feature

Taking a Bite

When grocery store shelves and fast-food drive-throughs didn’t have what they were looking for, Booth students and graduates didn’t get frustrated. They got inspired. Sensing gaps in the fast-growing world of healthy eating, many of them are capitalizing on the booming good-for-you food movement to start, grow, run, and invest in businesses that bring nutrient-dense, locally sourced products to market. Booth grads are becoming thought leaders in the healthy-food business—a sector that’s growing exponentially and is expected to hit a record-high $1 trillion in sales worldwide next year. Healthy eating is hard to define. For some, it means buying whole foods free of additives; for others it means eating only organic fruits, vegetables, and meat from humanely raised animals; and still others focus on buying directly from farmers they know.<br/>

conversation

A Welcoming Home

The companionship of scholars and the thrill of continuous learning are two wonderful aspects of a life in science,” Robert W. Fogel wrote in a short autobiography when he won the 1993 Nobel Memorial Prize in Economic Sciences. “When one is engaged with students who are both very curious and very bright, it is never quite clear who is teaching whom.” That passion for engaging with students stood at the core of the Fogel Dinner, one of the enduring legacies of the late Nobel laureate and longtime Booth professor, and his wife, Enid M. Fogel, the onetime associate dean of students at Booth. Together, they hosted the first Fogel Dinner in 1982 to welcome minority students at Booth to the school and the Hyde Park community. Each fall for the next three decades, Bob—as he was known to colleagues and students—and Enid opened the doors of their brownstone on University Avenue. After his wife’s death in 2007, Fogel continued the tradition until he passed away in 2013. <br/>

conversation

The View from London

It’s a natural fit—graduates of a business school renowned as a finance powerhouse thrive along the banks of the Thames, making their mark in the world’s preeminent financial and banking hub. More than 800 Chicago Booth alumni live and work in the United Kingdom, home to one of the school’s overseas campuses at Woolgate Exchange, in the heart of London’s financial district. It serves as the headquarters of the Executive MBA Program Europe, anchoring the Booth community as a gathering place for students, faculty, and graduates alike.<br/>

perspective

The Book of Booth: David Booth, ’71

In recognition of the largest gift to any business school in the world, the GSB became Chicago Booth in 2008. David Booth, ’71, serves as a lifetime member of the school’s business advisory council and on the Board of Trustees of the University of Chicago. A true path breaker, Booth this year made Forbes’s list of the 40 “Money Masters: The Most Powerful People in the Financial World,” and Institutional Investor honored him with the Manager Lifetime Achievement Award. CBM sat down with Booth in Austin, Texas, at Dimensional’s home office, for his take on leadership, impact, and the value of an MBA. How did Eugene Fama, MBA ’63, PhD ’64, help shape your career? I went to the University of Chicago for the PhD program. I was going to be a professor. After taking Fama’s class and then working for him, I realized I probably didn’t have what it takes to be a leading academic. I decided that my strength was in applying the concepts rather than necessarily trying to think up the next great idea.<br/>

perspective

This is Working for Me: Carla Dunham, AM ’98, MBA ’03

Carla Dunham first arrived in Hyde Park not to study business but with the intention to graduate from the University of Chicago art history department with a PhD and become a professor. After completing a master’s degree in art history, Dunham switched gears and applied to Booth. “I was intrigued by the opportunity to take my career out of the library and into the larger world,” recalled Dunham, vice president of global brand strategy at Kate Spade New York. After Booth, Dunham tackled successively bigger roles at Target, Henri Bendel, Saks Fifth Avenue, and Amazon before moving to Kate Spade New York. Based in Manhattan with her husband and son, Dunham leads the team responsible for driving brand awareness across all marketing channels globally.<br/>

perspective

A Workday With Todd Connor, ’07

According to Todd Connor, ’07, about 25 percent of the 250,000 active duty service members who get out of the military each year want to start their own business. In March 2013, Connor cofounded Chicago-based Flank 5 Academy, a personal incubator aimed at helping people launch a new career or business. The following year, he founded Bunker Labs, a Chicago-based organization that helps military veterans start and grow businesses. Military veterans and entrepreneurs like Connor now helm the 12 active Bunker Labs chapters throughout the United States, focused on expanding an ecosystem to support military veteran entrepreneurship in their communities.

In this issue
feature

Paper Work

It’s a humble brown and white pamphlet, no bigger than the size of a small notebook. Its pages are few, but its contents bear witness to a landmark in the history of business education: the world’s first executive MBA program. The pamphlet, labeled “Executive Program Directory,” was distributed to the students of this new, innovative curriculum when it debuted in 1943 at Chicago Booth, then known as the School of Business. A one-stop info shop, the book answers many questions a new student would have had: Where is my accounting professor’s office? When is the library open? And where is the designated smoking room? This special piece of Booth’s history had been stored with the rest of the XP program archives until recently, when Deb Fallahay, associate director of operations for the program, brought it to the attention of Russ Maki, ’95 (XP-64). This encounter gave the 73-year-old document a new lease on life. “This is incredible,” enthused Maki, as he showed off the pamphlet before its restoration, its pages stained and wrinkled with age. “I mean this is XP-1. This is the origin. This was the first executive program ever.”

feature

This is Not a Spectator Sport

When the late Howard Haas became CEO of Sealy in 1967, he had been with the mattress maker for 11 years, seven of them in leadership positions. Over the next 19 years, he grew the company by an astonishing 17 percent a year, from $32 million in revenues to $550 million, without making an acquisition. He turned 34 different licenses into a unified brand and made Posturepedic a household name. Under his leadership, the company had the best return on capital in the bedding industry, and its in-store displays foresaw the stand-alone sleep store. Haas learned to lead on the job, there being no graduate programs in leadership at the time. When he joined the faculty of Chicago Booth in 1988, two years after retiring from Sealy, the only leadership course taught at the school was professor emeritus Marvin Zonis’s Theories of Leadership. Haas spent hours in the Regenstein Library but could find nothing that spoke to his experience leading Sealy. He began to fill the giant “knowing-doing gap” with a new course called Leadership in Practice. Haas said he felt “like someone in the desert carrying a canteen of water to the very thirsty.”

feature

Business + School

Over the decades, seven Chicago Booth faculty members have won the Nobel Memorial Prize in Economic Sciences. Alumni have helmed the world’s biggest companies and launched unicorns. The school regularly ranks among the most elite business schools in the world. What continues to set Booth apart is the school’s distinct educational philosophy. Based on the fundamental scientific disciplines—mathematics, statistics, law, psychology, sociology, and of course economics—The Chicago Approach provides a framework for thinking about any business problem, in any industry, in any economy, even as the global marketplace continues to evolve. <br/>

perspectives

The Book of Booth: David Booth, ’71

In recognition of the largest gift to any business school in the world, the GSB became Chicago Booth in 2008. David Booth, ’71, serves as a lifetime member of the school’s business advisory council and on the Board of Trustees of the University of Chicago. A true path breaker, Booth this year made Forbes’s list of the 40 “Money Masters: The Most Powerful People in the Financial World,” and Institutional Investor honored him with the Manager Lifetime Achievement Award. CBM sat down with Booth in Austin, Texas, at Dimensional’s home office, for his take on leadership, impact, and the value of an MBA. How did Eugene Fama, MBA ’63, PhD ’64, help shape your career? I went to the University of Chicago for the PhD program. I was going to be a professor. After taking Fama’s class and then working for him, I realized I probably didn’t have what it takes to be a leading academic. I decided that my strength was in applying the concepts rather than necessarily trying to think up the next great idea.<br/>

perspectives

This is Working for Me: Carla Dunham, AM ’98, MBA ’03

Carla Dunham first arrived in Hyde Park not to study business but with the intention to graduate from the University of Chicago art history department with a PhD and become a professor. After completing a master’s degree in art history, Dunham switched gears and applied to Booth. “I was intrigued by the opportunity to take my career out of the library and into the larger world,” recalled Dunham, vice president of global brand strategy at Kate Spade New York. After Booth, Dunham tackled successively bigger roles at Target, Henri Bendel, Saks Fifth Avenue, and Amazon before moving to Kate Spade New York. Based in Manhattan with her husband and son, Dunham leads the team responsible for driving brand awareness across all marketing channels globally.<br/>

perspectives

A Workday With Todd Connor, ’07

According to Todd Connor, ’07, about 25 percent of the 250,000 active duty service members who get out of the military each year want to start their own business. In March 2013, Connor cofounded Chicago-based Flank 5 Academy, a personal incubator aimed at helping people launch a new career or business. The following year, he founded Bunker Labs, a Chicago-based organization that helps military veterans start and grow businesses. Military veterans and entrepreneurs like Connor now helm the 12 active Bunker Labs chapters throughout the United States, focused on expanding an ecosystem to support military veteran entrepreneurship in their communities.

perspectives

Booth 101: An Introduction to Beer Pairing

In the back of an Illinois-based taproom, Jamie Hoban, ’02, stands next to a cluster of wooden pallets. Heavy-duty shrink-wrap envelops each of the pallets, which are stacked in rows as high as a basketball hoop in order to protect their fragile contents: thousands of empty beer bottles. These vessels won’t be empty for long. Hoban and his business partners, Brian Schafer and Andy Smith, will soon fill them with Angry Dragon Pale Ale, Pink Tie Saison, Milk & Cookies, and other wildly inventive (and wildly tasty) beers made by their growing business, Ten Ninety Brewing Company.

conversations

Getting Personnel

The Challenge: How do you go about creating the first diversity and inclusion strategic plan for the Department of Homeland Security, the third-largest and newest US federal government department? With 240,000 employees, not only is the DHS large, it includes long-established agencies such as the Coast Guard and newer agencies such as the Transportation Security Administration, all with their own policies, priorities, and cultures. When Nimesh Patel joined the DHS in 2011 as executive director for diversity and inclusion, the department had no cohesive strategy or oversight of diversity and inclusion, which sometimes resulted in significant challenges for senior leaders when briefing members of Congress about diversity efforts. “We couldn’t even clearly identify our successes, challenges, or the strategies to address the challenges,” said Patel, who recently left DHS to lead diversity and inclusion at WilmerHale, a large international law firm. The Strategy: Patel relied on his experience consulting with Fortune 200 companies regarding their diversity and inclusion efforts, as well as his relationship building, consensus forming, and negotiating skills, to create the department’s strategic plan. He established a task force including representatives from all of the major agencies to create a collaborative process, enable different perspectives, and gain buy-in from all key stakeholders.

conversations

How Can You Take a Smart Approach to Student Loan Debt?

My initial principal loan balance was about $28,000. I didn’t get any correspondence from my loan provider until I was a senior in college. When I got an email that said I had accrued $3,500 in interest, it felt huge to me. I definitely made more than that through on-campus jobs and paid internships during school, and I could have put that money toward my student loans. If the provider had been sending notices, maybe I would have been sending in money sooner. Many students don’t understand that interest is accruing on your loans from your first day of college. Once the grace period expires, that interest is added to your balance, so then you’re paying interest on the interest.<br/>

conversations

A Welcoming Home

The companionship of scholars and the thrill of continuous learning are two wonderful aspects of a life in science,” Robert W. Fogel wrote in a short autobiography when he won the 1993 Nobel Memorial Prize in Economic Sciences. “When one is engaged with students who are both very curious and very bright, it is never quite clear who is teaching whom.” That passion for engaging with students stood at the core of the Fogel Dinner, one of the enduring legacies of the late Nobel laureate and longtime Booth professor, and his wife, Enid M. Fogel, the onetime associate dean of students at Booth. Together, they hosted the first Fogel Dinner in 1982 to welcome minority students at Booth to the school and the Hyde Park community. Each fall for the next three decades, Bob—as he was known to colleagues and students—and Enid opened the doors of their brownstone on University Avenue. After his wife’s death in 2007, Fogel continued the tradition until he passed away in 2013. <br/>