2017

Stories related to "Features".

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The Next Generation of Enterprise

On the day of the NVC finals in May, David Rabie, ’15, and his team stood in front of a panel of judges in a Booth classroom and passed out samples of Thai chicken curry, quinoa, and ginger soy broccoli. The meals had been cooked in a futuristic countertop device—similar to a crockpot—called Maestro. Rabie’s vision of simple, healthy meals calls for customers to pop pods of raw vacuum-sealed vegetables, grains, and proteins into the machine and scan the QR-coded cooking instructions on the package. In a half hour, a well-rounded meal is ready to go. The judges tossed out plenty of questions: How did Rabie plan to grow the company? Who would develop the recipes? Rabie had answers, which is why the judges awarded Maestro first place in the Edward L. Kaplan, ’71, New Venture Challenge (NVC), Booth’s signature startup program. With a cash prize of $70,000, business services, and enviable industry connections, Maestro has a good start in life. Four months later, the start up is fine-tuning the product, building a

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The Survivor

José Antonio Álvarez, ’96 (EXP-1), has seen some of banking’s darkest hours. He was elevated to CEO of Madrid-based Banco Santander a year ago—with Europe still struggling to climb out of an economic malaise and the Greek debt crisis threatening to destabilize the fragile eurozone. Álvarez had been through worse. He was named CFO of the bank 10 years earlier, as the housing bubble was about to peak, then burst, hobbling highly leveraged US and European banks. Yet Santander emerged as Europe’s seventh largest bank, with assets of more than $1.5 trillion. Of course Santander was by no means immune to the crisis that engulfed Europe and its banks, with Spain’s overleveraged construction industry contributing to the frenzy. “The worst was summer 2012,” Álvarez said. It’s when Spain was downgraded by the three major ratings agencies, “a few notches in one shot” from Fitch, Moody’s, and Standard and Poor’s. However, through it all, Santander never posted a quarterly loss, unlike many of its European peers, including BNP Paribas, Crédit Agricole Group, and Deutsche Bank. Royal Bank of Scotland suffered such steep

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A Bowl of Cashews

Sometimes you feel like a nut; sometimes you don’t. And sometimes you wish you didn’t have to decide. A quiet revolution in economic thinking instigated by Richard H. Thaler traces its beginnings to a dinner party he hosted in the 1970s. As Thaler explains in his latest book, Misbehaving: The Making of Behavioral Economics, the guests while waiting with cocktails for the meal, were devouring the cashews—the entire bowl half-eaten in minutes. So Thaler, worried that his guests would fill up on the salty snacks, whisked the bowl away. He recalled that when he came back, his friends thanked him for it (and found themselves with room to enjoy a big dinner). “But then, since we were economics graduate students,” Thaler recalled, “we immediately started analyzing this. Because that’s what economists do.” Even cashews could hold the key to unlocking insights about our idiosyncratic behaviors. Without the temptation of the nuts, he said, “We realized that a.) we were happy, and b.) we weren’t allowed to be happy, because a first principle of economics is more choices are better than fewer choices.”

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Of Like Minds in the C-Suite

When an organization’s CEO and CFO both hail from Booth, there’s a common methodology to problem solving that cuts to the chase. In a fast-moving environment, according to Byron David Trott, AB ’81, MBA,’82, founder, chairman, and CEO of BDT & Company, applying “the same disciplined approach” as his Booth-trained CFO Mike Burns, ’03, speeds decision making and removes unnecessary drama from the equation. This doesn’t mean that they always agree—far from it. Maria Kim, ’12 (XP-81), CEO of Chicago-based the Cara Program, describes her CFO Carla Denison-Bickett, ’04, as “a healthy agitator.” But in many ways, the open debate leads to increased dynamism that infects the entire leadership team. At BDT & Company in Chicago and Oaktree Capital Management in Los Angeles, the CFOs were the first and most significant external hires by the founding CEOs—and the pairs are still together. At Oaktree, it’s been 20 years as a team for CEO Howard Marks, ’69, and David Kirchheimer, ’78. Kim and Denison-Bickett have led nonprofit the Cara Program for the past year, but previously worked at the organization

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Kernels of Wisdom

Chicago Booth was founded in 1898. When it comes to longevity, however, Tokyo-based Japan Corn Starch Co.—a privately held comprehensive corn starch manufacturer founded in 1867—has even the second-oldest business school in the United States beat. This July at the beautiful Hotel Okura Tokyo, the company’s president and CEO, Soichiro “Sean” Kurachi, ’85, hosted a celebration for the 150th anniversary of his family-owned business. The guest list for the event evidenced the company’s global reach—it has strong ties to the United States, sourcing all its corn from US farms and partnering with US academic institutions for research and development, and serves as the corn starch provider throughout Asia for many major companies, including Coca-Cola. Kurachi welcomed guests from around the world: representatives of suppliers, buyers, associations, farms, corporate partners, and academic institutions that have had partnerships with JCS, many of whom have had long-standing, close relationships with both the company and the Kurachi family.

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Stepping Back In

It was time for Susan Hopkinson, ’97, to stop apologizing for taking a break from her career. After graduating from Chicago Booth, she excelled professionally with the internet boom of the late 1990s. Hopkinson joined J. P. Morgan’s investment-banking program as an associate. Then, she joined the Japanese investment bank Nomura International as a principal late-stage technology investor. When her fiancé was transferred to San Francisco, where her employer had plans to open an office, the couple moved to the Bay Area. Then came 9/11. At the time, Nomura had its New York office in the World Financial Center, and it decided to consolidate its employees in London. Hopkinson didn’t want to uproot her new life on the West Coast, so that left her amid a lot of out-of-work MBAs, stranded in a city where she had few professional connections. After a short stint consulting with a small secondary fund, in 2002, she earned a position as a fund-of-funds investment manager at Paul Capital Partners, known for its pioneering of the secondary market. A self-proclaimed finance geek, Hopkinson loved the work. “It was very technical but also focused on relationship building with venture-capital firms, so I was really qualified, and I felt very lucky,” she said.

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From Fail to Prevail

When Lotika Pai, ’08, arrived for her first day on the job, she was told to leave. Her role had been eliminated. It wasn’t personal; Pai’s start date was September 15, 2008—the same day that Lehman Brothers, her would-be employer, filed for bankruptcy. After enduring a competitive recruiting process and graduating from business school, Pai looked forward to switching into the fast-paced world of investment banking. The setback was understandably terrifying. “It was the sense of being overwhelmed by something that I had no control over,” she recalled. “I just happened to be in the wrong place at the wrong time.” In the next few years, Pai got valuable experience as an investment banker at Barclays (which acquired Lehman Brothers days later), but she never forgot the anxiety she felt during the turmoil. “That situation was pivotal for me, in terms of wanting to change the trajectory of my career,” said Pai. That first setback with Lehman inspired Pai to consider entrepreneurship once she had finance experience under her belt. Last year, she cofounded Powwful, a Chicago-based women’s activewear brand that aims to change the conversation around fitness and empowerment. “Ultimately,” Pai said, “I wanted to be more in control of what happened to my career.”

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Meet the Dean

Incoming dean Madhav V. Rajan shares his personal story and lays out his vision for Chicago Booth’s future—including the critical role that Booth’s global alumni network plays in building on the school’s successes. Chicago Booth Magazine: You’ve called yourself a “lifelong learner.” Can you take us back and share an anecdote about a moment in your childhood or school years that sparked your interest in business and/or academia? How can Booth instill a similar love for learning in future generations? Dean Rajan: Steve Jobs famously noted that you can only connect the dots looking backward, and that is certainly true in my case. I did not think through or plan out my career. My decision to study business for my undergraduate degree was based purely on the fact that my older brothers were engineers and I wanted to learn something different. I then moved to pursue a master’s degree at Carnegie Mellon University, for the simple reason that my father worked in Pittsburgh. I did well in my first-year courses and was approached by a faculty member, who asked whether I had considered doing a PhD. I had not, but he persuaded me by noting that I would get paid to study, which seemed an amazing concept! This particular professor was in accounting, and that’s how I ended up in that field. However, Carnegie was unique in not having an economics department separate from the business school. Every student in accounting, economics, and finance did virtually the same coursework. Looking back, I have benefited immensely from the breadth of study and interdisciplinary training I received at Carnegie. Even then I wasn’t sure I would become an academic. Many of my PhD friends ended up in consulting, and I always thought the same would happen to me. But I liked academic research and teaching and was successful at it, so when I got a job offer from Wharton, it was an opportunity to keep going. Coming to Booth, I am firmly of the view that the school should support lifelong learning for its alumni. Two years ago, the school launched Back to Booth, which are short, nondegree classes for alumni. These courses provide opportunities to relive the Booth classroom experience with fellow alumni, and to learn about the latest ideas from faculty across the school. I cannot imagine a better way for alumni to keep connected with the school and to continue to learn from our great instructors and the latest ideas they are working on.

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The Innovator

A digital countdown clock sits atop a giant flat-screen monitor in Tyson Foods’ Innovation Lab. It reads 11 days, 0 hours, 1 minute and 14 seconds—and counting. The lab’s brain trust—led by Sally Grimes, ’97, Tyson’s group president, prepared foods—sit comfortably dispersed around the room. Today Grimes is getting the rundown on the Innovation Lab’s latest snack-food creation ¡Yappah! from her handpicked team, many of whom have colorful, self-appointed titles, such as culinary ninja and experimental brand dreamer. Grimes herself doesn’t really need a distinguishing sobriquet—she’s well-known around the halls of Tyson as not only a food innovation guru, but a key leader helping position the company for growth. She runs about $10 billion of Tyson’s $40 billion business worldwide, guides operations for 45 of the company’s 100-plus plants and facilities, and leads 20,000 team members, whom she readily admits are the backbone of the business. Despite her executive-level responsibilities, she has been intimately involved in many of the company’s biggest successes. Grimes is pleased with everything she’s hearing from the team. As promised, ¡Yappah! will be in stores within 11 days, a mere six months after the countdown clock began and the assorted flavors of the chicken-based snack now displayed before us were just an idea. <br/>

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Pioneers in Education

Booth graduates eager to make an impact are finding new ways to apply their MBA—by taking on one of the toughest challenges in the United States today. A growing cadre of Booth alumni are gravitating toward the education sector and applying their business background in a variety of roles, all with the goal of making a difference in the lives of students. It’s an area that badly needs more innovation. In the United States just 59 percent of students who enter a four-year college graduate within six years, according to data from the US Department of Education. And in 2015, 46 percent of scientists rated STEM education for grades K through 12 as being below average, according to the Pew Research Center. For some alumni this less-than-stellar data offers an opportunity to take their careers to different corners of the education landscape—from nonprofit management and school leadership to consulting, investing, and edtech, to name just a few. The combination of addressing some of the nation’s most pressing problems while doing work that’s meaningful on a daily basis is a powerful draw. Meet six alumni advancing bold ideas and envisioning new solutions for the classroom and beyond.

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Reconnect Revisited

Reconnect encapsulates the Booth experience: heart-warming, laughter-filled moments with old friends, classmates, professors, and staff. A recharge of the rigorous Chicago Approach in Back to the Classroom sessions with brilliant faculty—and no exams to worry about! Cutting-edge business insights at Management Conference. It’s an enriching weekend that strengthens the bonds across Booth generations. This year’s reunion welcomed more than 2,000 attendees from across the country and around the world, facilitated by enthusiastic alumni volunteers. Boothies reconnected over Chicago’s world-class cuisine at Friday night class dinners sprinkled all around the Windy City. Saturday’s homecoming, a family-friendly BBQ, brought together Booth graduates at Harper Center and on the quad. Alumni clamored to get back in touch with the Booth spirit of inquiry at Back to the Classroom sessions on topics ranging from blockchain technology with Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and Charles M. Harper Faculty Fellow Luigi Zingales, to innovation and entrepreneurship with adjunct professor of entrepreneurship Ellen A. Rudnick, ’73, and Polsky Center executive director Starr Marcello, MA ’04, MBA ’17. At Management Conference, Chicago Cubs executive chairman Tom Ricketts, AB ’88, MBA ’93, not only celebrated his 25-year Booth reunion; he also gave the conference’s keynote address—and may well have been the only Reconnect attendee with a World Series ring. <br/>

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A Quantifiable Impact

Steve Czech, ’98, is a quant. That’s how he ended up in an underappreciated but lucrative corner of the alternative-investments market, lending money directly to companies who are no longer attractive to commercial banks (for regulatory or strategic reasons) and who don’t want to issue equity or mezzanine debt. Since inception, his firm Czech Asset Management, LP, based in Old Greenwich, Connecticut, has managed approximately $4.5 billion of committed capital, which it loans to medium-sized companies that generate annual revenue between $75 million and $500 million and annual EBITDA of $7.5 million to $50 million. This business used to be the purview of commercial banks, which maintained long-term relationships with corporate executives. But industry consolidation and regulatory changes drove banks to push these loans off their balance sheets, creating an opportunity for Czech and a host of other Booth graduates who are his colleagues and competitors.

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On the Ball

David Han, ’02, CEO and cofounder of Yao Capital, long dreamed of starting his own private equity shop. It’s unlikely, however, that he initially envisioned that that venture would pair him with NBA Hall of Fame basketball player Yao Ming, one of the tallest men ever to play in the National Basketball Association. Yet in January 2016—along with close Booth friend and Yao Ming’s longtime business partner, Erik Zhang—Han cofounded Yao Capital with the renowned Chinese sports icon. Their firm focuses on investments in the sports industry in China and around the globe. Considering that Yao is seven feet six and Han more the height of a point guard, the two men would be quite a mismatch in a game of one-on-one hoops. When it comes to investing, they just might be the ideal teammates.<br/><br/>Promising early Yao Capital deals involving the world’s leading kickboxing league, a booming North American sports nutrition company, and a fast-growing auto-racing championship featuring 140-miles-per-hour electric cars have put a smile on Han’s face. “We’ve made very good investments in the early stages, in and out of China,” he said, sitting in a sunny conference room of Yao Capital’s 10th-floor offices in central Shanghai. “We’re in the right time and the right place. And so far, it’s on the right track.

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All in the Family

When a family business has multiple generations and hundreds of stakeholders, how does an individual stand out? Create meaningful change? Carry the business into the future? We talked with Booth alumni who lead or manage family-owned businesses, from a conglomerate in Thailand to a national baker of breads that got its start in a Chicago basement. They all sought a Booth education because of its reputation for intellectual rigor, lessons in analytic problem solving, and world-class faculty. The family members who run these businesses have more than one generation schooled in The Chicago Approach™. They reached a point in their professional lives—inside or outside the family firm—when they saw the need to boost quantitative skills. For some, that time came after a world event such as the 2008 crash, which upended commodity prices. For others, the education was a way to step up and assume new roles. Relying on data instead of emotion eases decision making, they say. This doesn’t mean they’re bloodless. Always they have in mind their founders, most of them immigrants, who created what they now run. They share holidays with generations of stakeholders: there’s no ducking a failed venture. <br/>

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Entrepreneurs without Borders

In June 2014, after five years in the marketing department at Coca-Cola, Jonas De Cooman, ’16 (EXP-21), felt stalled intellectually. He was ready to push his boundaries. He planned to pursue his MBA while continuing at Coca-Cola. Then unexpected policy changes at work eliminated continuing education support for De Cooman, and it looked like his plans were crumbling. So he sold his apartment. With two small children, De Cooman and his wife carefully weighed their options and the risks involved. Selling their apartment in Belgium provided the only way to afford his MBA. “I decided to pursue an MBA to kickstart my personal learning curve,” he said. De Cooman realized that he wanted to gain more control over his career and make his own mark in the global marketplace as an entrepreneur. With an extensive consumer marketing background, a global perspective, and a promising business idea, he also saw knowledge gaps he needed to fill in order to launch and operate a scalable new business. “I am driven by personal growth and I felt that I was not learning at the same pace that I used to be learning at the start of my career,” he said. “I chose to study again because I didn’t feel equipped enough to be an entrepreneur.”<br/>

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Building on Big Ideas

Though you might not realize it, you’ve likely encountered USG Corporation’s landmark product recently, maybe even today. In fact, it may very well be in the room where you’re sitting right now. That’s because the company’s drywall, flooring, ceiling, and roofing products are part of countless homes and buildings. As the creator of the iconic and ubiquitous Sheetrock brand of wallboard, Chicago-based USG has led the building-materials industry for more than 116 years, with a storied history of innovation and sales of $3.2 billion last year. It made panels for the 1933 Chicago World’s Fair. It helped build homes for American GIs returning from World War II. And in November 2016, Jennifer Scanlon, ’92, became the first female CEO in the company’s history. “We are a transformed company,” Scanlon said, just days before leading USG’s first-ever Investor Day in New York City. “That transformation came in a number of ways—interestingly, from a lot of the initiatives that I led prior to becoming CEO.” A Chicago-area native, Scanlon joined USG in 2003 after studying government and computer applications at the University of Notre Dame and holding roles at IBM and in operations consulting. In recent years, she has made USG more global and more responsive to its customers. She was named president of the international division in 2010, when it included only Canada, Mexico, Europe, and a small operation in Asia. She went on to lead the divestiture of the European business, and then assembled an Asian joint venture called USG Boral, with $1.2 billion of revenue in 2017.

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Putting Creativity to Work

These days, companies are deploying creative thinking across departments while replacing strict office policies with opportunities to tinker. Firms are allowing employees time to test out ideas, encouraging new concepts without a fear of failure, and building out collaborative, couch-filled office environments. It’s not a one-size-fits-all approach, and tapping into the potential of creative thinking can be a challenge. Striking the delicate balance between brainstorming ideas and moving forward on a project is one way Ted Wright, ’00, founder of Fizz, a word-of-mouth-marketing agency headquartered in Atlanta, taps into his own creative abilities. When Wright works with clients, one of his strategies is to use hard data as the backbone for creative thinking without heading straight for the answer. In the beginning of each project, he and his team spend hours gathering data on 53 questions in 18 categories to get an idea of the client objectives. Back at the office, teams set aside time for idea generation based on the results. “If you start to care what the answers are, you throw a lid on creativity. The trick is knowing that it’s a journey,” he said. Wright is not the only one figuring out ways to encourage this kind of open-ended thinking at work. Here are some other ways alumni create opportunities for creativity:<br/>

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Distinguished Alumni Awards 2018

Since 1971, the Distinguished Alumni Awards have honored leaders across industries who strive to make the world better by turning ideas into action. This year’s winners have applied their transformative insights to address the challenges of a rapidly changing world—from Singapore, to New England, to Nigeria. Their successes in industries as diverse as oil, biopharmaceuticals, education, and agriculture exemplify the resounding impact of Chicago Booth. Swee Chen Goh, ’03 (AXP-2), is the chairman of Shell Companies in Singapore—the first woman to earn a role that high in the company. Goh wants Shell to continue to play a prominent role in Singapore’s future and contribute as an active member of the Singaporean community. In 2003, Goh joined Shell as chief information officer, oil product, East. Just a year into her tenure, she was promoted to vice president of global IT services, a move that made her the first Asian woman to hold such a senior role. She took on a P&L role in 2011, running Shell’s lubricants and commercial fuels business for Asia Pacific/Middle East. Goh, with her family, relocated to Beijing before returning to Singapore, where in October 2014, she assumed the role of chairman of Shell Companies in Singapore, which currently has 3,200 employees.

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Class, Behave!

In 2017, Chicago Booth professor Richard Thaler won the Nobel Prize in Economic Sciences. Thaler’s students describe him as “a luminary,” “a guru”—someone who changed their lives and set their careers on a trajectory to success. So it might be surprising to hear that those superlatives contrast amusingly with the way Thaler’s close friends and admirers—and even Thaler himself—have described the newly minted Nobel laureate: “We didn’t expect much of him,” said Sherwin Rosen, AM ’62, PhD ’66 (Economics), his thesis advisor at the University of Rochester. Daniel Kahneman, the 2002 Nobel laureate in Economic Sciences and one of Thaler’s closest friends, described Thaler as “lazy.” Early on in Thaler’s career, his fellow Booth professor and future golf buddy Eugene Fama once quipped, “His work is interesting, but there’s nothing there.” Thaler’s own self-assessment is hardly more glowing. He considers himself “at best, an average economist.” How did an “average economist” change the field of economics, gain a worldwide reputation, and influence public and corporate policies for millions of people—and win the Nobel Prize? It turns out that Thaler’s ability to spot anomalies, tell stories, and share credit for his successes have made him not only a great researcher, but also a great teacher.<br/>

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Field Position

One morning last fall, before the San Francisco 49ers began their second season in a glitzy new $1.3 billion stadium, Moon Javaid, ’12, manager of business operations for the team, took a hard look at concessions. Sure, this is football. Concession sales were going to be strong. But, he asked, could they be stronger? Javaid, with his background in advanced analytics, turned to hard data for the answer. He scoured sales figures from past seasons. This led him to institute one minor but crucial change to the design of the concession stands: he redirected the queues so that they snake around stanchions, like an airport security line, at 75 points around the stadium. By the midpoint of the season, the move had increased sales by one extra transaction per line per minute since—amounting to an extra $20,000 per game, or $200,000 over the course of each season’s home games, including the preseason. It might sound like loose change—beer money—for a franchise that collected $427 million in revenue in 2014, the first season in Levi’s Stadium, in the heart of the fans and fortunes of Silicon Valley. Javaid, however, understands that the small improvements add up, and his is a top-five revenue-producing team. “In the NFL, it’s not tremendously difficult to make money,” he said. “You can do B+ work by not really doing much, and you can still be profitable. But in order to get to the next level, you need to find those little wins.”<br/><br/>

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The Page Turner

When she walks into 57th Street Books, Sara Paretsky, AM ’69, MBA ’77, PhD ’77, is welcomed as an old friend and coconspirator—both of which are true to her legacy in Chicago and in the Hyde Park literary haunt. The best-selling mystery writer, who has just published her 21st book and greets everyone behind the counter by name, is clearly at home here. The city has inspired Paretsky since she arrived by bus at age 19 from Kansas to support the civil rights movement. Since that time—in 1966, what Paretsky calls “the touchstone summer of my life”—Chicago, and largely Hyde Park, has been her second-most-important protagonist. She went on to earn a PhD in history at the university and then an MBA from Booth. All the while she was concocting a unique alchemy of research and storytelling, fact and fiction, analytics and activism, that somehow makes the idea of a mystery writer with a business degree make perfect sense. <br/>

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Lab Results

Marcia Kraniak—79 years old, from the South Side of Chicago—went home from the hospital eight weeks ago. She had been admitted to the University of Chicago Medical Center (UCM) with congestive heart failure and spent three days there. Fluid had built up in her body, and her heart was too weak to pump enough blood. She couldn’t move around easily. Two months after leaving the hospital, however, she’s doing well on her new regimen at home. Shortly after Kraniak arrived in the UCM emergency department, hospital staff identified that her medical condition, her home life, and her mental state made it less than likely that she would get well after she went home. A new admissions algorithm predicted she might have to come back to the hospital soon. So the cardiology and nursing teams at UCM applied a special new protocol on her behalf. They gave Kraniak (a patient invented for this article) a detailed plan to take care of herself—including instructions to eat better, lay off the salt, and try to take a short walk every day—and simplified her medications to help her stay on her regimen and get well more quickly. In the past, hospitals didn’t closely monitor whether patients had to be readmitted shortly after an original hospital visit. If patients returned with the same health issues, they got patched up again, the hospital got paid again, and nobody tracked how many patients made this boomerang trajectory.

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On the Table

Mark A. Leavitt, ’83, the brand-new chief investment officer of New York–based Union Square Hospitality Group, has had a seat at some most-interesting tables. Those in the esteemed restaurants of his Trinity College classmate Danny Meyer are only the latest, including Union Square Cafe, Gramercy Tavern, and the Modern. (Union Square Hospitality Group also launched Shake Shack in 2004, as a permanent kiosk that grew out of a hot dog cart in Madison Square Park. It is now a separate public company with more than 75 domestic and international locations and a market value of about $1.2 billion.) Before joining USHG, Leavitt for nearly eight years led global technology, media, and telecommunications investment banking at Piper Jaffray. He’s been on the boards of the Harlem Globetrotters, Leap Wireless, TSF Communications, Trinity College, and several radio broadcasters, including Citadel Communications and US Radio. He currently serves as chair of the board of Jacob’s Pillow Dance Festival in Becket, Massachusetts, and, since Booth, has been working to grow and partner with companies at varied intersections of entertainment, media, and tech.

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On a Mission

When he arrived on vacation in Italy in 2011, Sam Porritt, ’86, was looking forward to a week of wine tasting and exploring Tuscany. But his attempt to photograph the first sunrise from the Tuscan villa where he was staying changed his life. Porritt lost his footing and tumbled off a 15-foot wall after taking the photo with his phone. “I took a step and there was nothing under my foot,” he recalled. The fall injured his spinal cord and paralyzed him from the waist down. After two hours on the ground, he was flown via helicopter to an Italian hospital for emergency surgery. He arrived back in the United States nearly three weeks later. Back home in Kansas City, Kansas, he learned what life was like in a wheelchair. Doctors weren’t sure whether he’d ever walk again. <br/>

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Cupid is a Quant

Clayton Rose, ’81, wasn’t necessarily looking for a mate when he enrolled at Booth. But in the back row of Sidney Davidson’s tax class, he found Julianne Rose, ’81, a magna cum laude biology major from Boston College. They quickly discovered one thing in common. “Both of us already had jobs,” Clayton remembered. “We were trying not to get called on.” They postponed dating to concentrate on graduating but quickly met up in New York after starting their financial service careers. He was in shipping finance at JP Morgan, and she worked in health-care finance at Chemical Bank. They recently celebrated their 33rd anniversary.

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The Art of Thinking

Amid the daily hustle and bustle of Harper Center’s ground floor atrium, it’s easy to miss the hot-pink neon sign perched on the side of a walkway bridge. Written in Chinese script, the glowing characters twinkle at their radiant companion on the opposite wall—a vibrant, neon-green sign, articulating a saying in Spanish. Though their languages differ, the signs share the same meaning: “Foreigners Everywhere.” Both colorful installations reside in the Rothman Winter Garden, beckoning curious passersby to reflect on their deeper meaning, against the architectural backdrop of a world-class business school. Created by French art collective Claire Fontaine, these works are just two examples of a remarkable, 500-piece contemporary art collection housed at the Charles M. Harper Center.<br/>

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A Harper Art Walk

While on the art walk through Harper Center, enjoy Malian photographer Seydou Keita's portraiture series. The series of five silver gelatin prints are just a few of the many portraits Keïta took of the residents of Bamako in the 1940s and '50s, in the years before Mali gained its independence. His subjects wore their finest outfits and posed in front of intricately patterned backgrounds, and would give the pictures out to friends and family. The committee was drawn to the prints' beauty as well as the unique moment in Mali's colonial history that they represent.

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Investing for Social Impact

What is the purpose of investing? Until recently, the answer to that question was straightforward—to produce the highest possible return with the lowest possible risk for investors and shareholders. Many believe that’s a worthy goal in itself. In fact, superior returns on investment help university endowments underwrite scholarships for needy students and enable state and local pension plans to fund the retirements of teachers, police officers, and firefighters. But over the past several decades, a new way of thinking about investing has emerged in business schools and financial circles. It’s called impact investing. Although many argue it’s been around much longer, and the definition of the term continues to evolve, it largely means what it says. According to the Global Impact Investing Network (GIIN), it is investing “with the intention to generate social and environmental impact alongside a financial return.” Or, as a mantra commonly associated with the movement puts it: “Doing well by doing good.”

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75 Years at the Forefront

The year 1943 dawned upon a world at war. Little more than a year had passed since the United States entered World War II, but American life had already been rocked to its core. All personal car production had ceased, as Detroit’s Big Three factories churned out tanks, equipment, and billions of rounds of ammunition. By the end of the year, two million men would leave the workforce to serve in the military. And American women—many working outside the home for the first time—marched into factories in unprecedented numbers to replace them. It was an era of change, as Americans struggled to meet the challenges of the day. Chicago Booth entered that changing landscape when it launched the world’s first Executive MBA Program in 1943. The school recognized the need for experienced leaders to apply their knowledge and training to urgent tasks and expand the capacity of American industry. For the first time, there existed a course of rigorous business education tailored to the specific needs of mid-career managers. Or, as an early Executive MBA brochure put it, “The task of war is primarily one of co-ordination of men and materials in the work of industrial production; it is a problem of management.”<br/>

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Alumni Survey by the Numbers

As all alumni know, engaging in dialogue is a fundamental part of Booth’s culture. In that spirit, the business school part of Booth’s culture. In that spirit, the business school recently sent a survey to our alumni to ask about the things you value most—from the alumni community, to lifelong learning, to career support. Nearly 5,000 of you shared your insights, answering questions such as, “How do you participate in lifelong discovery?” and, “How would you rate the value of your investment in an MBA you rate the value of your investment in an MBA education at Booth?” We learned that the alumni community continues to get stronger: the vast of alumni highly rate the overall value of their investment in their MBA education. We discovered some fun facts too. For example, almost 70 percent of you sported some Booth swag at least once in the past year. Were you one of them? Dive into the data to see how you compare to your fellow Boothies:<br/>

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Meet the Women Shaking Up Business

A successful woman walking into a boardroom full of men. A junior employee seeing a male colleague get credit for her ideas. A new hire anxiously negotiating her salary offer that is distinctly below market value. Sadly, these types of situations are not yet scenes from a bygone era. Too often, women in business must walk a tightrope where assertive is characterized as “shrill” and leadership is denigrated to “bossy.” To address these issues, and continue to tackle the larger problem of gender inequality in business, it takes a community. Booth Women Connect Conference began in 2010 as an initiative to build that collaborative network, and to attract more women applicants to Booth. It has evolved into a can’t-miss annual event that brings together nearly four dozen accomplished speakers with alumnae, students, and Chicago business leaders for a day of collaboration, learning, and growth.<br/>

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Fintech at the Crossroads

When it comes to innovation, the finance industry usually moves along like the proverbial tortoise: slow and steady. But sophisticated computer algorithms have come along and strapped booster rockets to that plodding reptile, rocketing the industry into the twenty-first century at blinding speed. Recent studies of alternative finance around the world underscore the rapid growth. The Asia-Pacific online alternative finance market, including peer-to-peer lending and crowdfunding, grew 323 percent in 2015 to $102.8 billion, led by a fourfold increase in China to $101.7 billion, according to the study, “Harnessing Potential: The 2015 Asia-Pacific Alternative Finance Benchmarking Report.” Another study, “Moving Mainstream: The European Alternative Finance Benchmarking Report,” noted that the European alternative finance market grew 144 percent in 2014 to €2,957 million.<br/>

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Distinguished Alumni Awards 2016

Since 1971 we have celebrated innovative leaders across all industries, from finance to the arts, manufacturing to public service, and beyond. The Distinguished Alumni Awards honor individuals who continue to challenge and change the world we live in, exemplifying the resounding impact of Chicago Booth. Though they represent four distinct disciplines, our winners share a passion for forging new territory. Each has found a way to buck convention and create new opportunities through bold ideas and a clear vision for lasting impact. Susan Axelrod: Founding chair, Citizens United for Research in Epilepsy (CURE). Susan Axelrod, LAB ’70, MBA ’82, didn’t go looking for her career; it came knocking on her door when her seven-month-old daughter was

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The Jet Set

In order for Todd Musgrove, ’10, to get to the office, he takes a plane, a train, and a car. And he likes it that way. Every two weeks, the Tokyo-based founder of Flight Digital Media, a digital marketing and mobile development firm, hops a nearly five-hour flight to his Metro Manila, Philippines, office. He doesn’t stay at a hotel. Instead, a corporate apartment in the city makes it easier to commute with only a carry-on. In Manila, unlike in Tokyo, life revolves around the business—and he embraces the grueling schedule. “I work crazy hours when I’m there because I try to maximize my time,” said Musgrove, who relocated from Chicago to Tokyo with his wife and two young children five years ago. Musgrove is a supercommuter—a new kind of business traveler who often traverses multiple time zones just to get to the office. The career path is by choice, albeit not one without difficulties. Today’s so-called supercommuter is just as comfortable hopping on a three-hour international flight as his neighbor who may take the highway to work and spend 40 minutes in traffic. For supercommuters, it’s not simply about taking on a temporary assignment elsewhere: they are strategically flying to global hotspots in order to get ahead in their careers without uprooting their lives.

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Power Play

When Andrea Sreshta watched news footage of the devastating 2010 earthquake in Haiti, she remembers being struck by something former US president Bill Clinton said on CNN. “He pointed out how we take for granted that we can walk around at night and have streetlights,” said Sreshta, a Full-Time student. The former president’s comment got her thinking: Why hadn’t anyone developed an ultraportable light source that’s powered by solar energy? After all, growth in clean-energy industries, like solar, has been on the rise, partially due to the issue of climate change fueling energy innovations. Sreshta saw an opportunity to apply that sort of technology to help out in disaster areas.

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Out of the Box

Full-Time student Julia McInnis was mingling with a crowd of partygoers at the 2016 Sundance Film Festival when she found herself a stone’s throw away from Reed Hastings, the CEO of Netflix. It would have been daunting enough to introduce herself to Hastings alone, but he was flanked by Ted Sarandos, Netflix’s chief content officer, and the comedian Chelsea Handler, the latest star to join the streaming service’s fast-growing constellation of talent. It was a triumvirate of industry heavy hitters that can make small talk at Sundance an act of daring. “It took me a good 15 minutes to work up the courage to go over there,” McInnis said. Fortunately for McInnis, she didn’t have to pester Hastings with a standard elevator pitch. The documentary she helped produce over the past four years, Unlocking the Cage, had already been snatched up in a distribution deal with HBO. She wanted to speak with Hastings as a curious student of the entertainment industry, and she spied an opportunity just as Handler headed for the bar. “I said to him, ‘Hi, my name is Julia McInnis, and I’m an MBA student at Chicago Booth. We just did a case study on Netflix in my accounting class. I was wondering if I could ask you a few questions about your numbers.’” Hastings laughed, McInnis recalled, and said, “‘Yeah, you probably saw we’ve had some ups and downs over the years.’”

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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.”

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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.”

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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/>

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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/>

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New Life for Normandy Orders

“It was a sight that is hard to describe,” Stanhope Mason recalled. “As far as I could see, both to the east and to the west there were ships.” Years later, as the retired major general looked back on one of the most crucial turning points of World War II, he confessed, “I had expected not to live through the day.” Then the chief of staff for the US Army First Infantry Division, Mason was among the Allied troops who stormed Omaha Beach on D-Day, June 6, 1944. The sheer scale of the operation required advance planning down to the most minute of details—and Mason had a 140-page set of field orders to do just that.<br/>

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To Wisconsin in Search of a Soul

1987 was a scary time to be enrolled at the Booth School of Business. Students had left jobs to attend what they considered one of the best, if not the best, business school in the country. They planned to move on to big corporate careers, many of them in finance. Then, on October 19, 1987—what came to be known as Black Monday—the stock market recorded its biggest single-day drop in history, losing 22.6 percent of its value, $500 billion. A few months later, BusinessWeek came out with a survey dropping Booth out of the top 10 among business schools, ranking Booth 11th. The school’s curriculum got a D and its professors got a C.