe I could come to this school!’

“I have kids that never, ever consideredgoing to college who left Simon that daysaying, ‘I’m going to start my own busi-ness,’ ‘I’m designing a logo,’ ‘I’m going tocollege,’ ” says Rapp.

“To use their scholarships, the kids willhave to fulfill standard Simon School en-trance requirements,” explains Miller. “Fornow, the scholarships introduce and rein-force goals involving college attendanceand positive living.”

VISION, a student-run portion of theM.B.A. program that uses modules andlectures to teach the “softer side” of man-agement, is another volunteer programmaking a difference in the Rochester com-munity and in the lives of Simon students.

Christopher Burns ’99 continues topractice what he learned from his VISIONProgram experience as founder of Roch-ester Young Professionals and of Rochester

Trolley & Rail Corporation, a volunteereconomic development program to create aRochester trolley system and support localtourism. Burns has been cited in numerousarea editorials as an example of a youngperson involved in civic engagement.

“The Simon School is known for teach-ing M.B.A.’s ‘hard’ skills—the economicand market theories, methods of analysisand frameworks for solving problems,”Burns says. “VISION gave me an opportu-nity to gain ‘soft’ skills, to foster and growrelationships on which successful businessis built. I believe this is what can distin-guish a leader from a decision-maker.”

Marget Lee Braun is a freelance writer andauthor of DES Stories.

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Report On Giving

Message from Ralph R. (Roy) Whitney ’73*As I complete my two-year term as chair of the Annual GivingCampaign, I am pleased to report that the 2004–2005 fund yearwas one of our most successful to date! Overall, giving to theSchool reached an all-time high of $3,603,729, substantiallyboosted by the $843,164 raised in the Annual Giving Campaign.

I extend my warmest appreciation to you, the alumni andfriends of the Simon School. It is your generosity and participationthat have made the Annual Giving Campaign successful over these past two years.Listed are the names of donors who contributed to the 2004–2005 campaign. Weare grateful for the participation of all of you who put Simon among your givingpriorities. I hope you will renew your support this year. Your involvement signals aconfident investment in the School’s commitment to excellence.

If your name is not on the donor list, I invite you to make a gift now and takepart in ensuring the future success of our School and its programs. Every giftcounts. Every gift increases the value of your Simon degree.

We look forward to another record-breaking fundraising year in 2005–2006!

Regards,

Ralph R. (Roy) Whitney Jr. ’73*Chair, 2004–2005 Annual Giving Campaign

P.S. Don’t forget that the value of your gift can be doubled, or even tripled, if youor your spouse works for a matching gift company. Check with your appropriateHR or benefits department for more information.

This report lists all gifts made to the SimonSchool between July 1, 2004, and June 30,2005. Every effort has been made to includethe names of all our donors and to ensure theaccuracy of their names and giving levels. If youare aware of any errors or oversights, we apolo-gize in advance and ask you to call the Office ofAlumni Relations and Development at (585)275-7563. The corrections will be included inthe next issue of SimonBusiness.

All degrees listed are Simon School degrees only; otherUniversity of Rochester degrees are not noted.Executive M.B.A. Program graduates are indicated byan asterisk (*). Deceased donors are indicated by (†).

Alumni Annual Giving 2004–2005Giving Levels (includes matching gift pledges):

Simon Founders $1,000,000+

Simon Benefactors $100,000 to $999,999

Simon Patrons $50,000 to $99,999

Simon Directors $25,000 to $49,999

Simon Executives $10,000 to 24,999

Simon Leaders $5,000 to $9,999

Simon Society $2,500 to $4,999

Simon Partners $1,000 to $2,499

Simon Fellows $500 to $999

Simon Associates $250 to $499

Simon Hundred Club $100 to $249

Simon Donors $1 to $99


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2004–2005 Operating Support Payments

Alumni Annual Fund Giving $843,164Includes corporate matching gifts

Other Operating Support $1,024,982Includes student activities, clubs and initiatives; payments on previous class gifts; curriculum development, research and seminars

Endowment Support Payments $1,735,583Endowment payments from individuals, corporations and foundations that support scholarships, faculty and facilities

FriendsSimon Founders Agnes VanBranteghem Ackley

Simon Benefactors Susan Haines BrandsCarol ShuherkMark Zupan

Simon Patrons Marian FarashMax Farash

Simon Directors Karen CoronasMarilyn Sue RosenFay Wadsworth Whitney

Simon ExecutivesJoseph M. BellDonna FieldingMariko Sakita-MozesonJoel M. Stern

Simon Leaders Anonymous Donor Laurence H. BlochHope DrummondJulene GilbertMartin E. MessingerLeeAnn MillerPatricia H. PhelpsKimberly E. PidhernyG. William Schwert IIIAbraham SeidmannGeorge Sella

Simon Society Margaret M. Schmidt BurnsJanis F. Hicks GleasonStacey GordonCharles I. PlosserJanet Schwert PlosserBarbara SassanoLeslie Zemsky

Simon PartnersAron AinSusan AinHollis S. BuddJames BuddAnne FarnhamBetsey K. HaasRonald W. HansenBonnie JacksonThomas H. JacksonNathalie NeuburgerC. Woodrow Rea Jr.Vineeta SalviJohn S. SpauldingHelen C. WattsRoss L. WattsLu ZhangYiqing Zhang

Simon FellowsMabel M. BonillaDiane E. Butler

Chun-Yen ChangSusan GoldnerGlennen GreerEdmund A. HajimDan HorskyCharles L. MaddowJack F. Ratcliffe IIJohn-Paul RoczniakG. Robert Witmer Jr.Dodie ZimmermanJerold L. Zimmerman

Simon Associates Margaret M. Stolze BernsteinSusie DareLana El-KharoufBarbara GreensteinMatthew J. HallLoudes R. KerninHeidi LindJane MaasNina MettelmanCathleen PaprockiJohn T. PattisonSarah Paganelli PickhardtErik C. RauschRuth M. SeitelmanJackie Wilcher

Simon Hundred Club Rebecca N. AustinEunice S. BarnesNancy L. BassettSusan A. BauerGloriana BayrhofferMarianne E. HesselberthStacey Reva Dulberg KoleDoris Waring LuckeyGeorge W. LuckeyAngela H. MeusSusan H. MeyerDarceille K. MucciKevin PotempaMargaret Doerffel WaasdorpAnnette Forker Weld

Simon Donors Holly CrawfordLori DyerAnne EdwardsTimothy ElderCurtis J. EvrardThomas M. FitzgeraldJames R. LonnevilleGregory MacDonaldMichael D. MayMichael ReedRonald M. SchmidtRobert M. SepaniakPaul ShanahanClifford W. Smith Jr.

Simon School Fund Year 2005

Gifts, Grants andMisc. Income 6%

OperatingExpenses 16%

EndowmentIncome 27% Net Tuition and

Fees 67%

Total Revenue

Total Expenses

Salaries andBenefits 64%

University CentralAdministration Expenses 20%

Net Tuition and Fees $16,820,382 67%

Endowment Income $6,809,905 27%

Gifts, Grants and Misc. Income $1,465,153 6%

Total Revenue $25,095,441 100%

Salaries and Benefits $16,052,501 64%

Operating Expenses $3,969,920 16%

University Central Administration Expenses $5,073,020 20%

Total Expenses $25,095,441 100%

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Simon Associates Reuben T. Harris Jr., M.B.A.Sidney L. McAllister, M.B.A.

Simon Hundred Club William J. Berger, M.B.A.Michael N. Copanas, B.S.Vinson J. Friedman, M.B.A.Burton H. Ginther, B.S.,

M.B.A.John A. Halbrook, M.B.A.David Mayers, Ph.D.Stephen J. McArdle Jr., M.S.Walter C. (Terry) Newcomb II,

M.B.A.Anthony F. Raimondo, M.B.A.*William C. Schmidt III, M.B.A.*Ralph J. Ullman, M.B.A.Kathleen Flesh Urbelis, B.S.,

M.B.A.Thomas R. Watson, M.B.A.

Simon Donors George W. Handy, M.S.Alan R. Hickok, M.B.A.*Richard C. Johnson, M.B.A.Bernard S. Kahn, M.S.John T. Long, M.B.A.William E. Lucey, M.B.A.William R. McGowen, M.S.S. Beacher Pearce, M.B.A.Paul J. Turek Jr., M.B.A.Eugene O. Wilson, M.B.A.

Class of 1973Simon Directors Ralph R. (Roy) Whitney Jr.,

M.B.A.*

Simon Leaders John L. Davies, M.B.A.W. Barry Phelps, M.B.A.

Simon Society Larry Aiello Jr., M.B.A.Ramachandra Bhagavatula,

M.B.A.

Simon Partners Lawrence S. Hershoff, M.B.A.

Simon Associates James V. Finniss, M.B.A.

Simon Hundred Club Charles F. Bellavia, M.B.A.Gary M. Meyer, M.B.A.*Dennis M. Peel, M.B.A.*Henry E. Ring III, M.B.A.Joseph H. Safier, B.S., M.B.A.Robert B. Seebach, M.B.A.James H. Shear, M.B.A.

Simon Donors James A. Chiafery, M.B.A.Leonard J. Lyons, M.B.A.Calvin A. Miller, M.B.A.*

Charles R. Hughes, M.B.A.Louis M. Morrell, M.B.A.Stuart F. Platt, M.B.A.Steven A. Rothschild, B.S.,

M.B.A.

Simon Associates Arthur J. Bernstein, M.B.A.Rajendra K. Khanna, M.B.A.

Simon Hundred Club John C. Chapman, B.S., M.B.A.Ward W. DeGroot III, M.B.A.Theodore M. Edson, M.S.John J. Ekelund, M.B.A.George E. Hedstrom, M.B.A.Ray S. Messenger, M.B.A.Jack W. Morrissey, M.B.A.Eugene C. Murkison, M.B.A.Joseph D. Patton Jr., M.B.A.George W. Wood, M.B.A.

Simon Donors Earl N. Dunn, M.B.A.Richard S. Fitts, M.B.A.*Robert L. Galbraith, M.B.A.*James S. Hutchinson, M.B.A.Arthur P. Ismay, M.B.A.David Klein, M.B.A.Roger T. Streit, M.B.A.Peter T. Stubenvoll, M.B.A.Howard W. Vogt, M.B.A.*

Class of 1971Simon Associates Richard T. Bourns, M.B.A.*Timothy J. Downs, M.B.A.Stephen E. Golden II, B.S.Thomas D. Lunt, M.B.A.*

Simon Hundred Club Keith W. Amish, M.B.A.*Robert C. Bartlett, M.S.Kenneth E. DiSanto, M.B.A.*Bal K. Narang, M.B.A.James F. Taylor, M.B.A.*

Simon Donors George W. Bears, M.B.A.*Edward P. Hart, M.S.John M. Toler, M.S.

Class of 1972Simon Partners Sherman Farnham Jr., M.B.A.Arthur P. Soter, M.B.A.Dennis S. Soter, M.B.A.

Simon Fellows Richard O. Bollam, M.B.A.Robert J. Keegan, M.B.A.Kenneth R. Kimbrough,

M.B.A.Brian T. Ratchford, M.B.A.,

Ph.D.

Simon Donors Kevin J. Donnelly, M.B.A.Carl U. Foucht, M.B.A.Gary L. Grahn, M.B.A.Lewis F. Mayer Jr., M.B.A.John E. Potter, B.S.R. Bruce Swensen, B.S., Ph.D.

Class of 1968Simon SocietyJames S. Gleason, M.B.A.*

Simon Fellows John M. Sweeney, M.B.A.

Simon Associates Timothy J. Leach, M.B.A.

Simon Hundred Club William L. Baker, M.B.A.Robert J. Hesselberth, M.B.A.John P. Reynolds, M.B.A.

Simon Donors John M. Ferguson, M.B.A.Arthur M. Ferrance Jr., M.B.A.Carl P. Foos, M.B.A.Michael S. Terry, M.B.A.

Class of 1969Simon Leaders Peter L. Waasdorp, B.S., M.S.

Simon SocietyBruce M. Greenwald, B.S.,

M.B.A.

Simon Fellows Charles A. Dowd Jr., M.B.A.

Simon Hundred Club Albert C. Crofton, M.B.A.*Richard L. Dehm, M.B.A.*Nelson W. Grabenstetter,

M.B.A.*Alan S. Lobel, B.S., M.B.A.George R. Michaels, M.B.A.Albert W. Miller Sr., M.B.A.*Nicholas D. Trbovich, M.B.A.*

Simon Donors Benjamin S. Blanchard Jr.,

M.B.A.*Glenn P. Meade, M.B.A.Lawrence J. Sass, M.B.A.*Scott M. Scudder, M.B.A.Peter B. Stock, M.B.A.

Class of 1970Simon Directors Charles W. Miersch, M.B.A.

Simon SocietyFrancis G. Creamer Jr., M.B.A.

Simon Fellows James E. Eden, M.B.A.*

Class of 1964Simon Founders Edward J. Ackley, M.S.

Simon Fellows Donald M. Bay, M.S.David K. Clark, B.S.

Simon Associates Jerome A. Siegel, B.S.

Simon Hundred Club Leonard L. Ciufo, B.S.Keith E. Fredlund, M.S.Peter J. Rossi, B.S.James B. Watt, M.S.

Simon Donors Adolf B. Zuch, B.S.

Class of 1965Simon PartnersDwight F. Ryan, M.B.A.

Simon Fellows Evan M. Lebson, B.S.

Simon Hundred Club Robert J. Blossom, B.S.Gene G. Hoff, M.B.A.

Simon Donors Robert R. Perry, M.B.A.Richard C. Sowa, B.S.

Class of 1966Simon BenefactorsPaul A. Brands, M.B.A.Barry W. Florescue, B.S.

Simon Fellows Richard T. Miller, B.S.Thomas L. Quinn, M.B.A.

Simon Associates David C. Heiligman, B.S., M.S.George R. Wills, B.S.

Simon Hundred Club Arthur L. Purinton II, M.B.A.Norman Siegler, M.B.A.Charles L. Smithers, M.B.A.Parker L. Weld, M.B.A.

Simon Donors Jack L. Bartlett, M.S.Thomas S. Foulkes, M.B.A.Ridley M. Ruth, M.B.A.

Class of 1967Simon Executives Mark S. Ain, M.B.A.David Reh, M.B.A.

Simon Hundred Club Don J. Cushing, M.S.Frederick A. Newman, M.B.A.

Class of 1958Simon Donors Gordon Shillinglaw, M.B.A.

Class of 1959Simon Society Richard A. Leibner, B.S.

Simon Associates John R. Lanz, M.S.

Simon Hundred Club Henry J. Beetz, M.S.Daniel J. Flanagan, B.S.Curtiss R. Hill, B.S.

Simon Donors Robert T. Burns, B.S.Donald W. Lewis, M.S.

Class of 1960Simon Hundred Club Donald H. Heim, M.S.John S. Vangellow, B.S.

Simon Donors Robert E. Waite, B.S.Roland J. Zavada, M.S.

Class of 1961Simon Hundred Club Joel H. Garson, B.S.Russell L. Hatch, B.S.David W. Petko, B.S.

Simon Donors Joseph F. Hammele, M.S.J. Scott Lyng, B.S.

Class of 1962Simon Hundred Club Manfred Bayer, B.S.Glenn O. Brown, M.S.Sharon G. Malcolm, B.S.

Simon Donors Richard H. Arfman, M.B.A.David W. Bills, B.S.Richard T. Gates, B.S.Edward D. Johnson, B.S.Harold A. Sargeant, B.S.

Class of 1963Simon Associates Bruce A. Hopkins, B.S.

Simon Hundred Club Vaughan C. Judd, M.S.Freeman C. Lewis, M.S.Robert F. Witzel, M.S.

Simon Donors Vincent J. Ciulla, B.S.Keith C. Herms, B.S.Theodore F. Horvath, M.S.


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Lynne Rogerson, M.B.A.Patricia O. Ross, B.S., M.B.A.

Class of 1974Simon Executives Albert I. Salama, M.B.A.

Simon Society Alan J. Heuer, M.B.A.*

Simon Partners Peter Giles, M.B.A.*Elizabeth S. Hansen, M.S.

Simon Fellows John B. Robbins, M.B.A.

Simon Associates Daniel T. Drewek, M.B.A.Steven W. Graham, M.B.A.

Simon Hundred Club William E. Bond, M.B.A.Charles E. Dewitte, B.S.,

M.B.A.Richard H. Franke, Ph.D.Michael L. Kehoe, M.B.A.James McEneaney, M.B.A.Alan W. Neebe, Ph.D.Edward M. Rice, M.B.A.Thomas A. Terry, M.B.A.William K. Whitworth, M.B.A.

Simon Donors Craig H. Aase, M.B.A.Richard M. Greene, M.B.A.Rajendra K. Gupta, M.B.A.,

Ph.D.Gary E. Haag, M.B.A.Chakravarthi Karuturi, M.B.A.Leslie J. Knox Jr., M.B.A.Paul A. Langlois, M.B.A.Andrew V. Levin, M.B.A.Michael C. Margolis, M.B.A.

James R. Unckless, M.B.A.David L. Wilson, M.B.A.

Class of 1975 Simon Founders Joseph T. Willett, M.B.A.

Simon Executives José J. Coronas, M.B.A.*Carl C. Williams, M.B.A.*

Simon Leaders Francis L. Price, M.B.A.

Simon SocietyCarl E. Sassano II, M.B.A.

Simon Fellows Robert J. O’Brien, M.B.A.*Michael T. Staff, M.B.A.

Simon Associates David G. Anderson, M.B.A.Fredric M. Zinn, M.B.A.

Simon Hundred Club Lawrence D. Brown, Ph.D.Lawrence M. Schenck, M.B.A.Alan R. Skupp, M.B.A.Kenneth J. Williams, M.B.A.

Simon Donors George R. Blakey, M.B.A.Robert R. Cooper, M.B.A.S. David Coriale, M.B.A.Michael W. Fedoryshyn,

M.B.A.Rodney L. Grigg, M.B.A.John M. Kuebel, M.B.A.*Paul Douglas Moore, M.B.A.Teunis J. Ott, M.S., Ph.D.Robert T. Whipple, M.B.A.Amy I. Glover Williams,

M.B.A.

Class of 1976 Simon Executives Jay Steven Benet, M.B.A.Ronald H. Fielding, M.B.A.

Simon LeadersRaymond L. Bauch, M.B.A.*

Simon Partners Robert J. Castellani, M.B.A.*

Simon Fellows Paul A. Tasca, M.B.A.

Simon Associates Bruce R. Hellman, M.B.A.

Simon Hundred Club Susan Yurash Close, M.B.A.James B. Fisher, M.B.A.Stephen A. Hoffman, M.B.A.Richard J. Kievit, M.B.A.*Frederick V. Krumm, M.B.A.Mark A. Maxim, M.B.A.Richard D. McGavern, M.B.A.*Barbara Amdur Rosenbaum,

M.B.A.Betty Lou Schramm, M.B.A.*Buford Thompson III, M.B.A.Arlene D. Thrope, M.B.A.David N. Thrope, M.B.A.James C. Witzel, M.B.A.

Simon Donors Eric R. Bennett, M.B.A.Gregory R. Blackburn, M.B.A.Maurice F. Durning, M.B.A.Carol D. Foster, M.B.A.Laurie Mitchell Garbarino,

M.B.A.Richard S. Herlich, M.B.A.Thomas F. Hewner, M.B.A.Gary J. Hilkert, M.B.A.Arthur J. Keegan, M.B.A.

Barnett R. Parker, M.S., Ph.D.Albert H. Shen, M.B.A.Gary H. Smith, M.B.A.

Class of 1977 Simon PartnersRobert E. Rosdahl, M.B.A.*

Simon Fellows Mark F. Hinman, M.B.A.Joanne E. Meyers, M.B.A.L. David Pudup, M.B.A.Daniel J. Vantucci, M.B.A.*

Simon Associates Raymond V. Malpocher, M.B.A.

Simon Hundred Club Frank J. Bellavia Jr., M.B.A.Craig R. Chormann, M.B.A.Gary S. Connors, M.B.A.John B. Henderson, M.B.A.John F. Hill, M.B.A.Robert G. Johnson, M.B.A.Venkatesh H. Kamath, M.B.A.Sonia Rehfeld Toner, M.B.A.

Simon Donors Richard W. Grilli, M.B.A.Russ E. Kaegebein, M.B.A.*Mona S. Klahn, M.B.A.Gregory W. Matthes, M.S.George J. McLoughlin, M.B.A.Thomas H. Reed, M.B.A.*Jeffry A. Schwartz, M.B.A.Lynne M. Taylor, M.B.A.

Class of 1978Simon FoundersJanice M. Willett, M.B.A.

Simon Executives Jeff E. Margolis, M.B.A.

Simon Leaders Robert M. Osieski, M.B.A.

Simon Society David J. Burns, M.B.A.

Simon Partners Stephen C. Graves, M.S., Ph.D.Neil M. Librock, M.B.A.Diane Morgenthaler, M.B.A.Marla J. Williams, M.B.A.

Simon Fellows Stephen W. Shepard, M.B.A.

Simon Associates Julio Chiu, M.B.A.Timothy J. Costello, M.B.A.Robert M. Hess, M.B.A.Edward K. Mettelman, M.B.A.Paul I. Seitelman, M.B.A.David K. Young, M.B.A.

Simon Hundred Club Joseph V. Blake, M.B.A.Kathleen Ann Colliflower,

M.B.A.Shirley J. Edwards, M.B.A.*Fujio Hayashi, M.B.A.Frank S. Karbel, M.B.A.Thomas J. Larkin Jr., M.B.A.*John J. Mahar, M.B.A.Richard J. Oparowski, M.B.A.Thomas G. Phelps, M.B.A.Steven G. Pritchard, M.B.A.Vincent A. Renzi Jr., M.B.A.Fred W. Thomas, M.S.

Simon Donors Scott W. Abercrombie, M.B.A.Robert E. Bayer Jr., M.B.A.Rebecca Banken Brindle,

M.B.A.Robert M. Burton Jr., M.B.A.Georg Farrak, M.B.A.Bruce B. Wyner, M.B.A.

Class of 1979 Simon LeadersDonna L. Matheson, M.B.A.

Simon Society Donald H. Chew Jr., M.B.A.Paul S. Goldner, M.B.A.Lawrence J. Matteson, M.B.A.*

Simon Fellows Jeffrey G. Anderson, M.B.A.Richard G. Couch, M.B.A.*Alan J. Dole, M.B.A.Steven L. Hofler, M.B.A.

Simon Associates J. Burton Brown, M.B.A.*Jack H. Chernus, M.B.A.Donald L. (Skip) Conover,

M.B.A.*Nancy E. Mellen Herbrand,

M.B.A.

Simon Hundred Club Susan A. Bayley, M.B.A.Richard S. Bloss, M.B.A.Mary E. Cowden, M.B.A.John A. Foster, M.B.A.Donald W. Haller, M.B.A.*Richard A. Harder, M.B.A.Susan S. Kadel, M.B.A.Samuel D. Kleinman, M.S.,

Ph.D.Barbara Ann Seneca, M.B.A.Ronna Y. Treier, M.B.A.*Edward J. Walton, M.B.A.*

Simon Donors Gary P. Ozminkowski, M.B.A.Sandra B. Schiffman, M.B.A.Alan E. Sleeman Jr., M.B.A.Stephen E. Townsend, M.B.A.


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Class of 1980 Simon BenefactorsMark B. Grier, M.B.A.

Simon ExecutivesJohn W. Anderson, M.B.A.Thomas J. Hartman, M.B.A.Robert O. Hudson, M.B.A.*

Simon Partners E. Mark Gressle, M.B.A.Martin L. Stern, M.B.A.Joel L. Tabas, M.B.A.Chavis Alice Williams, M.B.A.

Simon Associates Kyosti M. Anttonen, M.B.A.Robert Carberry, M.B.A.Michael W. Kernin, M.B.A.Harvey L. Kravis, M.B.A.Lin-Mei Hsu Kravis, M.B.A.Robert D. Lorenz, M.B.A.*John L. Spring, M.B.A.

Simon Hundred Club Sanjai Bhagat, M.B.A.Philip S. Gage, M.B.A.Carolyn Perry Grow, M.B.A.Keith E. Harrison, M.B.A.Neal F. Herman, M.B.A.Prem C. Jain, M.S., Ph.D. John E. Kelly, M.B.A.*Mary Katherine MacNeil,

M.B.A.Thomas E. McCullough,

M.B.A.Wayne H. Mikkelson, M.S.,

Ph.D.Gabriel F. Norona, M.B.A.Donald H. Paston, M.B.A.William J. Reddy, M.B.A.*Stanley J. Refermat, M.B.A.James N. Reynolds, M.B.A.

John L. Rourke III, M.B.A.*Karen Judd Thomas, M.B.A.Thomas C. Vance, M.B.A.Richard C. Wilson, M.B.A.*Linda L. Wittmershaus-Macik,

M.B.A.

Simon Donors Kevin F. Barry, M.B.A.Michael S. Benjamin, M.B.A.Marianela R. DelPino-Rivera,

M.B.A.Virendra K. Gupta, M.B.A.*David C. Johnson, M.B.A.Cynthia Lebel Kahn, M.B.A.Craig K. MacVittie, M.B.A.John L. Rusnak, M.B.A.Jeffrey L. Sisson, M.B.A.*Uchila N. Umesh, M.B.A.Barbara D. VanBramer, M.B.A.Virginia A. Ward, M.B.A.*M. Katherine Whipple, M.B.A.

Class of 1981Simon Society Peggy Graessle Wier, M.B.A.,

M.S., Ph.D.

Simon Partners Christopher T. Dunstan, M.B.A.

Simon Fellows Andrew S. Feld, M.B.A.

Simon Associates Eileen Reynolds Lindburg,

M.B.A.David J. Oliveiri, M.B.A.*Om P. Popli, M.B.A.*

Simon Hundred Club Brian D. Dick, M.B.A.Allen D. Gundlach, M.B.A.Lee R. Himelfarb, M.B.A.Gary Lisy, M.B.A.

Robert C. Maddamma, M.B.A.*John B. O’Connor, M.B.A.Robert J. Whitbeck, M.B.A.

Simon Donors Arthur C. Alexion, M.B.A.Jeannine Schmidt Gambrel,

M.B.A.Stephen K. Kelleher, M.B.A.*Mark N. Motyka, M.B.A.Paul F. Schneider, M.B.A.John K. Secker, M.B.A.*

Class of 1982 Simon ExecutivesKevin P. Collins, M.B.A.Pamela T. Collins, M.B.A.

Simon LeadersW. Barry Gilbert, M.B.A.

Simon Society Frank C. Torchio, M.B.A.

Simon Partners Peter P. Jones, M.B.A.Thomas Lys, M.S., Ph.D.

Simon Associates Russell P. Beyer, M.B.A.Gary G. Hartwick, M.B.A.*Hiromitsu Takemi, M.B.A.

Simon Hundred Club David C. Dennett, M.B.A.Paul M. Dougherty, M.B.A.Wendy Ainsworth Harter,

M.B.A.Harvey H. Jacobson, M.B.A.Norman A. Karsten, M.B.A.*Nelson J. Mathias, M.B.A.Kusum B. Narang, M.B.A.Thomas J. Nelson, M.B.A.James W. Sharpe, M.B.A.Janet Webster, M.B.A.

Simon Donors William B. Sturtz, M.B.A.Charles Udell, M.B.A.

Class of 1983 Simon Directors William G. Forman, M.B.A.Michael S. Rosen, M.B.A.

Simon Executives Kathy Nadine Waller, M.B.A.

Simon Leaders Gregg A. Ferguson, M.B.A.Kenneth R. French, M.B.A.,

M.S., Ph.D.Gary P. Johnson, M.B.A.

Simon Partners Scott D. Pomerantz, M.B.A.

Simon Fellows Barbara J. Purvis, M.B.A.Eric G. Wruck, M.B.A.

Simon Associates Scott M. Blum, M.B.A.Robert H. Parker Jr., M.B.A.Michael D. Riedlinger, M.B.A.Arminda E. Youse-Warde,

M.B.A.

Simon Hundred Club Vicki Anne Underhill Bruce,

M.B.A.Kevin M. Burns, M.B.A.Robert C. Cordes, M.B.A.Anne S. Fenstermacher,

M.B.A.*Wayne M. Guyther, M.B.A.Patricia F. Habben, M.B.A.Rachel A. Heisler, M.B.A.Kevin C. Kwiatkowski, M.B.A.Robert J. Leonard, M.B.A.William P. Passalacqua, M.B.A.Peter Rumrill, M.B.A.Anthony J. Tangires, M.B.A.Kurt E. Weisenbeck, M.B.A.Anthony G. Wilson, M.B.A.

Simon Donors Shelley R. Amdur, M.B.A.Kenneth C. Favata, M.B.A.William M. Prohn, M.B.A.Jeanne S. Rabold, M.B.A.Richard G. Schiavo, M.B.A.*Thomas E. Thaney, M.B.A.George H. Yeadon, M.B.A.

Class of 1984 Simon LeadersPatricia M. Schwert, M.B.A.*

Simon Society Evans Y. Lam, M.B.A.

Simon Partners Thomas M. Pianko, M.B.A.Jeremy L. Seligman, M.B.A.

Simon Fellows James J. Malvaso, M.B.A.*

Simon Associates Robert C. Boada, M.B.A.Stephen H. Fowler, M.B.A.John E. Nyhoff, M.S.Martha M. Osowski, M.B.A.G. Christopher Smith, M.B.A.Edward White, M.B.A.*

Simon Hundred Club Clifford M. Abramsky, M.B.A.Kennet W. Bruce, M.B.A.Jean H. Carnavos, M.B.A.Adi Choudri, M.B.A.William T. Evans, M.B.A.Randel L. Fuller, M.B.A.Daniel E. Gallagher, M.B.A.Andrew J. Huber, M.B.A.Gerald S. Johnson Jr., M.B.A.Samuel R. King, M.B.A.

Arthur L. Nesslage, M.B.A.Raymond R. Quintin, M.B.A.Edward L. Scharf, M.B.A.George M. Smith, M.B.A.Suzanne Williams Vary, M.B.A.Bruce E. Wandelmaier, M.B.A.

Simon Donors Lawrence J. Beyer, M.B.A.Richard Lewis Clark, M.B.A.Gilbert M. Elchinger, M.B.A.Edward D. Kress, M.B.A.Kathleen E. Manning Mowrey,

M.B.A.David N. Richardson, M.B.A.Eugene D. Riley, M.B.A.Christine Ann Stocker Surette,

M.B.A.Donald J. Wiley, M.B.A.

Class of 1985 Simon ExecutivesMark H. Mozeson, M.B.A.

Simon LeadersLance F. Drummond, M.B.A.*

Simon Partners Scott J. Gordon, M.B.A.Amy L. Tait, M.B.A.*

Simon Fellows Paul Y. Lee, M.B.A.Brian T. Rhame, M.B.A.Kumaravelan Thillairajah,

M.B.A.Jon D. Van Duyne, M.B.A.

Simon Associates Sondra C. Franzen, M.B.A.*Turi Gibson, M.B.A.W. Scott Gould, M.B.A.*Robert F. Habig II, M.B.A.Kotaro Tomino, M.B.A.

Simon Hundred Club Diane Farallo Austin, M.B.A.Laurie Griswold Bubacz,

M.B.A.Robert Bubacz, M.B.A.John R. Cherry, B.S., M.B.A.*Robert S. Karz, M.B.A.*Kenneth H. Marienau, M.B.A.Michael J. Mazzola, M.B.A.Anthony C. Mazzullo, M.B.A.Nancy Warren-Oliver, M.B.A.

Simon Donors Elizabeth D. Bishop, M.B.A.Andrew S. Blake, M.B.A.George R. Harris, M.B.A.Bruce A. Kemperman, M.B.A.Joseph P. Kent, M.B.A.Mary Ann Oppenheimer,

M.B.A.Joel F. Potter, M.B.A.Sara R. Salloum, M.B.A.

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Class of 1986Simon Leaders Thomas C. Strasenburgh,

M.B.A.

Simon Society Timothy W. Williams, M.B.A.*Howard A. Zemsky, M.B.A.*

Simon Partners Gary D. Kowalski, M.B.A.*John C. MacDonald, M.B.A.

Simon Fellows Mary Jane Johnston, M.B.A.*

Simon Associates William C. Frank, M.B.A.Ronald J. Paprocki, M.B.A.*Robert J. Thompson Jr.,

M.B.A.

Simon Hundred Club John P. Adams, M.B.A.George T. Fekete, M.B.A.*Thomas B. Hambury, M.B.A.*Michael J. Henderson, M.B.A.Mark W. Karrer, M.B.A.*Kathleen S. Larsen, M.B.A.Kenneth W. Moore, M.B.A.Mickey J. Orr, M.B.A.*

Simon Donors Judy Cuthbert Babbitt, M.B.A.Linda Christine Hornik Bailey,

M.B.A.Rafael R. Flores, M.B.A.Cathleen Margarete Frank,

M.B.A.Robert B. Hall, M.B.A.*Lisa M. Love Hopkins, M.B.A.Betsy L. Nichols Joynt, M.B.A.Paul E. Lapira, M.B.A.Lindsay C. Prichard, M.B.A.Elizabeth Anne Shrier, M.B.A.Charles B. Thomas, M.B.A.*Daniel J. Troup, M.B.A.

Class of 1987 Simon LeadersDennis M. Pidherny, M.B.A.

Simon Society Alan S. Zekelman, M.S.

Simon Partners Michael C. Eberhard, M.B.A.Suzanne Cupolo Eberhard,

M.B.A.Ho Young Kim, M.B.A.Mark A. Redline, M.B.A.

Simon Associates Amit Basu, M.B.A., Ph.D.Kathie A. Keller, M.B.A.*Thomas P. Nescot, M.B.A.

Vincent L. Pacilio, M.B.A.Gregory J. Parrinello, M.B.A.

Simon Hundred Club Gail Marie Atley, M.B.A.Gordon B. Berger, M.B.A.Sian Goei Cameron, M.B.A.Janet L. Dobbs, M.B.A.Edwin M. Erickson, M.B.A.Patricia Latham Gray, M.B.A.Yasushi Masuda, M.S., Ph.D.Sharon M. Coffey

McConeghy, M.B.A.Jonathan B. Polansky, M.B.A.Douglas K. Robinson, M.B.A.*

Simon Donors William A. DiCesare, M.B.A.John J. Donner, M.B.A.*John C. Groetch, M.B.A.Marylynne Hahn, M.B.A.Timothy J. Kindler, M.B.A.Amy Dunham McHale, M.B.A.Linda B. Pirollo, M.B.A.Elizabeth A. Sager, M.B.A.Sandeep Sharma, M.B.A.Thomas R. Shone, M.B.A.Judith E. Szustakowski, M.B.A.Robert H. White, M.B.A.

Class of 1988Simon Partners Ebrahim Busheri, M.B.A.Anders L. Eggen, M.B.A.Kristine Ellen Lemke, M.B.A.Maria Agota Mathe Maloney,

M.B.A.Alan R. Rosen, M.B.A.*

Simon Fellows Sami S. Abbasi, M.B.A.Robert E. Butler, M.B.A.*Rita L. Ratcliffe, M.B.A.*Evrard H. Spencer, M.B.A.Karen H. Wruck, M.S., Ph.D.

Simon Associates George O. Bergantz, M.B.A.*Dean Crawford, M.S., Ph.D.R. Webster Paton, M.B.A.Timothy D. Smith, M.B.A.Nicholas T. Voulgaris, M.B.A.

Simon Hundred Club Rocco Colangelo Jr., M.B.A.Chris E. Holliday, M.B.A.James R. McConeghy Jr.,

M.B.A.Laura M. Mimken, M.B.A.Alan C. Rodman, M.B.A.Brian T. Russo, M.B.A. (†)Patricia A. St. Leger, M.B.A.William H. West, M.B.A.

Simon Donors William M. Conklin, M.B.A.Julianne E. Crisante, M.B.A.

Michael J. Degenhart, M.B.A.Scott K. Dunnihoo, M.B.A.David M. Dyer, M.B.A.Ramiro D. Fernandez, M.B.A.Rosanna Garcia, M.B.A.Mary Ann Grad, M.B.A.Carol S. Plantz Guerrette,

M.B.A.Hollis Marie Hewins, M.B.A.Stephen J. Khederian, M.B.A.Mitchell K. Long, M.B.A.Catherine A. O’Neill Nathwani,

M.B.A.Anne B. Brovitz Roder, M.B.A.Alice Lee Calabrese Smith,

M.B.A.

Class of 1989Simon PatronsBrian F. Prince, M.B.A.

Simon ExecutivesSteve M. Dubnik, M.B.A.*

Simon SocietyMark Babunovic, M.B.A.*

Simon Partners Peter L. Gaylord, M.B.A.Helen D. Newman, M.B.A.*Efrain Rivera, M.B.A.Kurt V. Wojdat, M.B.A.

Simon Fellows Linda T. Hollembaek, M.B.A.*Nicholas Jenkins, M.B.A.Loic P. Meston, M.B.A.Philip H. Yawman, M.B.A.

Simon Associates Barbara L. Consler, M.B.A.Warren Kerper, M.B.A.Soohong R. Lee, M.B.A.Edmund L. Luzine Jr., M.B.A.Dana K. Miller, M.B.A.*Jeffrey L. Rummel, M.S., Ph.D.Samuel H. Ticknor, M.B.A.

Simon Hundred Club Steffler Newlin Balsley, M.B.A.Louis Cinquino, M.B.A.David J. Cole, M.B.A.Keith C. DeAngelis, M.B.A.Robert B. Klie, M.B.A.John K. Leister, M.B.A.William G. McNeice, M.B.A.Brian P. Meath, M.B.A.Craig I. Mondschein, M.B.A.Elizabeth A. Pollard, M.B.A.Gregory P. Quintana, M.B.A.Peter J. Soufleris, M.B.A.James P. Thielen, M.B.A.*Ronald G. Tomaszewski, M.B.A.

Simon Donors Mark A. Anderson, M.B.A.Michael H. Brown, M.B.A.

Frank M. Diorio, M.B.A.*Debra K. Goldberg, M.B.A.Edward J. Guerra, M.B.A.Randall M. Hoes, M.B.A.Curtis A. Khol, M.B.A.*John S. Mooney, M.B.A.Christopher A. Moore, M.B.A.Steven E. Peplowski, M.B.A.J. Theodore Smith, M.B.A.Stephen J. Wydysh, M.B.A.Kimberly Zerr, M.S.

Class of 1990 Simon ExecutivesMatthew S. Aroesty, M.B.A.

Simon Society Nicholas S. Kello, M.B.A.Stephen E. Rogers, M.B.A.

Simon Partners James V. Hemenway, M.B.A.Peter F. Lallos Jr., M.B.A.

Simon Fellows Paul D. Caseiras, M.B.A.Carole B. Cobb, M.B.A.*Christopher M. Karr, M.B.A.

Simon Associates Kevin M. Pickhardt, M.B.A.*Peter Ploumidis, M.B.A.Delano Randolph, M.B.A.R. Mark Rust, M.B.A.Paul J. Seguin, M.S., Ph.D.Anthony A. Tanner, M.B.A.

Simon Hundred Club Michael W. Andrews, M.B.A.Nicholas V. V. Angle, M.B.A.Charles J. Avallone, M.B.A.Nicola F. D’Annunzio, M.S.Susan M. Janosz Grassi,

M.B.A.Kathleen Hagan Kilmer, M.B.A.Daniel R. Loughridge, M.B.A.John O. Proverbs, M.B.A.Lorrie J. Pownall Savas, M.B.A.Raj Sonty, M.B.A.Tsuyoshi Tsuchida, M.B.A.Gary W. VanScoter, M.B.A.*

Simon Donors Jon C. Blauvelt, M.B.A.Mauro Canori, M.B.A.Patrick S. Capuano, M.B.A.Scott R. Chambery, M.B.A.Charles F. Fitter, M.B.A.Donald L. Flick, M.B.A.*Christian C. Gorski, M.B.A.Kurtis A. Grage, M.B.A.Robert Grassi, M.B.A.Peter A. Henderson, M.B.A.Pierre R. Heroux, M.B.A.Stephen G. LeBlanc, M.B.A.*Theodore T. Malone, M.B.A.Peter E. Mehnert, M.B.A.

Charles G. Ross, M.B.A.Marjorie M. Stell, M.B.A.Susan B. Stoev, M.B.A.Brian D. Wallace, M.B.A.Margaret C. Walters, M.B.A.

Class of 1991 Simon LeadersRichard T. Miller, M.B.A.

Simon Society Daniel G. Lazarek, M.B.A.

Simon Partners David R. Dobies, M.B.A.John J. Perrotti, M.B.A.Donna M. Wojdat, M.B.A.

Simon FellowsDavid E. MacLean, M.B.A.

Simon Associates Timothy A. Ackerman, M.B.A.John C. Casper, M.B.A.William J. Eva, M.B.A.Rajnish Garg, M.B.A.Denise K. Gutstein, M.B.A.Peter A. Hawkins, M.B.A.Renee V. Hawkins, M.B.A.

Simon Hundred Club Maysa Perez Antonio, M.B.A.Alexander D. Cameron, M.B.A.Betty Jean F. Dean, M.B.A.*Yavuz K. Erkan, M.B.A.Joseph J. Gerber, M.B.A.*Charles W. Goodman, M.B.A.Jane S. Lange, M.B.A.Bruce A. Leichtman, M.B.A.Christopher M. Mastrangelo,

M.B.A.Craig P. Merrigan, M.B.A.Martin Mucci, M.B.A.*Suzanne Gray Murphy, M.B.A.Jill Vallandingham Roman,

M.B.A.Lynn Ann Siverd, M.B.A.Kevin J. Zielinski, M.B.A.Lisa Whitaker Zielinski, M.B.A.

Simon Donors Donna M. Bachand, M.B.A.Margaret S. Champlin, M.B.A.David B. Mirsky, M.B.A.Peggy Y. Wang Palamar,

M.B.A.Susan E. Koerner Pearson,

M.B.A.David E. Quinn, M.B.A.*Patrick J. Rogers, M.B.A.David A. Rothstein, M.B.A.Steven A. Sisson, M.B.A.Jeananne Thomas, M.B.A.Bruce H. Watkins, M.B.A.*John F. Wenderlich, M.B.A.

*Executive M.B.A. graduate†Deceased

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Class of 1992 Simon Partners Gerald A. Altilio Jr., M.B.A.Richard G. Sloan, M.S., Ph.D.

Simon Fellows Darren Elcock, M.B.A.Tirza T. Johnson, M.B.A.Robert T. Kingsley, M.B.A.John M. McKenna, M.B.A.Frank L. Milnarik, M.B.A.Bruce W. Parks, M.B.A.

Simon Associates Phillip M. Levy, M.B.A.Michael J. Mahoney, M.B.A.Paula Hagy Pattison, M.B.A.*Judy M. Pribe, M.B.A.*R. Lawrence Van Horn, M.B.A.Craig M. Zando, M.B.A.

Simon Hundred Club Jay W. Allen, M.B.A.R. Todd Barber, M.B.A.Gail Fromm Burke, M.B.A.Allen T. Caton, M.B.A.*Hsing Cheng, M.S., Ph.D.Steven A. DeBalso, M.B.A.Peter M. Defazio, M.B.A.Paul C. Graven, M.B.A.Gregory S. Hayt, M.S.Wanda A. Humphrey, M.B.A.Daniel J. Johnston, M.B.A.Linda J. Lam Johnston, M.B.A.Mark E. Maring, M.B.A.John A. Mazzacane, M.B.A.Christian B. Modesti, M.B.A.David T. O’Shaughnessy,

M.B.A.Charles W. Place, M.B.A.Carla A. Romney, M.B.A.James R. Root, M.B.A.*Hideo Yamazaki, M.B.A.

Simon Donors Lee A. De Amicis, M.B.A.Catherine O. Flanagan, M.B.A.John W. Gatsios, M.B.A.Laurie M. Hampel Mancuso,

M.B.A.Karin C. Manning, M.B.A.Sarah W. Peck, M.S., Ph.D.Jeffrey W. Politte, M.B.A.Ricky J. Rabideau, M.B.A.*Ernest W. Sax, M.B.A.*Julie L. Scott, M.B.A.Katrina A. Zalatan, M.B.A.*

Class of 1993 Simon LeadersDavid M. Khani, M.B.A.

Simon Society Philip G. Fraher, M.B.A.

Simon Partners James E. Brophy, M.B.A.Patricia Mary Dechow, M.S.,

Ph.D.Martin Hellweg, M.B.A.Frank H. Lallos, M.B.A.Vanessa R. Lum, M.B.A.*Christopher D. Weiler, M.B.A.

Simon Fellows David C. Uhazie, M.B.A.

Simon Associates Steven C. Bussey, M.B.A.Elizabeth A. Cesarano, M.B.A.Lawrence A. Halliday, M.B.A.John W. Lind, M.B.A.Timothy W. McHugh, M.B.A.Pablo J. Perfumo, M.B.A.Jeffrey E. Pontiff, M.S., Ph.D.Smriti L. Popenoe, M.B.A.Susan E. Rossetti, M.B.A.Timothy J. Shanahan, M.B.A.Anuradha Venkataraman, M.B.A.

Simon Hundred Club Mark J. Adams, M.B.A.*Shunsuke Bando, M.B.A.Patricia L. Barton, M.B.A.*Joseph G. Eckl, M.B.A.Nancy R. Horn, M.B.A.*Juliana C. Janson, M.B.A.David A. Lyons, M.B.A.Steven E. Meus, M.B.A.Stephen F. Meyer, M.B.A.*Mike D. Prestidge, M.B.A.Robert W. Reardon, M.B.A.Laura J. Reitter, M.B.A.Richard T. Wahl, M.B.A.Henry W. Yabroudy, M.B.A.

Simon Donors David Asermily, M.B.A.Robert T. Brunner, M.B.A.Laurence C. Davis III, M.B.A.Peter W. Diamond, M.B.A.Thomas J. Grant, M.B.A.*N. Ricky Gray, M.B.A.Katherine S. Kressmann-

Kehoe, M.B.A.Gary P. Lorgan, M.B.A.*Michael A. McCourt, M.B.A.Fred Muhleman, M.B.A.*Laura A. O’Neill Habza, M.B.A.Virginia S. Potter, M.B.A.*Laura Ribas, M.B.A.

Class of 1994 Simon Society Lori B. Lewis, M.B.A.Lisa A. Myers, M.B.A.

Simon Partners Wayne D. France III, M.B.A.James M. Molloy, M.B.A.Memet (Matt) Yazici, M.B.A.

Simon Fellows Brian D. Arsenault, M.B.A.

Simon Associates Elizabeth Cohen Bryant, M.B.A.Shaun G. Buckley, M.B.A.T. Hunter Dare, M.B.A.Mark S. Greenstein, M.B.A.Robert J. Hutchison, M.S.Jeffrey S. Kellmanson, M.B.A.Mary Bennett Kellmanson,

M.B.A.Andrew Liszkay, M.B.A.*Tanuja Pulakhandam, M.B.A.Jerry P. Reddy, M.B.A.Gregory J. Vangellow, M.B.A.DeWayne R. Wilcher, M.B.A.

Simon Hundred Club Scott S. Biggar, M.B.A.Tascha Davis, M.B.A.Seth C. Diamond, M.B.A.Eileen F. Walsh Dufty, M.B.A.Cornelia L. Kamp, M.B.A.Michael J. Knapp, M.B.A.Barbara J. Kunkel, M.B.A.Edouard E. Langlois, M.B.A.*Joseph Levy, M.B.A.*Timothy Mack, M.B.A.*Howard J. Mulcahey, M.B.A.Scott I. St. John, M.B.A.Peter F. Schuetz, M.B.A.Paul Turpin, M.B.A.Eric Tyler, M.B.A.*

Simon Donors Eric A. Bessette, M.B.A.James A. Black, M.B.A.Daniel J. Blasdell, M.B.A.Peter N. Boehm, M.B.A.Donald A. Brydges, M.B.A.Rosemary J. Chengson,

M.B.A.Robert Chopskie, M.B.A.*Alan D. Dobbins, M.B.A.Richard W. Glickman, M.B.A.Jeremy P. Hawk, M.B.A.Paul A. Krause, M.B.A.Joseph Kurzweil, M.B.A.Philip W. Simplicio, M.B.A.Jon H. Wendt, M.B.A.

Class of 1995Simon ExecutivesMichael Stone, M.B.A.*

Simon Leaders Robert H. Balk, M.B.A.

Simon Partners Mark D. Unferth, M.B.A.

Simon Fellows Carlos J. Barrionuevo, M.B.A.Kelly A. Brannen, M.B.A.Dwayne D. Jarrell, M.S.John J. Kapitan, M.B.A.

Lisa Danelutti Kapitan, M.B.A.Edward G. Mitzen, M.B.A.Beth A. Olarsch, M.B.A.Pieter H. Smit, M.B.A.Susan E. Topel-Samek, M.B.A.*

Simon Associates Stephen G. Down, M.B.A.Robert W. Jones, M.B.A.Paul McAfee, M.B.A.*Frank B. Monachelli, M.B.A.Jack C. Pranzo, M.B.A.Marc S. Sachdev, M.B.A.Miyako Newell Schanely,

M.B.A.Roger L. Smith, M.B.A.Jose A. Troconis, M.B.A.Paul Wilkens, M.B.A.*

Simon Hundred Club Rachel Adonis, M.B.A.*Angelo J. Barbetta, M.B.A.*Wendy Eber-Morris, M.B.A.Dorothy B. Hunter Gordon,

M.B.A.J. Russell Griffee, M.B.A.Julie A. Forth Gutch, M.B.A.Stephen K. Gutch, M.B.A.Laura J. King, M.B.A.*Jacquelyn Marchand, M.B.A.Stevan Ramirez, M.B.A.*Darryl S. Roberts, M.B.A.William T. Rochford, M.B.A.Anthony J. Sciarabba, M.B.A.Robert A. Stevenson, M.B.A.Edward L. Vaczy, M.B.A.*Christopher Weiler, M.B.A.

Simon Donors Brenda J. Blejwas, M.B.A.Elly S. Kang Chiariello, M.B.A.Isabel De Mars, M.B.A.*Phillip B. Hayden, M.B.A.Michele M. Lawrence, M.B.A.John Witzel, M.B.A.*

Class of 1996Simon PartnersMartin Putsch, M.B.A.

Simon Fellows Ajay Asija, M.B.A.Daniel J. Gisser, M.B.A.Peter M. Palermo III, M.B.A.*

Simon Associates Naresh K. Gurbuxani, M.B.A.Martin T. McCue, M.B.A.*Maura T. McGinnity, M.B.A.*Paul D. Woolf, M.B.A.*

Simon Hundred Club Peter W. Alpern, M.B.A.Louis B. Applebaum, M.B.A.Sriram Balakrishnan, M.B.A.John A. Detweiler, M.B.A.Garfield M. Duncan, M.B.A.

Daniel J. Enright, M.B.A.Michael Folkerts, M.B.A.Jennifer C. Henry, M.B.A.Michael C. Hurley, M.B.A.Linda Palmeri Jacobson, M.B.A.James Joy, M.S.Christine A. Kelleher, M.B.A.John F. Lord, M.B.A.Daniel B. Morchower, M.B.A.Douglas D. Neff, M.B.A.Lynn K. Neff, M.B.A.*Deepa Bala Paramesh, M.B.A.William D. Pelino, M.B.A.*Sherri L. Rankin-Landry, M.B.A.Ronald B. Ransom, M.B.A.*Daniel S. Richter, M.B.A.Heidi A. Zimmerman

Standhart, M.B.A.Peter S. Standhart, M.B.A.Claire Z. Van Arsdale, M.B.A.

Simon Donors Dawn E. Angus, M.B.A.Joseph Buttarazzi, M.B.A.Adalbert L. Gramza, M.B.A.Karin M. Pecora, M.B.A.Oscar X. Pozo, M.B.A.Ramona K. Vaughn Rene,

M.B.A.Janice R. Schillaci, M.B.A.

Class of 1997 Simon Society Shawn M. Hemingway, M.B.A.

Simon Partners Robert B. Dorr, M.B.A.

Simon Fellows Arti Arora Raman, M.B.A.Glen A. Hansen, M.S., Ph.D.Anne M. Hunt, M.B.A.Ian H. Turvill, M.B.A.

Simon Associates Glenn G. Jackling, M.B.A.*Susie Truesdell, M.B.A.*Naruhito N. Yamagishi, M.B.A.

Simon Hundred Club Gary E. Bischoping Jr., M.B.A.Jacquelyn W. Browne Duncan,

M.B.A.Harry Geaneotes, M.B.A.*Kevin G. Kane, M.B.A.Earl R. Lewis, M.B.A.Michael C. Maxwell, M.B.A.Vikram Mehta, M.B.A.Frank T. Meleca, M.B.A.José A. Molina, M.B.A.Scott A. Reese, M.B.A.*Mahesh M. Sinkar, M.B.A.John D. Ten Hagen Jr., M.B.A.Andrew M. Williams, M.B.A.

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Simon Donors Teresa C. Blake, M.B.A.Jason R. Bribitzer-Stull, M.B.A.Manish Choudhary, M.B.A.Daniel J. Harrison, M.B.A.*David P. Kammer, M.B.A.Mariola Kopcinski, M.B.A.Stephen B. Miller, M.B.A.Randall J. Ogi, M.B.A.Gail E. Pogal, M.B.A.*Sergey V. Rosolovsky, M.B.A.Eric Shell, M.B.A.*Shurawl M. Bryan Sibblies,

M.B.A.Robert W. Wensley, M.B.A.

Class of 1998 Simon Partners Robert W. Diaz, M.B.A.

Simon Fellows Douglas J. Pratt, M.B.A.Rajeev T. Raman, M.B.A.Suzanne K. Ward, M.B.A.

Simon Associates Anthony N. Cappetta, M.B.A.Daniel N. Chai, M.B.A.Kara-Ann Osselmann Chai,

M.B.A.Adam J. Fleischhacker, M.B.A.Robert M. Grimm, M.B.A.Casey L. Kurz, M.B.A.Geoffrey C. Laughlin, M.B.A.Joel J. Levesque, M.B.A.Debra Y. Loo, M.B.A.Hajime Shoji, M.B.A.James C. Stevens, M.B.A.

Simon Hundred Club Andrew L. Adams, M.B.A.Thomas C. Benson, M.B.A.Glenn I. Butler Jr., M.B.A.Martin S. Canning, M.B.A.*Michael K. Chan, M.B.A.Bruce A. Collier, M.B.A.Michael J. Dashnaw, M.B.A.William R. Doolittle, M.B.A.Frank T. Gaetano, M.B.A.Brian K. Gallipeau, M.B.A.José L. Gonzalez, M.B.A.J. Greg Hart, M.B.A.Dale E. Heims, M.B.A.Hanson Hsu, M.B.A.Dylan H. Jones, M.B.A.Brendan C. McNally, M.B.A.Julia C. Miers-Grimsrud,

M.B.A.Debra L. Palmer, M.B.A.*Sachin G. Shah, M.B.A.Shannon B. Silsby, M.B.A.Rajesh K. Singh, M.B.A.Russell A. Weybright, M.B.A.*Laura Whitby, M.B.A.*

Simon Donors Pelin Aylangan, M.B.A.Mark A. Christianson, M.B.A.Thomas P. Dooley, M.B.A.Chris J. Johnson, M.B.A.*Craig B. Lockwood, M.B.A.*Jacqueline Lora, M.B.A.*Mark Shankroff, M.B.A.Landon T. Wilson, M.B.A.*Cathleen E. Shear Zdyb, M.B.A.

Class of 1999Simon Leaders Steven P. Brigham, M.B.A.*

Simon Partners Brian Donaldson, M.B.A.*Burke Kennedy, M.B.A.Madhulavi Majumder, M.B.A.Helen A. Zamboni, M.B.A.*

Simon Fellows Lawrence S. Brennan, M.B.A.Barbara C. McIver, M.B.A.Marya Savola, M.B.A.Shigetaka Yamakawa, M.S.,

Ph.D.

Simon Associates Junfeng Bai, M.B.A.Lorrie F. Beall, M.B.A.*Holly Clark Blanchard, M.B.A.John Heckman, M.B.A.Jennifer L. Kofod, M.B.A.Jill M. Zachman Mulcahy,

M.B.A.*Sarah Plasky-Sachdev,

M.B.A.*J. Michael Reed, M.B.A.Jeffery H. Sokol, M.B.A.*Deborah Bordynski Vangellow,

M.B.A.

Simon Hundred Club Elliott Axinn, M.B.A.James Bragg, M.B.A.Eleanor G. Collinsworth,

M.B.A.*John W. Dower II, M.B.A.Daniel Forrester, M.B.A.Mark A. Gwaltney, M.B.A.Timothy I. Henkel, M.B.A.Robert J. Holzhauer, M.B.A.Kristopher A. Kohrt, M.B.A.Dominique Lalisse, M.B.A.*Syed A. Mustafa, M.B.A.*Mark Anthony Osorio, M.B.A.James D. Putnam, M.B.A.Ellen Li Ross, M.B.A.*James S. Senall, M.B.A.Jonathan E. Silsby, M.B.A.

Simon Donors Anand Acharya, M.B.A.Andrew J. Belton, M.B.A.Ameet S. Bhattacharya, M.B.A.*

James C. Christie, M.B.A.Bosiljko Colak, M.B.A.*Laura Louise Fichter, M.B.A.*Valerie R. Ford, M.B.A.W. Allen Harrison IV, M.B.A.George M. Iverson, M.B.A.*Kenneth N. Kotz, M.S.Mark A. Lozina, M.B.A.Ann T. Melville, M.B.A.*David P. Preuss, M.B.A.John D. Quinzi, M.B.A.Jeffrey Rubenstein, M.B.A.*Rudolf Samsel, M.B.A.Vinay Sharma, M.B.A.Steven M. Small, M.B.A.Andrew M. Strauch, M.B.A.*Paul N. Tartaglione, M.B.A.Brian M. Wirsig, M.B.A.Michael P. Wiseman, M.B.A.

Class of 2000Simon Partners Marc J. Haas, M.B.A.Christopher C. O’Donnell,

M.B.A.Colleen J. Wegman

O’Donnell, M.B.A.Deniz Tunca, M.B.A.Ipek Oktem Tunca, M.B.A.

Simon Fellows Tracy M. Herbert, M.B.A.*

Simon Associates Antonio Caram-Neto, M.B.A.Cesar Chicayban, M.B.A.Mary-Beth A. Cooper, M.B.A.*Scott P. Gucciardi, M.B.A.*Kimberley Hall, M.B.A.Jennifer E. Henion, M.B.A.Gregg A. Lederman, M.B.A.Marilee Kaye Montanaro,

M.B.A.Bart Schockaert, M.B.A.Edwin C. Shen, M.B.A.Jeffrey D. Sorensen, M.B.A.*

Simon Hundred Club Charles E. Aldridge, M.B.A.*Andrew M. Campbell, M.B.A.Robert S. Genter, M.B.A.Karen K. Wishau Hogan,

M.B.A.Timothy F. Jones, M.B.A.*James D. Kole, M.B.A.*Zdenek Kratky, M.B.A.Jon E. Lindstrom, M.B.A.Brendan E. Lynch, M.B.A.Harold D. Marx, M.B.A.Darrell L. Suen, M.B.A.Jeffrey Taddeo, M.B.A.Gerard C. Walter, M.B.A.*Christopher E. Wheeler,

M.B.A.Kevin R. Wilmot, M.B.A.

Simon Donors Troy W. Beason, M.B.A.David C. Carr, M.B.A.James M. Croop, M.B.A.*Timothy J. Kelley, M.B.A.*Richard N. Klein, M.B.A.Laura J. Piccolo, M.B.A.Bryan A. Smith, M.B.A.

Class of 2001Simon Partners Pranab Majumder, M.S., Ph.D.

Simon Fellows Marina Lyssenko Chinn, M.B.A.Suge Luo, M.B.A.Peter B. Shephard, M.B.A.Grigory S. Vilkov, M.B.A.Stanley H. Voudrie, M.B.A.

Simon Associates Judith Grace Alexander-

Wasley, M.B.A.Philip J. Bartlett, M.B.A.Andrea M. Lever, M.B.A.O. William Lever Jr., M.B.A.Serguei Netessine, M.S., Ph.D.John H. Reineberg, M.B.A.Jeffrey S. Resnick, M.B.A.Seema Latif Shaikh, M.B.A.

Simon Hundred Club Monica N. Andrade, M.B.A.*Patricia A. Calkins, M.B.A.*Pamela L. Erb, M.B.A.*Brian Healion, M.B.A.Matthew S. Jaffe, M.B.A.Patrick C. Krenzer, M.B.A.Samuel R. Ogie, M.B.A.Atashi C. Sonty, M.B.A.*

Simon Donors Jeffrey M. Besio, M.B.A.Mark P. Burdick, M.B.A.*

Raymond R. Cyr III, M.B.A.Mary Kathryn Dappen, M.B.A.*Stephen L. Joyce, M.B.A.Jonas M. Kumpitch, M.B.A.Dennis Lee, M.B.A.Robert P. MacDonald Jr.,

M.B.A.Elfi A. Martinez, M.B.A.Jeffrey S. Meteyer, M.B.A.*Matthew W. Reifsteck, M.B.A.Satoshi Suetake, M.B.A.Yonglin Xie, M.B.A.*

Class of 2002 Simon Partners Peter J. Opdam, M.B.A.Stephen Parsons, M.B.A.*

Simon Fellows Sean M. Carroll, M.B.A.Trevor A. Lloyd, M.B.A.

Simon Associates Scott M. Bryant, M.B.A.Scott M. DeTraglia, M.B.A.James S. Dispenza, M.B.A.Denise Marie Fitzgerald,

M.B.A.*Patrick G. Haughton, M.B.A.Brian B. Lane, M.B.A.Gary Meeks, M.B.A.*Luis A. Ortiz, M.B.A.Xiaodong Zeng, M.B.A.

Simon Hundred Club Ana M. Albuquerque, M.B.A.,

M.S.Madhu Ayyagari, M.B.A.*Thilo H. Bayrhoffer, M.B.A.Sheraun Y. Britton-Parris,

M.B.A.Lee A. Esker, M.B.A.Richard A. Gammons, M.B.A.*


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Andrew R. Hurysz, M.B.A.Ryan J. Hwang, M.B.A.Ajay James, M.B.A.Darius M. Koenig, M.B.A.Rebekah S. Lewin, M.B.A.Winward (Gary) Lewin, M.B.A.Hunaid A. Lookman, M.B.A.Jonathan D. Maurer, M.B.A.Sarah E. Ryan, M.B.A.Steven Sandidge, M.B.A.Matthew J. Stowell, M.B.A.Rick S. Tadokoro, M.B.A.Shaun E. Della Vedova, M.B.A.Sanjay Wahi, M.B.A.Douglas J. Witter, M.B.A.

Simon Donors Philip M. Byrne, M.B.A.Keng Goh, M.B.A.Lars R. Haitz, M.B.A.Heather Anne Lambert-

Shemo, M.B.A.Leigh A. Laughlin, M.B.A.Frederik W. Lehmann, M.B.A.Christopher Liucci, M.B.A.*Tamika A. Nurse, M.B.A.Michael J. Panara, M.B.A.Danah Eve Smoger Rios,

M.B.A.Sandra Rowland, M.B.A.*Sheffali D. Singh, M.B.A.Marilyn Spunar, M.B.A.*Huseyin Top, M.B.A.

Class of 2003 Simon Fellows Gayle McGannon, M.B.A.*

Simon Associates Marcus V. Franz, M.B.A.Robert Ylagan, M.B.A.

Simon Hundred Club Michael A. Bell, M.B.A.*Michael C. Curtis, M.B.A.Dennis P. Ethier, M.B.A.*Heath E. Gebell, M.B.A.Josh Z. Goldberg, M.B.A.Caroline Perkowski

Minsavage, M.B.A.Sean R. Murtagh, M.B.A.Michael T. Pitts, M.B.A.Jason Rice, M.B.A.Ashok Sarathy, M.B.A.Bryan A. Staff, M.B.A.Troy E. Willis, M.B.A.

Simon Donors Heather Desciora Agnello,

M.B.A.George J. Andrews, M.B.A.*Justin C. Bownds, M.B.A.*Cesar Castillo, M.B.A.Sachin S. Dixit, M.B.A.

Ivanka Yvonne AlexandraGajecky, M.B.A.

Miguel A. Gonzalez, M.B.A.Gerard A. Guiney, M.B.A.Erric Heitmann, M.B.A.*Paul J. Hurley, M.B.A.Jeffrey B. Larson, M.B.A.*Ivan F. Martinez, M.B.A.Michael A. Morante, M.B.A.P. Peter Nguyen, M.B.A.Louis M. Orsini, M.B.A.*Anthony T. Ricci, M.B.A.Thomas A. Richardson,

M.B.A.*Susan Lynn Scarlato, M.B.A.Carolyn Finch Schmidt, M.S.Cynthia Clusen Sherwood,

M.B.A.Richard Strek, M.B.A.*Alexsandra Sukhoy, M.B.A.

Class of 2004 Simon Partners Peter E. Neuburger, M.B.A.Jacqueline Spaulding, M.B.A.

Simon Fellows Gregory J. Butera, M.B.A.Tania Genel, M.B.A.Chris Gudmastad, M.B.A.Stephanie Hogue, M.B.A.Brennan Keating, M.B.A.Debra Trueger Maddow, M.B.A.Michelle Mattick, M.B.A.*Arturo Picicci, M.B.A.Maurice Raichelson, M.B.A.Kevin Sheldon, M.B.A.Merrell L. Stout, M.B.A.Jinnan Yang, M.B.A.Wei-Hsun Yen, M.B.A.

Simon Associates Amy A. Bliss, M.B.A.Kevin Brillhart, M.B.A.Michael Camarella, M.B.A.David Crotty, M.B.A.John Currie, M.B.A.Richard DeAsis, M.B.A.*David DiSanto, M.B.A.Christian Hausherr, M.B.A.Gang Ji, M.B.A.Federico Kalnicki, M.B.A.Jaeman Kim, M.B.A.Bradley King, M.B.A.David Kleinman, M.B.A.Nataliya Kochurova, M.B.A.Kate Kwon, M.B.A.Jonathan Lee, M.B.A.Luis Linares, M.B.A.Sanjay Bobby Marwaha,

M.B.A.Lee McNeer, M.B.A.Charles Robertson, M.B.A.Ranjan Saha, M.B.A.

Jeffrey Scheer, M.B.A.Andrew Schlesinger, M.B.A.Christopher R. Seitz, M.B.A.Shannon Silvus, M.B.A.*Heather Sisley, M.B.A.Blaine Streisand, M.B.A.Janice Hohl Svec, M.B.A.Tock Siong Tan, M.B.A.James Tsantes, M.B.A.Dirk Peereboom Volle, M.B.A.Pamela Esperanza Wilson,

M.B.A.Annie Wu, M.B.A.Yichao Yu, M.B.A.Tzachi Zach, M.S., Ph.D.

Simon Hundred Club Andrew A. Adachi, M.B.A.Andrei Andrievsky, M.B.A.*Giuseppe Arpino, M.B.A.Douglas J. Austin, M.B.A.Steven Baiocchi, M.B.A.*David F. Bassett, M.B.A.*Gilad Biegacz, M.B.A.Robert Buchanan, M.B.A.Scott Buonocore, M.B.A.Edgard R. D’Angelo, M.B.A.Jennifer Geer, M.B.A.*Ann Grabowski, M.B.A.*Gabriela Gutierrez, M.B.A.Thurein Htoo, M.B.A.Yvette Ilacad, M.B.A.Kevin Kepner, M.B.A.*William A. Lampeter, M.B.A.*Suzanne M. Ley, M.B.A.Brenda Louie, M.B.A.Mwanza Lumumba, M.B.A.Sharon Markowitz, M.B.A.Colleen Michelle McKeating,

M.B.A.Eun-Young Min, M.B.A.S. Brooks Moore, M.B.A.Shaheen Paydar, M.B.A.

Jun Shi, M.B.A.Ronnie Tao, M.B.A.Kirsten Voss, M.B.A.*Melissa K. Walsh, M.B.A.Ivy Wan, M.B.A.Kenneth J. Weliczka, M.B.A.Lisa R. Wells, M.B.A.Nicole Wong, M.B.A.

Simon Donors Gregory C. Paratore, M.B.A.

Class of 2005 Simon Partners Omegbenga I. Alaran, M.B.A.Naomi Sarah Cohen, M.B.A.Lize A. Comeau, M.B.A.Mercedes Isabel Falcon,

M.B.A.Cory B. Fasold, M.B.A.Adam B. Frisicaro, M.B.A.Jill Christine Gullace, M.B.A.Roger Hernandez, M.B.A.Maxwell D. Jeane Jr., M.B.A.Correy Krickeberg, M.B.A.Yan Liu, M.B.A.Mario Luna, M.B.A.Seth B. Martin, M.B.A.Ning Muk, M.B.A.Scott A. Nicol, M.B.A.Anju Gopiram Pansari, M.B.A.Robert G. Parham, M.B.A.Erik A. Penney, M.B.A.Xiaopeng Ren, M.B.A.Whitney Elizabeth Slavinskas,

M.B.A.Goncalo N. Souto, M.B.A.Seiichiro Takahashi

Simon Fellows Todd R. Delehanty, M.B.A.Yuchiro Hara, M.B.A.George Hoglund, M.B.A.

Yuichiro Itoki, M.B.A.Manabu Kaburaki, M.B.A.Ryan W. Kaiser, M.B.A.Anuka Sara Kakkasseril, M.B.A.Jin Wook Kim, M.B.A.Kazutaka Maeda, M.B.A.Paul G. McGlyn, M.B.A.José L. Munoz, M.B.A.Un Jung Park, M.B.A.Michelle Lisa Schwartz,

M.B.A.Arquelio Semidey, M.B.A.Lyndie Beth Siff, M.B.A.Patrick J. Tehan, M.B.A.Doron Weber, M.B.A.Joshua C. Wood, M.B.A.Nisha Yadav, M.B.A.

Simon Associates Michael O. Adiukwu, M.B.A.Shagufta Khan Ahmed, M.B.A.Pressigny Alcindor, M.B.A.Christopher A. Antola, M.B.A.Christopher B. Berger, M.B.A.Juana Isabel Camargo, M.B.A.Jeffrey A. Case, M.B.A.Jerrold A. Cline, M.B.A.Esteban R. Davalos, M.B.A.Mihir S. Desai, M.B.A.Javier A. Diaz, M.B.A.Kathryn Ann Dudek, M.B.A.Derek S. Foster, M.B.A.Nikki Lyn Hamblin, M.B.A.Kevin A. Howell, M.B.A.Srikant Kalla, M.B.A.Jonathan C. Kalmanoff, M.B.A.Rameet S. Kohli, M.B.A.Sundy Krishnamurthy, M.B.A.Daniel Lander, M.B.A.Jonathan H. Lay, M.B.A.Chang Y. Lee, M.B.A.Anjiang Liu, M.B.A.Ryuzo Maeno, M.B.A.


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Rajeev K. Malik, M.B.A.Austin M. Manengu, M.B.A.Arun Manhapra, M.B.A.Raquel Marquez, M.B.A.Sean R. Martell, M.B.A.Ryan C. Martin, M.B.A.Ken Masamoto, M.B.A.David C. Mruk, M.B.A.Ruriko Muraoka, M.B.A.Jong J. Oh, M.B.A.Walter J. Olshanski, M.B.A.Cameron Oskvig, M.B.A.Rajat K. Padhi, M.B.A.Nyisha Pierre, M.B.A.Kit T. Quach, M.B.A.Taryn Lynn Ranieri, M.B.A.Ziba Lorel Sarabia, M.B.A.Marc Schor, M.B.A.Nedtra Sinclair, M.B.A.Demetrios Siountris, M.B.A.Charles R. Smith, M.B.A.Azara Usman Turaki, M.B.A.

Aaron L. Wagner, M.B.A.Hong Zhang, M.B.A.Yanmin Zhao, M.B.A.

Simon Hundred Club Subhash Bandla, M.B.A.Kurt F. Barrios, M.B.A.Velemira Valkova Bikova,

M.B.A.Bo Young Cheong, M.B.A.Sarah Winchell Hansen, M.B.A.Yusuke Ikeda, M.B.A.Yeon Suk Kim, M.B.A.Sang Heon Koo, M.B.A.Ariane Alicia Krenichyn, M.B.A.Manabu Kuhara, M.B.A.Sang Kwon Lee, M.B.A.Seung Yoon Lee, M.B.A.Young Yoon Lee, M.B.A.Stephen D. Locke, M.B.A.Shaun B. Mallen, M.B.A.Catherine Renee Martz, M.B.A.

Hirohito Namiki, M.B.A.B. Johanna Nighbert, M.B.A.Jeffrey A. Oakleaf, M.B.A.Maxim Pogorelov, M.B.A.Hanxu Qin, M.S.Xiaona Qiu, M.B.A.Kentaro Sakaguchi, M.B.A.Monil S. Shah, M.B.A.Tu T. Tran, M.B.A.Li Yan, M.B.A.Wen Biao Zeng, M.B.A.

Simon Donors Charles M. Anyomi, M.B.A.Juan P. Arango, M.B.A.Gretchen Leigh Benko, M.B.A.Douglas H. Bilderback,

M.B.A.Julio Castillo Acha, M.B.A.Azeddine Chaat, M.B.A.Kung-Cho Chao, M.B.A.Jing Chen, M.B.A.

Pei-Min Chen, M.B.A.Yi-Ling Chien, M.B.A.Kim Chou, M.B.A.Wen-Hsien Chu, M.B.A.Matthew T. Flomo, M.B.A.Livia Wu Foo, M.B.A.Mathieu Gagnon-Oosterwaal,

M.B.A.James K. Hamilton, M.B.A.Ki Sung Hong, M.B.A.Eugene P. Hsu, M.B.A.Namita Shyam Karmarkar,

M.B.A.Robert W. Kirsch, M.B.A.Shinichiro Kobayashi, M.B.A.Steven E. Koppitsch, M.B.A.Jasmin Kung, M.B.A.Ah Rahn Lee, M.B.A.Timothy Lelchuk, M.B.A.Nicholas J. Lennox, M.B.A.Pedro Grau Monjo, M.B.A.

Timothy A. Montbach, M.B.A.Makiko Murashima, M.B.A.Necip D. Okat, M.B.A.Amanda Robin Pascatore,

M.B.A.Amulya Nagalla Rao, M.B.A.Monika Saxena, M.B.A.Anthony Scime, M.B.A.Dominic A. Seiterle, M.B.A.Tongfang Shi, M.B.A.Manu Sikka, M.B.A.Sandeep S. Singh, M.B.A.Guarav Singhania, M.S.Garth R. Snyder, M.B.A.Ning Song, M.B.A.Jennifer Thanh Van Nguyen,

M.B.A.Chuk Ching O. Wan, M.B.A.So Han Yam, M.B.A.Xiaoyong Yu, M.B.A.Andrej P. Zalar, M.B.A.

Matching Gift Companies Aetna Foundation Inc.Agilent Technologies Inc.Akzo America Inc.Altria Group Inc.AMBAC Inc.American International Group Inc.Automatic Data Processing Inc.Bank of AmericaThe Bank of New York Company Inc.Bank One CorporationBarclays Capital (Barclays Bank P.L.C.)The Boeing CompanyBP Foundation Inc.Cadence Design Systems Inc.Chicago Tribune CharitiesThe Clorox CompanyCNF Inc.Coca-Cola Enterprises Bottling CompanyConAgra FoundationConstellation Energy GroupCorning Inc.Deloitte & Touche USA L.L.P.The Dun & Bradstreet CorporationeFundsEli Lilly & CompanyExxonMobil FoundationFair Isaac CorporationFidelity InvestmentsC.B. Fleet CompanyFleetBoston Financial FoundationFord Motor Company FundFriedman, Billings, Ramsey Group Inc.GartnerGroup Charity FundGeneral Electric CompanyGeneral Motors CorporationGleason Foundation

Goldman Sachs GroupHarris CorporationHarris FoundationHSBC Bank–USAI.B.M. CorporationJ. P. Morgan Chase & CompanyJohnson & JohnsonS.C. Johnson Fund Inc.Kimberly-Clark CorporationKirkland and Ellis FoundationLexmark International Inc.Lockheed Martin CorporationMarsh & McLennan Companies Inc.Mattel Children’s FoundationMBIA Inc.The McGraw-Hill FoundationMcKesson FoundationMellon Financial Corporation FoundationMerck & Co. Inc.Microsoft CorporationMillipore FoundationMorgan Stanley Dean WitterThe Nacco Industries Inc.National City CorporationNational GridNielsen Media ResearchNovartis US FoundationOppenheimerFunds Inc.Osram Sylvania Inc.Pactiv CorporationPerry CapitalPfizer Corporation Inc.PricewaterhouseCoopers L.L.P.The Procter & Gamble CompanyProcter & Gamble PharmaceuticalsSaint-Gobain Corporate FoundationSBC Foundation

Science Applications International CorporationSouthern California EdisonSunGard BSR Inc.SunTrust Mid-Atlantic Banks Inc.United Technologies CorporationThe UPS Foundation Inc.Verizon CommunicationsWachovia FoundationWashington Mutual Inc.Wellington Management Company L.L.P.Wells Fargo BankWells Fargo Community SupportWest GroupWest LB Administration Inc.The Xerox Foundation/Xerox CorporationZiff Brothers Investments

Corporate and FoundationSupportAgency Partners USA L.L.C.Air Products & ChemicalsCanandaigua Wine Company Inc.CingularCitigroup FoundationCitizens Financial GroupThe Clorox CompanyCompu-Mail LLCConsortium for Graduate Study in ManagementConstellation Brands Inc.Diablo Management GroupDouble KnotEastman Kodak CompanyElement K Delaware Inc.Ewing Marion Kauffman FoundationExxonMobil FoundationThe Farash CorporationFisher-Price Inc.


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Florescue Family FoundationForensic Economics Inc.Friedman, Billings, Ramsey Group Inc.Genesee Regional BankJetBlue AirwaysJ. P. Morgan Chase Bank/J. P. Morgan Chase

FoundationJ.C. Jones & Associates L.L.C.

Johnson & JohnsonLake Energy L.L.C.M&T BankMetLifeMorgan Stanley Dean WitterNorth Atlantic Industries Inc.OppenheimerFunds Inc.PAETEC Communications Inc.

Pharos Systems InternationalPrince Family Open Society FundRavenwood Golf ClubRichard & Hinda Rosenthal FoundationThe Timberland CompanyWegmans Food Markets Inc.William E. Simon Foundation

Executive Advisory Committee

J. Peter Simon, Chairman

Mark Stuart Ain, M.B.A. ’67John W. Anderson, M.B.A. ’80Matthew S. Aroesty, M.B.A. ’90Joseph BellJay S. Benet, M.B.A. ’76Paul A. Brands, M.B.A. ’66Steven P. Brigham, M.B.A. ’99*David J. Burns, M.B.A. ’78Andrew M. CarterKevin P. Collins, M.B.A. ’82Donald (Skip) Conover, M.B.A. ’79*José J. Coronas, M.B.A. ’75*Richard G. Couch, M.B.A. ’79*Frank G. Creamer Jr., M.B.A. ’70John L. Davies, M.B.A. ’73

Peter R. Dodd, M.S. ’78, Ph.D. ’81Mark FasoldRonald H. Fielding, M.B.A. ’76Barry W. Florescue, B.S. ’66James S. Gleason, M.B.A. ’68*Robert B. Goergen, B.A. ’60Bruce M. Greenwald, M.B.A. ’69Mark B. Grier, M.B.A. ’80Charles R. Hughes, M.B.A. ’70Rene F. Jones, M.B.A. ’92David T. Kearns, B.A. ’52William M. Kearns Jr.Robert J. Keegan, M.B.A. ’72John M. KellyWilliam W. Lanigan, Esq.Jeff E. Margolis, M.B.A. ’78Donna L. Matheson, M.B.A. ’79J. Richard MunroJames Piereson

David Reh, M.B.A. ’67Robert E. Rich Jr., M.B.A. ’69*William D. Ryan, B.A. ’49Richard SandsLeonard Schutzman, M.B.A. ’69Joel Seligman (ex officio)George J. Sella Jr.William E. Simon Jr., Esq.Gregg M. SteinbergJoel M. SternMichael C. Stone, M.B.A. ’95*Amy Leenhouts Tait, M.B.A. ’85*Kathy N. Waller, M.B.A. ’83Ralph R. Whitney Jr., M.B.A. ’73*Janice M. Willett, M.B.A. ’78Joseph T. Willett, M.B.A. ’75Timothy W. Williams, M.B.A. ’86

Alumni Advisory Council

Sarah Plasky-Sachdev, M.B.A. ’99,* Co-chairTimothy D. Smith, M.B.A. ’88, Co-chair

Nicholas V. Angle, M.B.A. ’90Diane F. Austin, M.B.A. ’85Carlos J. Barrionuevo, M.B.A. ’95Charles F. Bellavia, M.B.A. ’73Michael K. Burkeen, M.B.A. ’98Ebrahim Busheri, M.B.A. ’88Steven C. Bussey, M.B.A. ’96Sean M. Carroll, M.B.A. ’02Paul D. Caseiras, M.B.A. ’90Daniel N. Chai, M.B.A. ’98T. Hunter Dare, M.B.A. ’94Robert B. Dorr, M.B.A. ’97Wendy Eber-Morris, M.B.A. ’95Denise M. Fitzgerald, M.B.A. ’02*Elliot S. Foo, M.B.A. ’90Philip G. Fraher, M.B.A. ’93

Scott J. Gordon, M.B.A. ’85Mark S. Greenstein, M.B.A. ’94Martin Hellweg, M.B.A. ’93Wanda A. Humphrey, M.B.A. ’92Glenn G. Jackling, M.B.A. ’97*Peter P. Jones, M.B.A. ’82Mary Bennett Kellmanson, M.B.A. ’94David M. Khani, M.B.A. ’93Zdenek C. Kratky, M.B.A. ’00Frank H. Lallos, M.B.A. ’93Peter F. Lallos Jr., M.B.A. ’90Geoffrey C. Laughlin, M.B.A. ’98Michele M. Lawrence, M.B.A. ’94Gregg A. Lederman, M.B.A. ’00Edmund L. Luzine, M.B.A. ’89Paul H. McAfee, M.B.A. ’95*Michael A. McCourt, M.B.A. ’93Maura T. McGinnity, M.B.A ’96*Brian P. Meath, M.B.A. ’89Christian B. Modesti, M.B.A. ’92Mark H. Mozeson, M.B.A. ’85

Douglas D. Neff, M.B.A. ’96Walter (Terry) Newcomb II, M.B.A. ’72Peter M. Palermo III, M.B.A. ’96*Kevin M. Pickhardt, M.B.A. ’90* (ex officio)Russell B. Pleasants, M.B.A. ’81Judy M. Pribe, M.B.A. ’92*Rita L. Ratcliffe, M.B.A. ’88*Miyako N. Schanely, M.B.A. ’95James C. Schwartz, M.B.A. ’88*Jeremy L. Seligman, M.B.A. ’84Shannon B. Silsby, M.B.A. ’98Lynn A. Siverd, M.B.A. ’91Martin L. Stern, M.B.A. ’80Anthony A. Tanner, M.B.A. ’90James P. Thielen, M.B.A. ’89*Samuel H. Ticknor, M.B.A. ’89Deniz Tunca, M.B.A. ’00Ian H. Turvill, M.B.A. ’97Jon D. Van Duyne, M.B.A. ’85Memet (Matt) Yazici, M.B.A. ’94


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Analyzing complex businessproblems and developing in-novative solu-tions to thosechallenges haslong been anintegral partof the SimonSchool expe-rience.

Beginning in 2006, theSimon School full-timeM.B.A. curriculum will beaugmented to focus on stu-dents’ ability to Frame,Analyze and Communicatewhen solving unstructuredbusiness problems. The Frame,Analyze and Communicate(FACt) framework was recom-mended by the curriculumsubcommittee of the Dean’sTask Force for the Full-TimeM.B.A. Program after exten-sive research involving re-cruiters, managers and aca-demicians. The subcommitteeconcluded that the ability tosolve ambiguous and unstruc-tured business problems is acore competency necessary formanagerial success.

The new FACt frameworkwill include a move towardmore student-active class-rooms, and in fall 2006, twonew problem-solving courseswill be added to the first-year

core curriculum. Classroomdiscussion will center on thestages of problem solving andwill examine traditional casesas well as more informal mini-cases based on current businesstopics. Students will be taughtto approach unstructured busi-ness problems analytically withthe goal of developing optimalsolutions. Effectively commu-nicating those solutions will beanother crucial aspect of theFACt framework.

Additionally, we will intro-duce a new school-wide casecompetition during the firstyear of the program. This com-petition will allow students totackle real-world problems byidentifying the main problem,generating and analyzing po-tential solutions and presentingrecommendations to a panel ofalumni and friends of theSchool.

I would like to thank themembers of the curriculumsubcommittee (Kara Black-burn, Jim Brickley and StevePosavac) for their hard work onthis project. I am confidentthat the FACt approach willenrich the Simon experiencefor our students in the years tocome.

Mark ZupanDean

Simon SchoolTutoring ProjectWhen Azara Turaki ’05 sawmany of her classmates strug-gling academically, but wereunable to afford tutoring serv-ices, she decided to do some-thing about it. Before leavingRochester for her new positionat M&T Bank in Buffalo,N.Y., Azara worked with stafffrom the Alumni Relations andDevelopment Office and theAdmissions Office to establishthe Simon School TutoringFund.

To ensure that the programhad the funding to begin in thefall of 2005, Azara pledged hersupport of this initiative priorto graduation. It is her hopethat many fellow alumni willremember the challenges oftheir first year in the programand pledge their support aswell. The fund will provide sixto eight hours of tutoring tostudents who are on academicprobation and are unable topay for tutoring sessions.Eligibility will be determinedby an academic advisor in theAdmissions Office on a case-by-case basis.

You can make a secure giftonline by going to the School’sWeb site at www.simon.rochester.edu or by mailingyour donation in the enclosedpostage-paid envelope. Be sureto indicate that your gift is forthe tutoring fund in the com-ment section of the online giv-ing page or on the inside of thereturn envelope.

If you have any questions re-garding the tutoring project,contact the Office of AlumniRelations and Development [email protected] orcall (585) 275-7563.

ALUMNI news Share Your News!If you have news you wouldlike to share with fellowalumni, e-mail your personaland professional updates tothe Alumni Relations andDevelopment Office [email protected] mail them to 202 SchlegelHall, University of Rochester,Box 270107, Rochester, N.Y.14627.

Join the Ranks!Be a ClassCorrespondent! • Stay connected

• Reconnect

• Meet new friends

The Office of AlumniRelations and Development islooking for alumni interestedin becoming class correspon-dents for the Alumni Newssection of Simon Business.Scribes will receive and orga-nize personal and professionalinformation about classmatesfor inclusion in the “ClassNotes” and “Mergers andAcquisitions” sections of themagazine. Those interestedshould e-mail the AlumniRelations and DevelopmentOffice at [email protected].

Thank you to those who arealready involved:David Epstein ’72Sameer Shah ’82Jeffrey Durbin ’88Andrew Marein-Efron ’94Sarah Plasky-Sachdev ’99*Pierre Descartes ’00Lisa Zeiher ’01* (Bern)Justin Bownds ’03*Karen Walker ’04Rameet Kohli ’05


Dean’s Corner

Save the Date!

New York Recruiting Program Reception

Friday, January 20, 2006

The University Club, New York City

6:00–8:00 p.m.

Please note that this event will be on a Friday, whichis a change from previous years.

To R.S.V.P., call (585) 275-7563 or [email protected].

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The 2005 Simon Corporate ChallengeWe’re moving up! Join the race to keep Simon at the top.

2005 Corporate Challenge Participants and Liaisons

Rachel Adonis ’95* HSBC Bank USALouis Applebaum ’96 Constellation BrandsBrian Arsenault ’94 Morgan StanleyGary Bischoping ’97 Dell Inc.Michael Bushart ’00 City of RochesterSteven Bussey ’93 Credit Suisse First Boston L.L.C.Eduardo Centola ’93 Goldman Sachs Group Inc.Scott DeTraglia ’02 The Bank of New York Company Inc.Robert Diaz ’98 Agilent Technologies Inc.James Dispenza ’02 Bayer CorporationStephen Hofler ’79 ExxonMobil CorporationJennifer Kofod ’99 National City CorporationPaul Krause ’94 Element K L.L.C.Lin-Mei Kravis ’80 Fidelity InvestmentsDebbie Loo ’98 Hewlett-Packard CompanyBrendan Lynch ’00 Bank of America CorporationRobert Osieski ’78 J. P. Morgan Chase & CompanyMartha Osowski ’84 University of RochesterPaula Pattison ’92* Johnson & JohnsonMichael Pitts ’03 Excellus BlueCross BlueShieldJohn Polidori ’03* AT&TSarah Plasky-Sachdev ’99* Xerox CorporationJames Putnam ’99 Federal Express (Fed Ex Corporation)Delano Randolph ’90 Pfizer CorporationVincent (Chip) Renzi ’78 Harris CorporationLynn Siverd ’91 Harris Interactive Inc.Merrell Stout ’04 United Technologies Corporation/

Carrier Corp.Molly Thorn ’02 Cap Gemini Ernst & YoungIpek Tunca ’00 Microsoft CorporationKathy Waller ’83 The Coca-Cola CompanyIvy Wan ’04 Empire Valuation Consultants L.L.C.

• Simon placed No. 23 in the U.S.News & World Report 2005 ranking.

• Finance research at Simon wasranked No. 2 in a January 2005 peerstudy.

• The Financial Times rated SimonNo. 4 globally in both finance andin economics.

In an effort to boost alumni participa-tion in the Annual Fund, the Schoolkicked off the 2005 CorporateChallenge following the release of busi-ness school rankings in U.S. World &News Report. With a 13-place jump inthe ranking and alumni participationbeing critical to our continued success,alumni at 31 companies agreed to act ascompany liaisons.

The Corporate Challenge ended onJune 30, 2005, with impressive results.The School extends a hearty thank youto all of the liaisons for their efforts inmaking this a successful campaign. Ifyou are interested in being a companyliaison for the 2005–06 fund year, con-tact the Office of Alumni Relations andDevelopment at [email protected] or call John-PaulRoczniak at (585) 275-7563.

Corporate Challenge Top FiveCoca-Cola 80%National City Bank 71%The Bank of New York 64%Empire Valuation 40%Harris Corporation 35%

ALUMNI news2005 Class Gift Legacy

The M.B.A. Class of 2005 has left its own uniquelegacy for future Simon students and carved itsplace in Simon history. Simon’s most recent gradu-ates placed second in all class gift records with 65percent participation and an average gift of $335,raising more than $57,000.

The funds will be used to renovate, remodel andrefurbish the study room located in the basementof Schlegel Hall. Members of the class felt that aquiet study area with individual carrels and com-puter access was needed and aggressively set out toraise the funds to provide it.

A special thank you is extended to members ofthe Class Gift Committee and the committee rep-resentatives for their hard work and dedication:

• Class Gift Committee: Co-chairs Mario Lunaand Jill Gullace, Christopher Antola, NaomiCohen and Mercedes Falcon.

• Gift Committee Representatives: PressignyAlcindor, Alan Chang, Esteban Davalos, CoryFasold, Manabu Kaburaki, Srikant Kalla, JinwookKim, Yan Liu, Eric Penney and Lyndie Siff.

Honor a ProfessorIn February 2005, the Honor a ProfessorProgram was introduced in the winter edi-tion of SimonBusiness magazine, providingalumni the opportunity to make donationsin the names of Simon professors who hada significant impact on their lives and/orcareers. Requiring a minimum donation of$250, 17 emeritus and current faculty, sixof whom were named more than once,were recognized. The program realizedmore than $13,000 by the end of the fiscalyear. An Honor a Professor display is lo-cated in the walkway between Schlegel andGleason Halls.

If you wish to acknowledge a specialSimon professor in your life, complete thereply envelope enclosed in this issue. Anelectronic version is available at https:// secure.simon.rochester.edu/outside2003/honor_professor.asp for direct submission.For more information on this program,contact the Office of Alumni Relationsand Development at [email protected] or (585) 275-7563.

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A reception with Dean Mark Zupan, and featuring remarks from Rene Jones ’92, C.F.O.of M&T Trust Co., was held in Loudonville, N.Y., on June 1, 2005. (From left) Jones,along with event organizers Beth Beshaw ’96 and Brennan Keating ’04.

The second annual New York Alumni Network Picnic was held in Central Park on July 30,2005. (Back row, from left) Juan Carlos Webster ’00 and Jaijit Kumar ’00. (Frontrow, from left) Serguei Semin ’00, Mandar Donde ’00, Syarifa Galeb ’00 (NewYork City Network president), Wayne France ’94 (director of counseling and educationin the Simon Career Management Center) and Tom Donovan ’93.

The Bay Area Network enjoyed its second annual Alumni-Family Barbecue at Coyote Parkin San Mateo, Calif., on July 24, 2005. (From left) Melissa Santory, Dan Anderson’98, Deniz Tunca ’00 and Roger Chan ’97.

Dean Zupan has been visiting companies where we have groups of Simon alumni em-ployees. Among the gatherings in 2005 was a lunch at Welch Allyn in Skaneateles, N.Y.(From left) Zupan, Victor Ianno ’98, Ahmed Mustafa ’99,* Dan Fisher (Welch Allynvice president for people and processes), Louise McDonald ’99,* Stephen Meyer’93,* Chuck Stewart ’97* and Gary Ozminkowski ’79.

Alumnae from the E.M.B.A. Class of 1999 have a scheduled dinner outing every quar-ter. The most recent gathering took place on August 10, 2005, in Rochester. (From left)Ann Melville, Eleanor Collinsworth, Anne Fisher, Sarah Plasky-Sachdev,Margaret Jones, Lisa Bamford, Helen Zamboni and Arlene Buck.

While on vacation in mid-June, Beth Zogby, Simon School associate director of alumnirelations and development, joined alumni for lunch in Paris. (From left) PhilippePaelinck ’94, Alain Bill ’02,* Henry Jaimes ’03, Guy Duzdabanian ’86, Zogbyand Tim Dunne ’87.

Alumni Gatherings

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Commencement speaker and Distinguished Alumnus Award recipient, Mark S. Ain ’67(second from left), founder and C.E.O. of Kronos Incorporated, along with his family,joined faculty and administrators in the pre-ceremony robing room.

(From left) Dean Mark Zupan; Lu Zhang, assistant professor of finance and Richard L.Rosenthal Award recipient; and former University President Thomas H. Jackson.

UBS Chairman Marcel Ospel delivers the Commencement address at the Simon-Bernceremonies in Switzerland in June 2005.

(From left) Matt Yazici ’94, Geoff Laughlin ’98, Tim Smith ’88 and Daniel Chai’98

(From left) Charlie Miersch ’70, Charlie Ross ’90, Tom Strasenburgh ’86 andBruce Yoder ’90. According to Miersch, “Tom, Charlie and I missed one or two of thegolf outings, but we have made the overwhelming majority of them.”

(From left) Dan Goldstein, Nancy O’Brien ’97, Charlie Vita and Chip Russell

Commencement 2005Graduates of all Simon degree programs, together with their families andfriends, celebrated Commencement ceremonies at the Eastman Theatre inRochester, N.Y., on June 12, 2005.

17th Annual Simon Golf ClassicSimon’s 17th Annual Golf Classic was held on May 19, 2005, at RavenwoodGolf Club in Victor, N.Y. The golf club is owned by alumnus David Reh ’67.

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As you can see from the updateform inserted in this issue,Simon alumni have many waysthey can volunteer for theiralma mater. Our sincere thanksto everyone who has supportedus over the past year, and inprevious years, with activitieson behalf of admissions, careermanagement, alumni regionalnetworks and events, market-ing and the on-campus FarashSpeaker Series, to name a few.

You can also return to theclassroom, but this time, be-hind the podium and askingthe questions. Vince Hope, ad-junct lecturer in marketing, hasrecently welcomed Ray Kraus’98 of Equitec and LynnSiverd ’91, formerly of HarrisInteractive and now with J.C.

Jones & Associates, as guest lec-turers in his Database Market-ing course. Vince’s most fre-quent visitor is Peter O’Brian’97 from Xerox Corporation,who has graciously spoken toVince’s students for four yearsrunning. Peter is dedicated tothe learning process—takingwhat he learned as a student,integrating it daily at work andsharing his experiences withtoday’s M.B.A. students.

Peter, director of Xerox’s cus-tomer insight organization,brings an ever-evolving story tothe classroom of how Xerox isleveraging statistical modelingof customer and prospect in-formation to enable more ef-fective marketing decision-making.

Driven by approacheslearned at Simon, Peter hasdiscussed how Xerox is increas-ingly utilizing quantitativeapproaches to identify thecompany’s best prospects andhigh-growth customers and as-sessing their most likely nextpurchase, as well as Xerox’smost vulnerable accounts.These approaches have pro-vided significant increases inmarketing efficiency, resultingin superior returns on Xerox’smarketing investment.

During his lectures, Peter fo-cuses on finding ways to utilizequantitative approaches inareas that have traditionallybeen driven by qualitativemethods. In addition, Peter hasshared his insight on how to

incorporate these programs,stressing that accurate and pre-dictive statistics are worth littleuntil they are turned into ef-fective, easy-to-understand out-put for those who can leveragethe information. As an exam-ple, Peter shows how Xeroxturns predictive models intosales representative communi-cations, providing each sales-person with specifics about thereal-time “vulnerability trig-gers” occurring on a particularaccount. This information al-lows salespeople to engage cus-tomers in proactive, personal-ized discussions, addressing anyconcerns while the opportunityis there.


Kudos to our Simon Alumni Volunteers

1987Dennis Pidherny and his wife,Kimberly, announced thebirth of their son, AlexanderNicholas, on June 19, 2005.Alexander joins big sister,Kyria. Dennis is a managingdirector at Ambac AssuranceCorporation in New YorkCity.

1990 Jeff Pontiff ’93 Ph.D. andhis wife, Valerie, celebratedthe birth of their daughter,Audrey, earlier this year.Audrey joins big brother,Oscar. Jeff is an associate pro-fessor at the Carroll School ofManagement at BostonCollege in Chestnut Hill,Mass.

1992Mark Melcher and his wife,Carol, celebrated the birth oftheir son, Elias Samuel, onOctober 17, 2004. Mark owns

The Hushabye MountainWoodshop in Roanoke, Va.

1993 David Khani and his wife,Pamela, welcomed their son,Daniel Adin, on June 24,2005. David is the managingdirector of energy at Fried-man, Billings, Ramsey GroupInc. in Arlington, Va.

1994Akshay Heda is the son ofAmitabh (Ami) Heda and hiswife, Vandana. Ami is director,

strategic planning and busi-ness development, at UBSInvestment Bank in Stamford,Conn.

1996John Joninas and his wife,Carol, welcomed their daugh-ter, Ava, earlier this year. Johnis a pricing manager atBellSouth Corporation inAtlanta, Ga.

James (Jamie) LaRue and hiswife, Megan, welcomedDevyn Margot on March 16,2005. Devyn joins 18-month-old Meryl Riley, who isn’t sure

what to make of having a newbaby sister. Jamie is a brandmanager at Procter & Gamblein Cincinnati, Ohio.

Maura McGinnity* and herhusband, Eric Rausch, wel-comed their daughter,McKenna Clare Rausch, onMay 25, 2005. McKenna Clare

joins her 2-year-old brother,Aidan Thomas. Maura is direc-

tor of major gifts at StanfordUniversity in Stanford, Calif.

1997Big sister, Sandra, 2, holdsnewborn Emma for her par-ents, Monica Collado andDavid Lindsay. The familylives near Paris, France, whereDavid is a business develop-

Mergers and acquisitions

SB

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ment executive at XeroxCorporation and Monicaworks at Accenture.

Dennis Ischenko and his wife,Svetlana, welcomed their firstchild, Mikhail, on June 30,2005. Dennis is senior vicepresident at Fox-Pitt, Keltonin London, England.

1999Daniel Forrester and his wife,Nancy, welcomed WilliamEdward Forrester on June 28,2005. Daniel is a consultant atSapient Corporation inArlington, Va.

Andreas Koch* and his wife,Sylvia, announced the birth oftheir daughter, Alina Kathrin,on September 19, 2004.Andreas, a Rochester-Bernalumnus, heads project man-agement and service in the util-ity communication business atABB in Baden, Switzerland.

William (Andy) McClure andhis wife, Elizabeth, welcomedtheir son, William, in January2005. Baby William joins sis-ter, Grace. Andy is the direc-tor of North American sales atVisual Numerics Inc. in SanRamon, Calif.

Richard Plympton ’99* andhis wife, Lisa, welcomed theirdaughter, Lillian Ayer, onMarch 28, 2005. Lillian joinsher older sister, Cecelia Rose

(Cece), 2. Rick is the C.E.O.at Optimax Systems Inc. inOntario, N.Y.

Jan and Larry Wagner ’00 cel-ebrated the birth of their son,Maxwell Meyer, on March 4,2005. Jan is a brand manager

at Reckitt Benckiser inParsippany, N.J., and Larry isan analyst at Morgan Stanleyin New York City.

2000Mandar Donde and his wife,Pallavi Singhania Donde ’99,welcomed their twin daughter,Neha, and son, Varun, onJanuary 27, 2005. Mandar isvice president, media and

communications group, atMerrill Lynch in New YorkCity. Pallavi is an assistant vicepresident at MBIA Inc. inArmonk, N.Y.

Aaron Kibbey and his wife,Karin, welcomed their daugh-ter, Gillian Elena, in January2005. Aaron is a director at

RCN Corporation inPrinceton, N.J.

Irina Netessina and SergueiNetessine ’01 Ph.D. wel-comed their son, Nicholas, onJuly 20, 2005. Their daughter,Victoria, is 3. Irina is a direc-tor of budget and strategicplanning at the WhartonSchool of Business at theUniversity of Pennsylvania inPhiladelphia, Pa., whereSerguei is an assistant profes-sor of operations and informa-tion management.

Colleen Wegman O’Donnelland Chris O’Donnell wel-comed their new son, Clay, inJune 2005. Colleen is presi-dent of Wegmans FoodMarkets, and Chris is a gen-eral partner at Trillium Groupin Rochester, N.Y.

2001Leah Cermak and MichaelDimler were married onOctober 10,2004, at LeChateau inSouth Salem,N.Y. Leah isa treasuryanalyst atCarlisleLeasing International in ParkRidge, N.J., and Michael is anassociate director at UBS inStamford, Conn.

Matthew Jaffe and his wife,Genevieve, celebrated the ar-rival of their daughter, AmandaSloane, on October 19, 2004.

Matt and his family are livingin Chicago, Ill., where Matt is

a vice president at Citigroup infixed income sales.

2003P. Peter Nguyen and his wife,Grace He, celebrated the birthof their daughter, Jasmine, in

April 2005. Peter is a graduatestudent studying biotechnol-ogy at Columbia University inNew York City. Grace is a cor-porate and public accountingmanager at Kellogg Co.

Bob Ylagan and his wife,Melinda, welcomed their sec-ond son, Elliott Peter, on May

23, 2005. Elliot joins bigbrother Renan, 4. Bob is acommercial advisor forExxonMobil Exploration inHouston, Tex.

2004Jonathan Lee and his wife,Jessica, welcomed their thirdchild, Jackson, on September

24, 2004. Jackson joins his 5-year-old brother, Max, and 4-year-old sister, Jane. Jon is anindustry market specialist atThe Goodyear Tire & RubberCo. in Akron, Ohio.

Mergers and acquisitions

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dation and build the build-ing,” he notes.

Ted hopes to get a Ph.D.along the way that will marryhis interests in economics, so-ciological change and ecology.He enjoys spending time withhis family, sailing and music.His reading choices are in-dicative of his diverse inter-ests. “Right now, I’m readingan ecological study of LakeVictoria in Kenya and the an-thropological classic, HowInstitutions Think, by MaryDouglas. But when I’m look-ing for a way to relax beforesleep, I simply pick up the lat-est Kurt Vonnegut.”

efore TedRoosenmallen’95* came to theSimon School’s

Executive M.B.A. Program inthe Netherlands, he couldn’tquite pinpoint why he felt hisprojects weren’t being handledcorrectly by clients. “When itcame to financial and criticalmarket and operations issues,I could tell that certain clientdecisions were somewhat rick-ety, but I couldn’t put my fin-ger on the reason.”

All that has changed sinceTed received his E.M.B.A.“Now my arguments pack awallop. I credit my educationat Simon with giving me asound theoretical backgroundand a practical understandingof all aspects of business ad-ministration.” And Ted’sclients at Omni Partners inCharge b.v. in Amsterdam,where he is senior project andinterim manager, are benefit-ting as well from his work atSimon.

Ted found managerial eco-nomics and capital budgetingto be both eye-opening andstimulating courses at Simon.He was also fortunate to havea friend who alerted him tothe Simon program. “JanSchreuder ’94* was very ex-cited about his experiencehere and convinced me to gofor a scholarship. I didn’tthink I had a chance to get it,but thankfully I was wrong.”

Since earning his E.M.B.A.,Ted’s assignments havechanged in both scope andimpact. “Currently,” he says,“I’m managing a multidisci-plinary capital investment andorganizational change project

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Alumni Leader ProfileTed Roosenmallen ’95*

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Brooks Moore and his wife,Jessica, welcomed their daugh-ter, Chloe Elizabeth, on

September 1, 2004. Chloejoins her older sister,Maddilyn. Brooks is a yieldresearch associate at Friedman,Billings, Ramsey Group Inc. inArlington, Va.

Sergio Suarez and his wife,Arianna, announced the birthof their daughter, Daniela, onDecember 6, 2004. Sergio is afinance manager at PAETECCommunications Inc. inRochester, N.Y.

Jessica Telaak marriedTimothy Naffky in July 2005in Orchard Park, N.Y. Jessicais a health care consultant forInternational BusinessMachines (I.B.M.).

2005Ryan Carey Martin marriedKristina Jean Root in July2005 in Parkman, Ohio. Ryanrecently accepted a position asan associate in Legg MasonInc.’s investment bankinggroup.

that involves direct invest-ment of tens of millions ofeuros. I’ve also been involvedin assignments that requiremarket and business innova-tion, reorganization and newbusiness development.”

Primarily, Ted starts assign-ments as a consultant, wherehe assesses tactical and strate-gic options and advises whichroute to take. To help compa-nies remain competitive, hetypically suggests technical/market innovations that willresult in organizationalchange and capital invest-ment. Then, rather than leavehis clients at this point, heoften remains on board, man-aging the organizationalchange processes and capitalinvestment projects. “In asense, I both create the foun-

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To submit a class note, send an e-mail to [email protected] or, where indicated,contact your class correspondent.

1963Christopher“Kit” Eckelwas appointedvice presidentof humanresources atPotlatchCorporation in Spokane,Wash. Kit has been with thecompany since 1978.

1967Kronos Inc., founded by MarkS. Ain, the 2005 SimonSchool commencementspeaker and DistinguishedAlumnus Award recipient, islisted among BusinessWeek’s100 Best Small Companies inthe magazine’s June 6, 2005,issue. Based in Chelmsford,Mass., Kronos placed 65th onthe list.

1973Ramachandra Bhagavatulawas appointed managing direc-tor and portfolio manager atCombinatorics Capital in NewYork City.

1975Kevin Feeney writes that inMay 2004, he received a doc-toral degree in accountingfrom Pace University. He iscurrently a senior director atGartner Inc. and is also amember of E-Trade’s ClientAdvisory Board. In addition,he was recently elected as a di-rector of the National ModelRailroad Association.

1978David Burns was named presi-dent and C.O.O. at ExOneCorporation based in Irwin, Pa.

Jeffrey Tischler was appointedC.F.O. at Acies Corporation inNew York City.

1979Roger Hodskins accepted aposition as vice president,business development applica-tions, at RadView SoftwareLtd., where he will be respon-sible for the company’s world-wide strategic alliances.

1982Class Correspondent: SameerShah, [email protected]

Bruce Forsyth was named vicepresident of marketing atVelocita Wireless in Wood-bridge, N.J.

James Sharpe was namedC.E.O. at Astralis Ltd. inFairfield, N.J. Prior to this ap-pointment, Jim served asfounder and president of AnkyrConsulting, an independentconsulting company.

1983William Hartman is the newpresident of MesoSystemsTechnology Inc. inAlbuquerque, N.M.

Thomas McLain was ap-pointed to the board of direc-tors of the BiotechnologyIndustry Organization. Tom ischairman, chief executive offi-cer and president of NabiBiopharmaceuticals.

William Thummel was ap-pointed C.O.O. for theAmericas region at Jones LangLaSalle Inc. in Chicago, Ill.He will be responsible for en-suring that client-focused op-erational excellence is reflectedin all aspects of the firm’sAmericas business.

1984Robert Bianchi was namedvice president of the sales divi-

sion at Veramark TechnologiesInc. in Pittsford, N.Y.

Eric Fredericksen joined theUniversity of Rochester as thedirector for academic technol-ogy services and associate viceprovost.

Michael Kanterman (at left)and Roland Caputo met unex-pectedly at Hommocks IceRink in Larchmont, N.Y., afteralmost 20 years. “While playingin an ice hockey game at theHommocks rink, Mike musthave heard someone call meRoland and asked if I wasRoland Caputo,” writesRoland. “I gambled that he

wasn’t a process server and an-swered in the affirmative. Afterlooking closely through his facemask, I recognized Mike as afriend from Simon back in1983–84.” Mike is director, eq-uity capital markets, at CreditSuisse First Boston, and Rolandwas recently promoted toC.F.O. at The New York Timesin New York City.

Jeremy Seligman was ap-pointed director of IT strategyand organizational develop-ment at Ford Motor Companyin Allen Park, Mich.

1985Jon VanDuyne joined CASAmericas in Atlanta, Ga., in thenewly created position of C.E.O.

1986Steven Barry is senior vice presi-dent and district business leaderat Key Bank in Rochester, N.Y.

1988Class Correspondent: Jeff Durbin,[email protected]

Sami Abbasi was promoted topresident and C.E.O. ofRadiologix in Dallas, Tex. Samico-founded the company in1996, and helped take it publicin 1997. On the personal front,Sami was married in May2000, and he and his wife, Ally,have two children, 3-year-olddaughter, Jenna, and 1-year-oldson, Sal.

Eric Ball accepted a position asvice president, treasurer, atOracle Corporation inRedwood Shores, Calif. Hewas married in 2001, and heand his wife, Sheryl, have a17-month-old son, Spencer.

Jeff Durbin has been workingas a finance and accountingconsultant with ResourcesGlobal Professionals since2003, and recently transferredto the St. Louis, Mo., office.Jeff and his wife, Linda, have a6-year-old daughter, Lyndsay,and a 3-year-old son, Will, andcelebrated their 13th weddinganniversary in June.

David Dyer joined Cyber-ArkSoftware as vice president ofsales. In his new role, Davidwill oversee sales initiativesacross North America.

Juan Jones was promoted tosenior vice president at OracleCorporation in RedwoodShores, Calif. In his new role,Juan is responsible for the sup-port business in NorthAmerica.

Class notes

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1989Bradford Davis joined the fi-nancial institutions group atRBS Greenwich Capital inGreenwich, Conn.

1990Mark Bofinger recentlyopened Heart of the MatterServices in Colden, N.Y. Thefirm specializes in businessconsulting, information tech-nology consulting and publicspeaking services.

Frederick Gattelaro wasnamed vice president of pro-fessional services and supportat Pacific Edge Software inBellevue, Wash. In his new po-sition, Fred will direct theteams responsible for businessconsulting, technical productimplementation, technical sup-port and training.

Debra Neiman coauthored abook with Sheryl Garrett titledMoney Without Matrimony:The Unmarried Couple’s Guideto Financial Security. Debra is a certified financial planner at Neiman & AssociatesFinancial Services L.L.C. inWatertown, Mass.

Siddharth Pai was appointedpartner and managing directorof the newly opened TPI Inc.in Bangalore, India.

1991Maria Fregosi was appointed toABN AMRO Mortgage Group’sexecutive committee, in AnnArbor, Mich. In her new posi-tion, Maria assumes responsi-bility for the firm’s pricingstrategies and secondary mar-keting activities and will con-tinue to oversee the capitalmarkets division.

The board of directors at Glea-son Corporation in Rochester,N.Y., named John Perrotti pres-ident and C.E.O. John hadserved as president and C.O.O.at Gleason since January 2005.

Paul Rasmussen was ap-pointed C.E.O. at CPI in St.Louis, Mo.

Andrew Thomas was ap-pointed president and C.E.O.at Heineken U.S.A. in WhitePlains, N.Y. Andrew is the firstAmerican to head the UnitedStates business unit.

1992J. Steven Childs was promotedto manager, insurance and mu-nicipal finance, at NorthwestAirlines in Eagan, Minn.

Roger Edelen ’96 Ph.D.joined Mellon CapitalManagement Corporation inSan Francisco, Calif., as a se-nior strategist. In his new posi-tion, Roger will be responsiblefor capturing excess return inenhanced indexing productsand further refining efficienttrading strategies.

Rene Jones was appointedC.F.O. at M&T BankCorporation in Buffalo, N.Y.Prior to this appointment,Rene was senior vice presidentand manager of M&T’s finan-cial performance measurementdepartment.

Mark Melcher writes that hestarted The HushabyeMountain Woodshop inRoanoke, Va. His companycrafts high-end custom furni-ture and cabinets.

Christopher Stavros joinedOccidental Petroleum Corpora-tion in New York City as direc-tor of investor relations.

Douglas Witter accepted a po-sition as senior special counsel

in the market surveillance divi-sion at the New York StockExchange (N.Y.S.E.) in NewYork City. In his new role,Doug will be responsible forthe N.Y.S.E. rule interpretationand N.Y.S.E. member continu-ing education.

Andrew Young* was appointedexecutive director and chiefoperating officer at AnzonAustralia Ltd. in Sydney,Australia.

1993Eduardo Centola was pro-moted to head of mergers andacquisitions for the financialsponsors group at GoldmanSachs in New York City.

Neale Gonsalves joined theAmerican India Foundation inMilpitas, Calif., as director ofdevelopment.

The board of directors atEastman Kodak Company ap-pointed L. Jeffrey Markin* asa vice president of the com-pany. Jeffrey has been withKodak for 25 years; prior tothis appointment, he was gen-eral manager, regional opera-tions, for Kodak’s healthgroup.


Diane (Zavacki) Tucker ’88 and children pose for photographer Dean Tucker’88 on a trip to Iceland. Dean and Diane are on a three-year assignment in London,England, for Xerox Corporation and are enjoying their travels in Europe.

Simon Events on the Web

For the most up-to-date list of Simon alumni events taking placearound the globe, visit www.simon.rochester.edu/alumni/regional_events.aspx.

For information on alumni committees forming in your area, visit theRegional Alumni Networks page of the Simon Web site at:www.simon.rochester.edu/alumni/regional_clubs.aspx.

If you have additional questions about events or networks, call theOffice of Alumni Relations and Development at (585) 275-7563.


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reg Vangellow ’94and Deb(Bordynski)

Vangellow ’99 metat a University of

Rochester reunionweekend after Greg had com-pleted his Simon M.B.A. andDeb was considering gettingone. Now married with threesmall children, they agree thattheir educations at Simon werecrucial for professional and

personal fulfillment. Greg isowner, president and C.E.O. ofR. W. Dake & Company, basedin East Rochester, N.Y. Deb,who previously held a sales po-sition at Procter & Gamble, isnow a stay-at-home mom.

“Getting a Simon M.B.A. isnot about going to a bunch ofclasses,” says Greg. “It’s a wholeexperience. Where else can youclimb four flights of stairs andhear four languages?” Deb alsoenjoyed the international diver-sity of the School and the“small school” feel.

Greg, who went directlyfrom undergrad to graduateschool, believes that his initialjob at M&T Bank wouldn’thave been possible without anM.B.A. But, even more impor-tant, he would never have hadthe confidence and training he

needed to buy his own businessat the age of 31 without thatdegree. “I traded a career at asafe and stable lending institu-tion for the crazy life of a con-tractor,” he explains, “and Ihave zero regrets about it. I es-pecially use the skills I learnedat Simon when it comes tolooking at the big picture andsolving problems—things I doevery day now.” R.W. Dake &Company specializes in interiorcommercial construction, withoffices in Buffalo and Rochesterand 62 people on the payroll.

Deb worked at Procter &Gamble while taking advantageof Simon’s part-time M.B.A.program. This led to a promo-tion and made her much moreaware of the medical/businessarena she was managing. “Mymarketing and health care con-centrations complemented myjob responsibilities nicely,” shenotes. “It helped me better un-derstand overall sales strategyand brand development, whichenhanced what I learned atboth school and work.” Theflexibility of a part-time op-tion, although challengingwhen working with teams, en-abled Deb to remain at a jobshe loved.

There is an additionalVangellow connection with theSimon School. Greg’s brother,Eric, graduated in 1986, andhis father, John, earned hisbachelor’s degree in business in1960.

“I have a strong addiction togolf,” says Greg, “which fortu-nately is spreading to my wifeand kids.” Deb is relishing her“retirement” into full-timemotherhood and feels herproject management skills aregetting a solid workout!

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1994Class Correspondent: AndrewMarein-Efron, [email protected]

Mark Greenstein accepted aposition as a managementconsultant at McKinsey & Co.in Chicago, Ill.

Arthur Smith was appointedchief marketing officer at RSMMcGladrey Business Servicesin Charlotte, N.C. In his newrole, Art will be responsible forleading the development andexecution of overarching mar-ket and brand strategies for allof RSM McGladrey.

1995Carlos Barrionuevo accepted aposition as director of businessdevelopment at NPR inWashington, D.C.

Martin Ellis assumed the roleof chief financial officer at Agily-sys Inc. in Cleveland, Ohio.

Earlier this year, JacquelynMarchand purchased Women-Tours, a bicycling tour com-pany that offers supportedtours for women. Jackie runsthe business out of her homein Rochester, N.Y.

Paul McAfee,*C.E.O. ofeXubrio L.L.C.,introduced a new sales ap-pointment-making servicefor business-to-business firms.eXubrio has named the serviceC-Level Leads. The new serviceintegrates with eXubrio’s othermarketing offerings, which in-clude value proposition devel-opment, key message creationand business development di-rect marketing programs.

Stevan Ramirez,* chief qualityofficer and vice president at

Eastman Kodak Company inRochester, N.Y., was includedon Hispanic Engineer &Information Technology maga-zine’s list of 50 Most ImportantHispanics in Technology andBusiness for 2005.

1997Dennis Ischenko accepted aposition at Fox-Pitt, Kelton inLondon, England, as seniorvice president, European eq-uity research and Europeanbanks analyst.

Luigi Limentani writes that hemoved from equity research tothe proprietary equity tradingdesk at Nikko Citigroup inTokyo, Japan.

Nagesh Pabbisetty was ap-pointed general manager ofthe real-time collaborationgroup and the newly foundedengineering and product inno-vation center at Microsoft.

Joao Pires writes that he hasreturned to Portugal afterspending a few years in SouthAfrica. Now a partner atBright Partners in Lisbon, healso lectures at the CatholicUniversity of Lisbon.

Jill Seeman left New YorkCity to accept a position inthe IT department at BedfordIndustries, a not-for-profit or-ganization in Adelaide,Australia.

1999Class Correspondent: SarahPlasky-Sachdev,* [email protected]

David A. Galante* accepted aposition as vice president,commercial solutions group, atFedEx/Kinkos in Dallas, Tex.

Vineet Kapur joined BlackstoneAlternative Asset Managementin New York City as managing

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director. The addition ofVineet’s position is part of thecontinuing expansion of thefirm’s senior investment team.

Lisa Saski accepted a positionas vice president at LehmanBrothers in New York City.

Pam Spiteri* writes that shehas opened a new Drama Kidsfranchise in Rochester, N.Y.

2000Class Correspondent: PierreDescartes, [email protected]

Joy Lockhart accepted a posi-tion as global finance managerat DuPont Advanced FibersSystems in Richmond, Va.

Ender Markal joined ValuationResearch Corporation in SanFrancisco, Calif., as assistantvice president.

Elad Nafshi accepted a positionleading advanced product de-velopment at Comcast Corp-oration in Philadelphia, Pa.

Andrew Seguin accepted a posi-tion as program manager in themarketing department at Har-poon Brewery in Boston, Mass.

2001Class Correspondent: Lisa Zeiher,*[email protected]

Patricia Calkins* was namedvice president of environment,health and safety at Xerox Corp-oration in Stamford, Conn.

Slobodanka (Dana) Novakovicaccepted a position as an associ-ate director in the energy groupat UBS Investment Bank inLondon, England.

2002Christopher Cost assumed therole of manager of pensionsand investments at Medco

Health Solutions in FranklinLakes, N.J.

Tracy Ding accepted a posi-tion as financial specialist onthe corporate finance/compli-ance team at Mercer HumanResource Consulting inHoboken, N.J.

Scott Ehrig writes that he waspromoted to senior vice presi-dent and C.I.O. at First Com-monwealth Trust Company inIndiana, Pa. Scott and hiswife, Stacey, are the proudparents of two daughters,Sarah Grace and SophieMarie.

Andrei Kisselev moved backto New York City and ac-cepted a position with the fi-nancial sponsors group atBanc of America Securities.

Trevor Lloyd accepted a posi-tion as assistant vice presidentof institutional investmentsales at Fifth Third Securitiesin Pittsburgh, Pa.

Molly Thorn accepted a posi-tion as senior project managerat Beth Israel Medical Centerin New York City.

On March 8,2005, CarolWright,* prin-cipal at Enter-prise SolutionsInc. in Roch-ester, N.Y.,was named “Inspiring Business-woman of the Year” by thelocal chapter of the NationalAssociation of Women BusinessOwners (N.A.W.B.O.). Shealso was elected to the board ofthe Rochester chapter.

ichard Leftwich’80 Ph.D. went

from learningabout busi-

ness to managing the businessfaculty at a major university.As the Fuji Bank and HellerProfessor of Accounting andFinance and deputy dean forfaculty, Richard manages hir-ing and promotion processesfor full- and part-time facultyfor the University of ChicagoGraduate School of Businessand teaches in the M.B.A.program. He also preparesand staffs course schedules forthe M.B.A. programs andcoedits the Journal ofAccounting Research. And ifthat doesn’t keep him busyenough, coordinating com-puter services for the schooland sharing in critical deci-sion-making with otherdeputy deans certainly does.

“My Ph.D. in applied eco-nomics was a prerequisite forbecoming an assistant profes-sor at a research-oriented uni-versity,” says Richard. “I par-ticularly valued [former SimonSchool] professors MikeJensen and Ross Watts. Mikebrought extraordinary passionto his work and excelled atchallenging conventional wis-dom. Ross acted as a mentorto me and other Ph.D. stu-dents, notably BobHolthausen, Rick Ruback,Ken French, Avner Kalay andWayne Mikkelson. Ross hassince become a close friendand still inspires me with hisdedication to research.”

When Richard began inves-tigating a Ph.D. program, hewas working as an accountantand financial analyst in

Australia and didn’t knowmuch about United Statesbusiness schools. It wasthrough former Simon facultymember Ray Ball, a friend ofRoss Watts, that he learnedabout Watts’ research and thechallenging environment atSimon. Ross wrote toRichard, urging him to cometo Simon and concluding, “Ifyou can cut the mustard here,you will be successful any-where.” That sentence stuckin Richard’s mind, and he stillrecalls the impact it had onhis decision. “The most im-portant things I gained atSimon were an understandingof how to identify and tacklechallenging research questionsand a solid training in eco-nomics,” he says.

In 1984, Richard won the American Institute ofCertified Public Accountants(A.I.C.P.A.) Notable Contri-bution Award for a paperfrom his Ph.D. thesis andreceived the prestigiousMcKinsey Award forExcellence in Teaching. Hehas conducted seminars infinance nationally and inter-nationally and has acted as aconsultant to commercialbanks, investment banks andinsurance companies. Hisresearch specializes in issuesconcerning audit qualifica-tions, bond ratings, corporatecharter changes and blocktrades.

When he’s not helping tomanage Chicago’s GraduateSchool of Business, Richardenjoys spending time with hisfamily and following cricketon the Internet.

Alumni Leader ProfileRichard Leftwich ’80 Ph.D.

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IN MEMORIAM

1985James Goodenough died suddenly on August 15, 2005. Jimowned an Internet research business in Bensalem, Pa. A trib-ute to him from his classmates will be forthcoming in thespring issue of SimonBusiness.

1988Brian Russo died of a heart attack on March 25, 2005. Brianwas a senior financial analyst at Constellation Energy inTimonium, Md.

Francesca Shira died of cancer on July 1, 2005. Francesca wasa relationship manager at Citigroup in Rochester, N.Y.


2003Class Correspondent: JustinBownds,* [email protected] M. Galante accepted aposition as a commercial realestate analyst for NorthMarqCapital in Parsippany, N.J.

Ami Nienus joined HarrisInteractive in Rochester, N.Y.,as research manager/moderator,health care and public policy.

Kelly Stone accepted a positionat Colgate-Palmolive in NewYork City as associate productmanager.

Alex Sukhoy accepted a newposition in seasonal card mar-keting on the Wal-Mart teamat American Greetings inCleveland, Ohio.

Kevin Teborek accepted a newposition in the health care area

at Merrill Lynch Capital inChicago, Ill.

Samuel Varco is an applica-tions engineer at DRSTechnologies, signal solutionsdivision, in Gaithersburg, Md.

Ivy Xiying Zhang, a SimonPh.D. student, has garneredconsiderable media attentionwith her research paper on theeconomic impact of theSarbanes-Oxley Act. Her re-search has been featured in theJune 6, 2005, edition of TheWall Street Journal, as well asin a May 21, 2005, article inThe Economist, titled “A PriceWorth Paying.” (See article onp. 8.)

2004Class Correspondent: KarenWalker, [email protected]

Jackson DeBolt accepted anew position as team leader at

Corning Inc. in Corning, N.Y.Dov Lantsman writes that hejoined KLA-Tencor in SanJose, Calif., as a supply chainbusiness analyst.

Suzanne Ley accepted a posi-tion as a bank examiner at theFederal Reserve Bank of NewYork in New York City.

Patrick Liles joined KeyBancCapital Markets in New YorkCity as a research associate inequity research.

Richard Rambaldo accepted aposition as a research associatewith Pacific Growth Equitiesin San Francisco, Calif. Hewill be working on the devel-opment of a new franchise—emerging environmental tech-nologies.

Mark Ratchford writes that heis a marketing doctoral student

at the University of Coloradoat Boulder.

C. Patrick Scholes accepted asenior associate position at J. P.Morgan Chase & Company inNew York City.

2005Class Correspondent: RameetKohli, [email protected]

Brian Caldwell accepted a po-sition at Deloitte Consulting inNew York City in the financialadvisory services valuationgroup.

Jeremy Couture accepted aposition at Nestle Purina in St.Louis, Mo., as manager of cus-tomer development.

Jonathan Hagan joinedOppenheimerFunds in Roch-ester, N.Y., as a credit analyst.

Gift of aLifetimeThe Philip T. Meyers Society, announced in the fall 2004issue of the Simon Alumni Network, honors donors whohave included the School in their estate plans. Be a part ofthe Simon School’s tomorrow through your planned gifttoday. Types of gifts include:

• Gifts of assets

• Gifts by will

• Life-income gifts

• Gifts of retirement plan benefits

• Gifts of life insurance

For more information on these and other forms of plannedgiving, contact John-Paul Roczniak, executive director ofalumni relations and development, at (585) 273-1756 or [email protected], or please feel free to visitthe related Web site at www.simon.rochester.edu/alumni/planned_giving.aspx.

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Simon Alumni Update FormName_____________________________________________________________________ � Male � Female Simon Graduation Year: _______________

Simon Program Completed: � Full-time M.B.A. � Part-time M.B.A. � Executive M.B.A. � B.S. � M.S. � Ph.D. � Certificate

Undergraduate School: ______________________________________________________ Degree: ______________________ Year: ______________________

Current Employer:___________________________________________________________ Birth date: _______ _______ _______

Job Title: __________________________________________________________________

Work Address (feel free to enclose a business card): _____________________________ Work Phone: (_______) ______________________________________

________________________________________________________________ Work Fax: (_______) _______________________________________

________________________________________________________________ Work E-mail: ______________________________________________

Job Responsibilities: ________________________________________________________

Home Address: ____________________________________________________________ Home Phone: (_______) _____________________________________

________________________________________________________________ Home Fax: (_______) ______________________________________

________________________________________________________________ Home E-mail: ______________________________________________

Spouse/Partner’s Name: ____________________________________________________ Industry: __________________________________________________

Maiden Name: _____________________________________________________________

I would like to support the CAREER MANAGEMENT CENTER in the following ways:

I would like to assist the Office of ALUMNI RELATIONS AND DEVELOPMENT with the following programs:

� MM..BB..AA.. RReeccrruuiittiinngg:: Discuss strategies for building a recruiting relationship with my firm.

� CCoommppaannyy CCoonnttaacctt:: Act as primary company contact for students at my firm.

� CCaarreeeerr IInnffoorrmmaattiioonn PPaanneellss:: Serve as a guest speaker about my career field: � Rochester campus � New York Recruiting Program (NYRP)

� Speaker for Student Clubs

� SSttuuddeenntt AAddvviissiinngg//NNeettwwoorrkkiinngg:: Offer advice to current students about entering my career field.

My specific field(s) of expertise: ___________________________________________________________________________________

� CCaarreeeerr EEdduuccaattiioonn VVoolluunntteeeerr:: Support student skill building by volunteering as an interviewer (on campus) and/or assist

students in developing networking phone skills (by phone).

� SSttuuddeenntt CClluubb SSuuppppoorrtt:: � Host a club visit at my company � Sponsor Case competition

� RReeggiioonnaall GGrroouuppss: Help organize Simon School regional alumni network events in my geographic area.

� CCllaassss CCoorrrreessppoonnddeenntt:: Receive and organize information about classmates for the Simon Alumni Network class notes section.

� CCoonnttiinnuuiinngg EEdduuccaattiioonn:: Help recruit guest speakers for lectures and seminars in my geographic area.

� HHoosstt//SSppoonnssoorr:: Host or sponsor events at my office space, club or other location.

� FFuunnddrraaiissiinngg:: Work with the Office of Alumni Relations and Development on events, corporate solicitation and class-agent programs.

I would like to assist the ADMISSIONS OFFICE in the following ways:

I would like to assist the MARKETING AND COMMUNICATIONS OFFICE in the following ways:

� AAddmmiissssiioonnss NNeettwwoorrkk:: Offer advice (generally by phone) to prospective students applying for admission.

Preferred means of contact: � Home phone � Work phone � Home e-mail � Work e-mail

� AAlluummnnii PPhhoonnee CCaalllleerr:: Call admitted candidates and answer questions they may have about the School.

� AAlluummnnii HHoosstt:: Host small dinners or receptions for admitted or prospective candidates.

� AAlluummnnii IInntteerrvviieewweerr

� AAlluummnnii MMaarrkkeettiinngg FFooccuuss GGrroouuppss:: Be willing to be part of or help set up a focus group.

� AAddvveerrttiissiinngg ffoorr SSiimmoonn:: Be able to suggest/provide cost-effective advertising venues/vehicles for Simon.

� WWrriittee oorr ssuuggggeesstt ssttoorryy ttooppiiccss for Simon publications (i.e., Simon Business, Simon Alumni Network)

Check as many boxes as apply.

I would like to assist the EXECUTIVE MBA PROGRAM in the following ways:

� IInnffoorrmmaattiioonn RReecceeppttiioonn:: Attend information receptions for prospective Executive students and sponsors.

� EExxeeccuuttiivvee EExxppeerriieennccee oorr IInnffoorrmmaattiioonn RReecceeppttiioonn SSppeeaakkeerr:: Make a short presentation about Executive Programs at an Executive Experience or an Information

Reception.

� IInntteerrnnaattiioonnaall SSeemmiinnaarr SSeerriieess:: Help recruit guest speakers for international seminars in Europe.

� CCoommppaannyy VViissiittss:: Assist with arranging company visits.

� MMeennttoorr an EMBA student.


Please fold along dotted lines, seal with tape, and mail. Thank you!Please fold along dotted lines, seal with tape, and mail. Thank you!

✁

✁

Thank you, but . . .

� I am NNOOTT able to provide help at this time but have completed the demographic portion for your own records.

� Please do not list my information in the alumni database utilized by Simon students.

� Please do not list me on the School’s Web page by e-mail and business address.

AAddddiittiioonnaall CCoommmmeennttss:: ____________________________________________________________________________________________________________________

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NO POSTAGENECESSARY

IF MAILEDIN THE

UNITED STATES

BUSINESS REPLYMAIL FIRST CLASSPERMIT NO. 137ROCHESTER, N.Y.

POSTAGE WILL BE PAID BY ADDRESSEE

University of RochesterWilliam E. Simon Graduate School of Business AdministrationAlumni Relations and DevelopmentP.O. Box 23029Rochester, New York 14692-9804


Change Service Requested

William E. Simon Graduate School of Business Administration

Rochester, New York 14627

February 1, 2006Lunch Event

Securities & Investment Institute

To register or for information

contact Alexandra Kelly

[email protected]

Join us for the

2nd annual

Simon

Economic

Outlookin

London

Presented by

Charles I. PlosserJohn M. Olin Distinguished Professor

of Economics and Public Policy


winter 2005–2006 simon business

Documents