Alumni on the Move
Amherst Securities Group, LP
Dan Hoffman, ’84, has joined as head of fixed-income sales. Headquartered in Austin, Texas, the financial services firm sells mortgage-backed securities, agency securities, and select fixed-income investments.
Barnes Group Inc.
Hassell McClellan, ’69, has been elected to the board of directors. Based in Bristol, Connecticut, the company makes precision components and offers logistical services. McClellan is a faculty member at Boston College’s Carroll School of Management.
Bridge Strategy Group, LLC
John Stephens, ’99, has been promoted to principal. The boutique management consultancy is based in Chicago.
C. H. Robinson Worldwide Inc.
David MacLennan, ’88, was named to the board of directors. Based in Eden Prairie, Minnesota, the firm is a third-party logistics provider that arranges freight transportation using trucks, trains, ships, and airplanes. MacLennan is senior vice president and CFO at Cargill.
Alan Liu, ’92, has rejoined the firm as head of strategic development of China and Taiwan. The commercial real estate consulting firm is headquartered in Seattle.
Cypress Semiconductor Corp.
J. D. Sherman, ’90, has been appointed to the board of directors. Based in San Jose, California, the company makes integrated circuits. Sherman is CFO at Akamai Technologies.
Dana Holding Corporation
Richard Wallman, ’74, has been appointed to the board of directors. Based in Toledo, Ohio, the company is a supplier of axles, drive shafts, and other automotive parts. Wallman is a former senior vice president and CFO of Honeywell International, Inc.
General Re-New England Asset Management, Inc.
William Rotatori, ’90, has been appointed president. Based in Farmington, Connecticut, the subsidiary of Berkshire Hathaway Inc. is a holding company for reinsurance and related operations.
Jim Davis, ’01 (XP-70), has been appointed customer service vice president of the firm, which is headquartered in Honolulu.
Henry Schein, Inc.
Antonin Faury, ’06, has been named director of corporate business development. Headquartered in Melville, New York, the company distributes health care products and services to office-based practitioners.
IRIS International, Inc.
Martin McDermut, ’75, has joined as acting CFO while the company searches for a permanent replacement. Based in Chatsworth, California, the company makes automated in-vitro diagnostics systems for use in hospitals and commercial laboratories.
Ivanhoe Energy Inc.
Carlos Cabrera, ’89 (XP-58), has been appointed to the board of directors. The heavy oil development and production company is headquartered in Vancouver, British Columbia, Canada. Cabrera is a former chairman, president, and CEO of UOP.
Lyxor Starway Fund Ltd.
Dennis Heskel, ’89, has been appointed fund director of the asset management fund, which is headquartered in Paris.
Michael Palmer, ’90, has been named president and a member of Winslow Capital Management Inc.’s operating committee. Winslow is a large-cap growth affiliate of Nuveen, which is based in Chicago.
Philip Chua, ’04 (AXP-3), has joined as managing director and vice president of Asia Pacific and Japan. Based in Fremont, California, SGI offers large-scale computing and storage.
Tuscany International Drilling Inc.
William Dorson, ’76, has been appointed an independent director on the board. The private drilling service company is headquartered in Calgary, Alberta, Canada. Dorson is the retired CEO of Standard Bank in New York.
Greg Besio, ’89, has been appointed to the board of directors. Based in Des Plaines, Illinois, the firm leases vehicles and helps organizations manage their fleets. Besio is executive vice president and chief administrative officer at Aon, Inc.
Alumni to Know
“Now is the time to take stock,” said Howard Marks, ’69, chairman of Los Angeles–based Oaktree Capital. “The people who were able to take on risk last year did very well. Now most people have joined the party. You’re not going to have incremental buying pushing prices up dramatically.” In a May 24 Q&A in Fortune, Marks said the average investor should decide what’s best based on a longer view and “not where the government wants you to be or where interest rates require you to be.”
As industrial demand has fallen during the last two years, so has industrial electricity use. A rebounding economy will bring back industrial demand. “Since industrial demand is 25 to 30 percent of total usage, a 10 percent or so rebound from lows we saw last year should have a substantial impact on reversing the declines we’ve seen in total usage,” said Travis Miller, ’07, a senior equity analyst for Morningstar, Inc., who covers domestic and international utilities. Miller was interviewed for the Alternative Energy and Utilities Report published by The Wall Street Transcript. In an excerpt published by TWST.com on May 4, Miller said that utility dividend yields are “attractive, with 4 percent average dividend yields on the regulated utilities. Even some of the diversified, with a large share of merchant power generation earnings, are yielding in the 3 percent or 4 percent range.”
UAL Corporation CFO Kathryn Mikells, ’94, is credited with averting a second bankruptcy at the airlines, thus helping to smooth the way toward a merger with Continental. A May 10 profile in Crain’s Chicago Business said Mikells has garnered fans on Wall Street and analysts’ respect. The article said she sold everything from frequent-flier miles and spare parts to stock to raise more than $4 billion for United.
CEO Watch: Making Headlines
Jon Corzine, ’73
Chairman and CEO
Instead of retiring, the former Goldman Sachs chairman and former New Jersey governor took the helm at the New York–based brokerage. “One of the things I haven’t done in my life as much as I’d like is to be an entrepreneur,” Corzine said in a June 1 article in The Times. “MF Global offers an opportunity to build something that could be unique, as we take it from a limited niche player, where it is quite successful, to a broader-based financial institution. The marketplace calls for institutions that are not in the systemic risk category.”
Bryan Johnson, ’07
Braintree Payment Solutions
The Bartlett, Illinois–based firm’s revenues have grown 500 percent annually, according to a May 10 Chicago Tribune article. Johnson started the online payment provider while an MBA student participating in the New Venture Challenge competition. Professors and mentors “helped me refine my thought process,” he said.
Tom Rooney, ’91
President and CEO
Those who believe fossil fuels cost less than such alternative energy sources as wind and solar are confusing price with cost, Rooney said in a May 12 piece he wrote for Environmental Protection. Rooney said he met and spoke with “the great man himself: Milton Friedman. He was an economist who always asked ‘What does it cost?’ Not the price—that often hides the cost.” Rooney said Hidden Costs of Energy: Unpriced Consequences of Energy Production and Use, a report issued by the National Academy of Sciences, shows how coal and other fossil fuels “create enormous costs that the rest of us pay for.” That includes damages from coal that cost 3 cents to 13 cents per kilowatt hour of electricity or $62 billion a year, without counting damage from climate change and water pollution from mining. Oil carries greater hidden costs, including billions in government loans, tax breaks, and subsidies, the article said.