tepper - Carnegie Mellon University


tepper - Carnegie Mellon University

TEPPER School of Business

W I N T E R 2 0 0 7

Seizing Opportunity For

Competitive Advantage:

Why some companies [and leaders]

are better at it than others




Does Outsourcing Really

Deliver An Edge

Building AToy Business

Is Not All Fun And Games.

calendarIWINTER ’07

For more information or to register for any alumni event,

go to www.tepper.cmu.edu/alumni/events.



February 28

W.L. Mellon Speaker Series: Ron Alsop, news writer and senior editor,

The Wall Street Journal. For more information, go to www.tepper.cmu.edu/


Alumni Reception with Lester Lave in Cleveland: Lester B. Lave, Ph.D.,

Harry B. and James H. Higgins Professor of Economics and University Professor,

director, Carnegie Mellon Green Design Initiative, and co-director,

Carnegie Mellon Electricity Industry Center, will speak on “Our Energy Future:

Higher prices Controlling carbon emissions Ending oil imports”The

presentation will be followed by a panel of local experts in the energy field.

March 1

Tepper Alumni Operations Reception in Pittsburgh: The event will

be hosted by Sunder Kekre, Ph.D., Bosch Professor of Manufacturing and Operations

Management, and director, Center for Business Solutions.

March 8

Alumni Reception with Lester Lave in Houston: Lester B. Lave, Ph.D.,

Harry B. and James H. Higgins Professor of Economics and University Professor,

director, Carnegie Mellon Green Design Initiative, and co-director,

Carnegie Mellon Electricity Industry Center, will speak on “High Gas Prices

in 2007: Why It is Irrelevant for the Economy.”

March 15

Alumni Reception and Panel on Best Marketing Practices for

Today's Leading Brands in Seattle: The event will feature a panel of Chief

Marketing Officers from companies like Boeing and Starbucks moderated

by John H. Mather, PhD, executive director, Masters Programs, and teaching

professor of marketing.

March 15 – 17

McGinnisVenture Competition:The only venture competition for MBA

students that focuses on bringing new technologies to market through entrepreneurship.

For more information, go to www.mcginnisventurecompetition.com.

March 29

W.L. Mellon Speaker Series: Ruth Ann Marshall, President of the Americas,

MasterCard International (retired June 2006). For more information, go to



The following donors were inadvertently omitted or listed incorrectly in the

2006 Impact report:


Linda Bytnar (MSEC ’01)

Scott A. Snyder (MSIA ’98)

The generosity of these individuals is greatly appreciated, and we apologize for the error.

Business Board of Advisors

Francois de Carbonnel (MSIA ’72)

Private Investor

David A. Coulter (IM ’71, MSIA ’71)

Managing Director and Senior Advisor

Warburg Pincus

Lewis Hay III (MSIA ’82)

President, Chairman and CEO

FPL Group

T. Jerome Holleran (CIT ’57, MSIA ’69)


Precision Medical Products, Inc.

James Levy (IM ’65, MSIA ’66)


Park Lane Ventures

John E. McGrath (MSIA ’61)

SeniorVice President

Booz Allen Hamilton Inc.

DavidT. Morgenthaler

Founding Partner


Cindy Padnos (MSIA ’80)

Managing Director

Advanced Venture Partners

Frank A. Risch (MSIA ’66)

Vice President andTreasurer (retired)

ExxonMobil Corporation

James E. Rohr

Chairman and CEO

PNC Bank Corporation

Joel Stern

Chairman and CEO

Stern Stewart & Company

James R. Swartz (MSIA ’66)

Founding Partner

Accel Partners

David A.Tepper (MSIA ’82)

President and Founder

Appaloosa Management LP

Kevin D.Willsey (MSIA ’89)

Managing Director and Chairman

Global Equity Capital Markets

JPMorgan Securities, Inc.

Pamela Zilly (MSIA ’77)

Senior Managing Director

The Blackstone Group


Kenneth B. Dunn, PhD


Ilker Baybars, PhD

Deputy Dean

R. Ravi, PhD

Associate Dean, Intellectual Strategy

Milton L. Cofield, PhD

Executive Director, Undergraduate

Business Administration Program

Dennis Epple, PhD

Head, Undergraduate Economics


Richard C. Green, PhD

Chair, PhD Program

John H. Mather, PhD

Executive Director, Masters Programs

Steven J. Sharratt

Associate Dean, Advancement

Tepper Magazine is published for

alumni, students, faculty, staff and

friends of the business school.

© 2007 Carnegie Mellon University. All

rights reserved.

Please send letters to the editor and

address changes to:

Deb Magness

Office of Advancement

Tepper School of Business

Carnegie Mellon University

5000 Forbes Avenue

Pittsburgh, PA 15213



Susan Brimo-Cox, Deb Magness


Cheryl Bender

Project Manager

Barbara Feldman


Kelly Musmanno


Geof Becker, Susan Brimo-Cox, Janice

French, Janice Jeletic,

Deb Magness, Laura B. Swisher, AllisonThompson

(MSIA ’81)


David Aschkenas,Tom Gigliotti,

John Madere, Karen Meyers,

PeterTheis (MBA ’08)


George Schill, NicholasWilton


TEPPER School of Business

contentsIWINTER ’07



FromThe Dean’s Office 2

by Ilker Baybars

Deputy Dean and Professor of Operations

Management and Manufacturing


Ventures 3


In My Humble Opinion

by Cyrus F. Freidheim, Jr. (MSIA ’63)

President and Chief Executive Officer

Sun-Times Media Group

New Center For Business

Solutions Integrates

Business And Education 15

FollowThe Leader: 20

Push your envelope to grow

a successful career

Francisco D’Souza (MSIA ’92)

President and Chief Executive Officer

Cognizant Technology Solutions

Endowed Chairs


School’s Intellectual

Mission 26

Out OfThe Office: 28

Business is more than

just a job

Dick Lyon (MSIA ’62)

Retired President

Eco Waste Technologies

(a subsidiary of RPC Energy Services)

BusinessWire 30





Seizing Opportunity For

Competitive Advantage:

Why some companies [and leaders]

are better at it than others 10

Business Model

Building AToy Business

Is Not All Fun And Games

Bridge StreetToys finds success in

resurrecting classic construction sets 16

Carol and Paul Flack (both MBA ’88)




Does Outsourcing Really

Deliver An Edge

Improving relationships between

clients and service providers in

IT-enabled outsourcing 22

TEPPER School of Business

from the dean’s office


There’s no arguing that competition in the business

world is global. Even the smallest of companies faces

competition that encompasses worldwide markets.

Although competing on an international scale is daunting,

those companies that truly understand what comprises

risk (and, more important, what does not) are often those

best positioned to capitalize on opportunities for innovation.

Preparing future business leaders for innovation is inherent in

the Tepper School’s mission. It is our approach to innovation that has

drawn attention for several decades. Our students, faculty and alumni

consistently demonstrate the power and potential of analytical

decision making. A discipline that was once perhaps misunderstood,

management science is now in the spotlight, tailor-made for the

complex business environments in which we all operate. As Lee Bach,

the school’s founding dean, put it: we’re not compelled to simply keep

pace with business practice, but rather, our interests lie squarely in

advancing it.

In this issue of Tepper Magazine, we bridge what is observed and

unobservable about innovation by examining why some companies

find innovation to be an elusive endeavor. Like a sixth sense, one’s

radar for opportunity consists of a special awareness of multiple

dynamics. Yet this rare awareness is valuable only to the extent

that organizations fully understand how to capitalize upon their

competitive advantage.

How often we read of missed opportunity and big breaks that never

materialized. At the Tepper School, we know that luck and timing

have little to do with the process of innovation. Although the stakes

will continue to change, the decision-making skills that drive

innovation will remain incontrovertible, fundamental elements of how

organizations ultimately discover a transformation in the making.

Ilker Baybars

Deputy Dean

Professor of Operations Management and Manufacturing


Egon Balas ElectedTo National

Academy Of Engineering

Professor Egon Balas was elected to the National Academy of

Engineering (NAE), one of the highest professional distinctions an

engineer can achieve. Dr. Balas, University Professor of Industrial

Administration and Applied Mathematics and the Thomas Lord

Professor of Operations Research at the Tepper School of

Business, was elected to the academy for his contributions to

integer programming and its applications to the scheduling and

planning of industrial facilities. He joined the Graduate School

of Industrial Administration in 1967.

Founded in 1964, the NAE is an independent, nonprofit

institution that operates under the same congressional act of

incorporation that established the National Academy of Sciences,

signed in 1863 by President Lincoln. Its membership consists of

the nation’s premier engineers, who are elected by their peers

for seminal contributions to the field. The academy provides

leadership and guidance to government on the application of

engineering resources to social, economic and security

problems. The academy has more than 2,000 members and

186 foreign associates.

Conference planners with Dr. March from left to right: Daniel Levinthal, University

of Pennsylvania; Michael J. Prietula, Emory University; Henrich Greve, Norwegian

School of Management, BI; Linda Argote, Tepper School of Business; James March,

Stanford University; Mie Augier, Stanford University.

James G. March Auditorium


In gratitude and recognition of the distinguished contributions of

James March, professor at GSIA from 1953 to 1964, the former 153

classroom was named in his honor.

When announcing the renaming of the space, Dean Kenneth Dunn

recognized Dr. March along with the original leaders of the business

school – George Leland Bach, Herbert Simon, Richard M. Cyert and

William W. Cooper – as five pioneers who transformed business

education and management. He stated, “The legacy of all five of

these giants is now fixed in the form of named spaces honoring them

on campus.”

The dedication took place in May as part of a conference

recognizing the contributions of March and the late Richard Cyert,

former GSIA dean and Carnegie Mellon president.

The seminal contributions and literature associated with March’s

and Cyert’s 1963 book, Behavioral Theory of the Firm, formed a central

foundation for our knowledge of decision making in organizations.




funny business


Recruiting News:

Connections Weekend for prospective minority MBA

candidates and “Women and the MBA” conference

This past fall, the Tepper School hosted its first-ever workshop

for women interested in pursuing an MBA degree. “Women and

the MBA” was hosted for women planning to apply for admission

for the 2007 school year or who are gathering information for

application at a later time. The annual Connections Weekend

offered minority candidates a comprehensive look at life as an

MBA student. During the three-day event, prospective students

attended workshops, panel discussions, case analysis exercises,

classes and social activities. Candidates also met with current

students, faculty and alumni to learn about the Tepper School’s

culture and community.

AIS Honors Alumni

Two alumni were honored by the Association for Information Systems.

Phillip Ein-Dor, GSIA/Tepper Ph.D. 1971, was awarded the LEO Award for

Lifetime Exceptional Achievement in Information Systems. Phillip, a

founding member and past president of AIS, started the Journal of the

Association for Information Systems and founded the Israel Chapter of

AIS. He is on the faculty of the Information Systems Program atTel-Aviv

University. Jane Fedorowicz, GSIA/Tepper Ph.D. 1981, was given the AIS

Fellows Award for outstanding contributions to the development and

maintenance of the international community of Information Systems

academics. She was vice president of Chapters and Affiliated Organizations

for two terms, initiating many relationships to strengthen AIS’s international

presence. She is the Rae D. Anderson Professor of Accounting and

Information Systems at Bentley College.

Bob Kaplan ElectedTo

Accounting Hall Of Fame

Robert S. Kaplan, former dean of GSIA from 1977 to 1983 and currently

the Marvin Bower Professor of Leadership Development at the Graduate

School of Business Administration at Harvard University, has been

inducted into the Accounting Hall of Fame inWashington, D.C.

Professor Srikant Datar (Tepper School faculty member 1983–1989);

Professor Shyam Sunder (Tepper School PhD 1974 and faculty member

1988–1999); Chester Spatt, Mellon Bank Professor of Finance; and

Tepper School Deputy Dean Ilker Baybars attended the ceremony.

TEPPER School of Business

Linda Argote Elected

Fellow Of Association For

Psychological Science

Linda Argote, Carnegie Bosch Professor of Organizational Behavior

and Theory, was elected a fellow of the Association for Psychological

Science. Professor Argote is also editor-in-chief of the journal

Organization Science and director of the Tepper School’s Center for

Organizational Learning, Innovation and Performance.

Denise RousseauWins

Unprecedented Second

Terry Book Award

Denise Rousseau, H.J. II Professor of Organizational Behavior

and Public Policy, received the 2006 George R.Terry Book Award for

her book I-deal: Idiosyncratic Deals Workers Bargain for Themselves.

Rousseau also received a Terry Book Award in 1996 for

Psychological Contracts in Organizations: Understanding Written

and Unwritten Agreements. Rousseau is the only person to have won

two Terry awards, given by the Academy of Management for books

judged to have made outstanding contributions to the advancement

of management knowledge.

MichaelTrick Elected A


Michael Trick, professor of operations research, was elected a

fellow of the Institute for Operations Research and the Management

Sciences (INFORMS), the largest professional society in the world for

professionals in the field of operations research. It was established in

1995 with the merger of the Operations Research Society of America

(ORSA) and The Institute for Management Sciences (TIMS).

McGowan Scholar

Second-year MBA student Colin Raney (right), a native of Texas,

was named theWilliam G. McGowan Scholar for the 2006 – 2007

academic year.The award is provided by theWilliam G. McGowan

Charitable Fund, named afterWilliam G. McGowan, who organized

MCI Communications Corp. in 1968 and helped create a competitive

telecommunications market.

McGowan Scholars are selected based on student essays,

faculty recommendation and record of academic performance,

involvement in campus and community activities, leadership

abilities and character. As part of his winning essay, Raney wrote,

“Like McGowan, I believe that with enough determination and

leadership, anyone can be successful in life. I also believe it is

essential to balance your own success with the advancement

and education of others.”

At Tepper, Raney has pursued independent study in marketing

and product design along with his required MBA coursework. As

president of the Graduate Business Association (GBA), he founded

two well-received programs, GBA Impact and “Tepper Prepper.”

GBA Impact encourages GBA members to identify opportunities

for improvement at the business school.TheTepper Prepper

program matches second-year MBA students with incoming

students to assist with interviewing and networking skills, and

also required Raney to work with the Dean’s office, the Career

Opportunities Center, the Student Services Office and student

leaders – evidence of his networking and leadership skills.

TheWilliam G. McGowan Scholars Program is among many

opportunities forTepper students to obtain help in paying for their

education. Overall, 78 percent of Tepper MBA students receive a

form of financial aid.






James Swartz (MSIA ’66) Expands Students’ Entrepreneurial


A generous gift of $500,000 from venture capitalist James R. Swartz

(MSIA ’66), a graduate of theTepper School of Business and cofounder

of global venture capital firm Accel Partners, will help

12 first-yearTepper students strengthen their entrepreneurial skills

through summer internships and mentorships and additional classes

in entrepreneurial leadership during their second year.

Students selected as the first Swartz Fellows are Nathan Allen,

Ernest Braxton, Gregory Clumpner, Jesse Goellner, Amanda Fox,

Amanjyot Johar, Eric Koger, Nicole Smith, SolaTalabi,TonyThai,

MarkThomas and AdilWali. Students are selected for the

program based on their demonstrated leadership skills, passion for

entrepreneurship and innovation, and overall academic excellence.

The paid summer internship at an entrepreneurial company will

include intensive mentoring by Tepper faculty, the company’s CEO

or other specially chosen executive, and a Tepper graduate who is

a successful entrepreneur or part of the venture capital industry.

The Swartz Fellowship extends into the fellows’ second year, with a

mentored, team-based capstone project in another entrepreneurial

organization. The fellows also will run a seminar series, the Swartz

Leadership Forum, that will be open to the Carnegie Mellon and

Pittsburgh entrepreneurial communities.

“These students are some of the best and brightest minds in

entrepreneurship at Carnegie Mellon,” said Arthur A. Boni, director of

the Donald H. Jones Center for Entrepreneurship and John R.Thorne

Chair of Entrepreneurship at theTepper School. “This new program will


give them an unparalleled experience and learning opportunity that

will serve them throughout their future endeavors.”

Class of 2006 Establishes Scholarship

The Swartz Fellowships are the centerpiece of the Tepper MBA

Entrepreneurship Track, one of eight focused options in which students

pursue an in-depth course of study in a specific industry or discipline.

The Tepper School was one of the first to teach entrepreneurship, and

has been recognized by The Wall Street Journal as among the best in

the country, most recently ranked sixth for entrepreneurship in the

newspaper’s 2006 Wall Street Journal/Harris Interactive ranking of

graduate business schools.

Swartz is a 35-year veteran of the venture capital industry who has

served as a director for more than 40 successful companies throughout

his career. Accel Partners counts among its investments several of the

most significant revolutions in technology businesses, including Veritas

Software, RealNetworks and Macromedia.

A strong supporter of the Tepper School, Swartz serves on the

Business Board of Advisors for the Tepper School of Business and, in

1995, endowed a scholarship that provides partial tuition scholarships

to a select group of master’s students each year.

“We’re delighted with Jim’s gift, which will provide a

truly unique experience and opportunity for our most

promising entrepreneurial students.”

– Kenneth B. Dunn, Dean of theTepper School

“This new program will enable Carnegie Mellon to achieve even

greater heights in its pursuit of the premier educational experience for

these young people and will have lasting impact on both the Tepper and

business communities.”

Commemorating graduation, the Class of 2006 pledged more than

$115,000 to endow a scholarship.The scholarship embodies the spirit

of community contributions marked by the Class of 2006 and will

be awarded to the returning second-year student judged to make

contributions to theTepper community that exceed expectations.

Befitting the class spirit, 73 percent of the overall class participated

in the pledge, including 90 percent of full-time students – their

generosity is truly appreciated and is a great example for all!

TEPPER School of Business

Alum Donates SculptureTo

Honor ProfessorThorne

San Francisco real estate developer Sarosh Kumana (MSIA’77)

donated a sculpture in honor of John (Jack) R. Thorne (MSIA’52),

the David T. and Lindsay J. Morgenthaler Emeritus Professor of

Entrepreneurship at the Tepper School of Business. Colorado artist

Bobbie Carlyle created the bronze statue, titled “Self-Made Man.”

As founding director of the Donald H. Jones Center for

Entrepreneurship, Thorne played a vital role in the center’s 1990

launch and rise to national prominence.

Thorne has received numerous academic and professional honors

over the years, including the business school’s George Leland Bach

Teaching Award (1981), the Financial Services Advocate of the Year

award from the Small Business Administration (1988), the

Entrepreneur of the Year award from Arthur Young and Inc. magazine

(1989), and the business school’s Special Award for Sustained

Teaching Excellence in the MBA Program (2003).

“Professor Thorne inspired us so that we dared to dream, and

he gave us the tools to remake ourselves into entrepreneurs,” said

Kumana, president of Pacific Investment Properties.

The 29-inch sculpture depicts a male figure wielding a hammer and

chisel as he sculpts his own form. “This piece is an appropriate

symbol of entrepreneurship,” said Thorne, noting that the sculpture

relates to the entrepreneur’s quest to build a venture from his own

hands and vision. The statue is currently placed in Posner Hall.

Sarosh Kumana (MSIA ’77) donated a sculpture in honor of John (Jack) R. Thorne

(MSIA ’52), the David T. and Lindsay J. Morgenthaler Emeritus Professor of

Entrepreneurship at the Tepper School of Business.

A Case In Paint: MBA’S PAINT


Days before MBA orientation, inspiration struck Erren Lester

and Chad Ackley as they were walking to QSRP (Quantitative

Skills Review Program).They had seen the famous Carnegie

Mellon fence and thought MBAs should paint it. However, they

learned that fence painting isn’t “done” within the MBA program

– at least not in a long time (a rumor that management students

painted it some 50 years ago could not be confirmed).

Undeterred, Erren presented the idea to the QSRP class,

which came up with a plan, employing negotiation, teamwork

and incentives to achieve their goal.They had to persuade the

Ultimate FrisbeeTeam – who had claimed the fence and were

planning their own message to incoming freshmen – to give up

the fence for a few days.

In gratitude, the MBAs provided the disc throwers with burgers

and a game of Ultimate Frisbee. First-year MBA Joseph Akban

slept in a tent for two nights to protect the fence. (Tradition holds

that if not guarded, another campus group can "take the fence"

and paint over the existing message.)




FlexMode MBA Candidate

Shines AtWork

New Outdoor Meeting Space



Louis Zaretsky, a FlexMode MBA ’08 candidate, at

Harris Corporation, recently earned that company’s

highest honor for exemplary customer service.

Zaretsky was presented with the President’s

Award, in the category of Customer Focus, for

providing both on-site training and detailed

oversight to new subscribers during the transition

of a new remote access solution for the Federal Aviation

Administration’s FTI program. In the middle of this transition, the

FAA Inspector General issued recommendations regarding restricting

network access to a mission-critical computer system. Zaretsky

developed the initial access control list and worked with regional

Information System Security managers to ensure that all programs

and applications had the required access to the system.

His responsiveness helped the FAA meet the Inspector General’s

deadlines for remedial action. Zaretsky also worked diligently with

Harris’s Mission Support transition subcontractor to ensure that

the FAA received accurate and current intrusion detection sensor

information. His work allowed the FAA to receive the first accurate

real-time accounting of which sensors were functioning correctly.

Because FTI spans multiple time zones and supports FAA users on

foreign travel, Zaretsky frequently comes in early and stays late –

often working weekends as well – to troubleshoot customer issues. His

responsiveness to the FAA’s Information System Security Managers

won numerous compliments on his ability to put the customer first.

Adding a new outdoor meeting space to the Tepper School, the

2002 Class Gift campaign raised money to improve the corner

of Frew and Tech streets. The gift campaign coincided with the

search by Dr. Larry Cartwright, a teaching professor in Civil

Engineering and Environmental Engineering, for a project for his

Design and Construction class. Cartwright’s multidisciplinary

course guides students from concept and design through to

actual construction. At the Tepper School, the project included

installing benches, tables and covered seating. It even added

electrical outlets just in case a laptop needs to be juiced.

Alumni Relations DirectorWins Andy Award

And the 2006 Andy Award for Enthusiasm goes to…Alumni Relations

Director John M. Sengenberger, Sr.The awards were announced

Oct. 19, in a campus-wide celebration held in McConomy Auditorium

at the University Center. In fact, theTepper School doubled up on

2006 Andy nominees, with Mary Bober, assistant to Deputy Dean

Ilker Baybars, nominated in the Dedication category.

“The Andy Award for Enthusiasm could not go to a more deserving

person. John’s enthusiasm is evident in all that he does to develop

and deliver programs for our alumni,” said Dean Kenneth B. Dunn.

“I would also like to recognize the accomplishments and commitment

of Mary Bober, who was nominated for an Andy Award in the category

of Dedication. Mary and John reflect qualities that we hope all our

staff members at theTepper School strive for.”

TEPPER School of Business


Transforming For Advantage

Competitive advantage is in the eye of the customer.

Those who understand this rule have a 50-yard head

start in a 100-yard race.

Global competitive advantage is far more difficult to achieve

today because of the varied interests, needs, cultures and economic

positions of people across regions and countries. Nevertheless,

understanding those differences is essential in crafting true global

competitive advantage.

About 60 years ago, my former company, Chiquita Brands

International (United Brands at that time) decided to sell a commodity,

bananas, as a branded product. The company created a jingle, which

everyone over 40 years of age today can still hum. Some years later, it

put a blue sticker on the banana. The sticker achieved cult status,

and the Chiquita banana won a dominant position in its two most

important markets: the United States and Europe. “Chiquita”

continues to be one of the most recognized brands in the world.

However, as decades passed, competitors closed the market share

gap, particularly in the United States, where Dole now has a small

share advantage over Chiquita.

Starting about 15 years ago, Chiquita tackled the question of how

to regain its differentiated position in the market – i.e., how to regain

its global competitive advantage – from a marketing perspective.

At the same time, Chiquita had been undergoing a quiet revolution

on the social responsibility front.

Chiquita established a partnership with the Rainforest Alliance,

an NGO dedicated to improving agricultural practices to protect the

environment. The company embarked on a program to earn Rainforest

Alliance certification of all its farms, which it achieved in 2003;

created a corporate social responsibility officer reporting to the CEO;

formed an alliance with leading labor unions; and sent a clear

message throughout the organization that Chiquita would become a

leader in corporate social responsibility.


MSIA ’63

President and Chief Executive Officer

Sun-Times Media Group

Chairman and CEO

Chiquita Brands International, Inc. (Retired)

Vice Chairman

Booz Allen Hamilton (Retired)

What has all this to do with global competitive advantage Well, a

few years ago, we realized we could convert our biggest liability into a

valuable asset. If the media, NGOs and our customers (grocery chains

and consumers) were truly concerned about the environment and

workers, wouldn’t they support a company that was superior to its

competitors in these crucial areas And wouldn’t that be worth

market share and premium prices In Europe the answer has been a

clear “Yes.”

The jury is still out in the United States, but Chiquita has gained

strong allies in the NGO world and increasingly in the media and

investment worlds. Also, for the first time since the inception of the

little blue Chiquita sticker, the company has modified its design to

include the endorsement of the Rainforest Alliance. Chiquita is reaching

over its direct customer – the grocery chains – to appeal to its consumers.

Can leadership in social responsibility yield global competitive

advantage Chiquita is betting heavily that it is by tapping into

important values in consumers. Chiquita recognizes that true

competitive advantage must be earned and must be in the eye of the

consumer. And this former CEO believes they have got it right.



TEPPER School of Business


Seizing opportunity for


Why some companies [and leaders] are better at it than others

by Susan Brimo-Cox

IIn today’s global economy,

cost-cutting, line extensions

and acquisitions are old recipes

that no longer ensure business

growth or success. Among

those companies seeking

competitive advantage by other

means, those considered the

most innovative often appear to

spot opportunities others miss.




continued on page 12

continued from page 11


“It’s a matter of having the

willingness to treat the question

of knowledge as the most

important fundamental source

of new competitive advantage.”

– JeffWilliams

Professor of Business Strategy

Sometimes it is the result of a deliberate combination of dynamics –

much like a special recipe – that allows and facilitates creative

innovation. And some companies intentionally set themselves up for

unprecedented success by re-evaluating existing resources: people,

corporate culture and a willingness to take risks. For many

organizations seeking success, however, it is much more difficult to

have the necessary ingredients. But difficult does not mean impossible.


Brilliant and creative people are the stereotypical corporate whizzes

typically postulated to be those best able to see opportunity others miss.

This may be a misleading stereotype, however, says Peter Boatwright,

Tepper School associate professor of marketing and co-author of

The Design of Things to Come: How ordinary people create extraordinary

products (with Craig Vogel, University of Cincinnati, and Jonathan

Cagan, Carnegie Mellon professor of mechanical engineering). “Hiring

good people is necessary, but not sufficient. They need something else,

too – motivation.”

Jason Rushin (MBA ’01), director of product marketing for Nextance,

agrees. “Smart and creative people need the freedom to be both.” And

this attitude needs to run throughout an organization, he says. “You

don’t know when or where or from whom the good ideas will come.

You need to embrace the creativity of all your employees, encouraging

input from all areas.”

The old adage “If you want to be successful, surround yourself

with people who are smarter than you” certainly applies, says Rushin,

especially for managers. “Managers benefit by constantly learning

from staff and employees.”

Some companies assign workers to projects based on interests

that will drive innovation. Boatwright points to New Balance as one

company that sets up teams based on personal interest. And toy

companies, like Fisher-Price, have a similar practice of matching

employee affinity with projects, he adds.

Jose Li (MBA ’00), principal, retail & eCommerce for FedEx

Services, admires Google’s formula for driving innovation. Google’s

CEO, Eric Schmidt, has staff and managers allocate their time in a

70/20/10 ratio: 70 percent working on the core business, 20 percent

spent on related projects or businesses, and 10 percent pursuing new

business ideas. Li says other companies can benefit from a similar

focus on developing new business ideas, and through collaboration

of different groups, departments and divisions within a company.

“There are a lot of inspired and smart people within any company.

Exposing them to innovation as an essential element of their job

provides additional perspectives.”


Inspiration for innovation is also driven by company culture.

Certain company cultures inspire excitement through success,

Boatwright explains. For example, Motorola’s RAZR cell phone had

a significant impact within the company itself. “The excitement of the

product motivated Motorola’s employees to seek more opportunities

to create other new products.”

Often this focus on creativity lessens as companies grow large,

observes Li. “It has to do more with scale and creation silos than

losing the entrepreneurial spirit. As a result, innovation gets reduced.”

Perhaps as companies become larger they become more entrenched

in processes and procedures.

But it doesn’t have to be that way, says Li. “Avoiding the oneperspective

mentality and adopting a broad experience and expertise

perspective is one solution. People who have this type of mindset can

sell their vision, lead by example, and they have an awareness of what

benefits and impact an opportunity may have on all stakeholders.”

Arshad Chowdhury (MBA ’03), entrepreneur and founder of

MetroNaps, a company specializing in mid-day rest facilities for

professionals, says, “Some of the best ideas come from experience

TEPPER School of Business

and frustration. Epiphanies can strike at any time, particularly while

you are in the thick of a job.”

That’s how the seed of MetroNaps sprouted. “Before I attended

Carnegie Mellon, I worked in investment banking. I saw people falling

asleep at their desks, and many would sneak off to nap. I knew there

was a better way for people to stay awake and alert at work. I saw a

need that was ready for a solution – one I tested while pursuing my

MBA.” Since MetroNaps opened its first location in New York City’s

Empire State Building in 2004, another nap station has opened near

Wall Street, and distribution of nap pods is also occurring.

Obviously, innovative vision can produce new industries, market

segments, products and services. Search engines, running shoes, nap

stations and the minivan are only a few examples. Some companies

effectively use the team approach to spot opportunities and scan the

environment for creative solutions. In these situations, a team’s mix

can significantly affect the range, depth and integration of information

captured and considered. So reports Laurie Weingart, Tepper School

professor of organizational behavior and theory, and director of the

Center for Interdisciplinary Research on Teams.

Putting together a diverse group, rather than one with all the same

type of individuals, is an advantageous requirement, according to

team research she is working on. For example, educational diversity

is important for task relevance, and different functional backgrounds

bring different “thought worlds” to a group. “It’s the differences

that breed the creativity,” Weingart says. But, she cautions, you can

also have too much diversity, which can limit understanding and

the ability to interact. “Different thought worlds must be bridged,

allowing for effective communication and collaboration across

boundaries,” she adds.


In today’s marketplace, companies must distinguish themselves through

product development or innovative services, and there is no better way

to test the water than through experiments, observes Jeff Williams,

Tepper School professor of business strategy, who focuses on business

models in the new economy.

Arshad Chowdhury’s innovative business concept for MetroNaps centers and

nap pods was tested and refined while he was a student at the Tepper School.

“I saw people falling asleep at

their desks and many would

sneak off to nap. I knew there

was a better way for people to

stay awake and alert at work.

I saw a need that was ready for

a solution – one I tested while

pursuing my MBA.”

– Arshad Chowdhury

MBA ’03

Founder, MetroNaps



continued on page 14

continued from page 13


“If a company has the right kind of culture, they run experiments. And

with the right kinds of experiments, they have a better chance of hitting a

home run,” Williams says.

Chowdhury agrees. “Experimentation is vital in the formulation of an

idea,” he says. And once you have hit upon a good idea, it allows you to

hone your innovation to meet the needs and preferences of the customer.

Even after product launch, ongoing research is useful. Chowdhury

points out that you may find that what the customer actually wants

doesn’t always match your vision. “In my case, I wanted to just open

more nap centers. What we didn’t expect was such a strong demand for

the purchase of the MetroNaps pods we developed,” which are in great

demand in Australia, the United Kingdom and Germany.

With experimentation, “the goal is not necessarily to be successful,”

Williams says. “Though that seems odd on the surface, the goal is to

learn – to see if something works or not.” When success is based on

what is learned through experimentation, there is less aversion to

risk. This, in turn, frees up energy to explore. “Explorers are the

pathfinders, the pioneers,” reports Williams. “This is a good strategy

in searching out new opportunities. You have to be willing to take

journeys without guarantees.”

Rushin says Apple is an excellent example of the “don’t-give-up

attitude” needed for success. “The company’s Newton PDA wasn’t

successful, but the company became very successful in other areas, such

as with its iPod and iTunes. What makes companies successful is a

willingness to take risks and accept failure without penalty. Penalties for

failure stifle creativity.”

Williams emphasizes, “It’s a matter of having the willingness to treat

the question of knowledge as the most important fundamental source of

new competitive advantage.”


With regard to innovation by individuals, one must be equipped

to actually recognize those “ah-ha” moments, or the opportunity

passes unobserved.

While the time, place and circumstances for innovation are

presented to different people in different ways, an important attribute

among innovative individuals is having the broad base of knowledge

and multi-functional insight with which to scan the opportunity

horizon. Tepper graduates frequently point to this aspect of their

education – the emphasis upon decision making driven by multiple

strategic perspectives – as uniquely relevant and reliable as part of

the innovation process, whether they work as part of a corporate team

or as entrepreneurs.

While at Tepper, Chowdhury not only tested his new business

concept, but he refined and developed it. He points to the extraordinary

support shown by professors, the opportunity to create a business plan

in entrepreneurship classes, and the opportunity he had to enter the

plan in a national venture capital case competition, where it passed

muster with the investors and won the competition.

Li believes the Tepper experience is special because students are

perpetually exposed to a wide variety of different functions. “It gives you

perspective – awareness of diverse aspects of the business world without

having to be an expert. It makes one open to possibilities because you

can communicate, relate and understand across various disciplines,” he


Contrary to the conventional wisdom held by authors, management

experts and even many corporate leaders, identifying the opportunities

for innovation is not about being in the right place at the right time.

It’s unrelated to luck, or serendipity, or the proverbial light bulb above

one’s head.

Innovation is certainly elusive, but it’s also attainable. A person does,

indeed, have control: control over the horizon that is scanned, control

over the information that is assessed and acted upon, and control over

how to seize the opportunity recognized. Inspiration, culture and

experimentation are all contributing factors. But, having the knowledge

on how to proceed toward the opportunity is what makes it happen.

TEPPER School of Business

New Center For Business

Solutions Integrates Business

And Education by Geof Becker

Aiming to transform the practice of business and business education,

theTepper School of Business recently launched the Center for

Business Solutions.The new center, in combination with two other

research centers at theTepper School, integrates core disciplines

central to the process of business innovation.Three specific areas are

involved in the centers: stimulation of relevant management research;

enhancement of business education; and long-term partnerships

with corporations to help businesses more fully employ sophisticated

analytical technology in strategically important processes.

Headed by Sunder Kekre, Bosch Professor of Manufacturing and

Operations Management, the Center for Business Solutions is an

ambitious and focused effort to forge mutually beneficial partnerships

between industry and theTepper School.

“The cycle of strategy to execution is faster than ever.The key

to our partnership model is helping member companies leverage

technology as a critical element in converting data to knowledge,

action and financial performance,” said Kekre.

The fully integrated approach embodied in the Center for Business

Solutions comes as Dean Kenneth Dunn seeks to keep theTepper

School at the forefront of business research, building upon the legacy

of the Nobel Prize-winning work that distinguishes theTepper School

of Business and Carnegie Mellon University.

“The Center for Business Solutions is a new approach grounded in

the belief that in-depth partnerships between companies and the

Tepper School will capitalize on our recognized strengths in leveraging

the intersection of business and technology,” said Dunn. “The close

relationships also will help our faculty develop new knowledge

based on real business data and problems, and quickly bring these

discoveries into the classroom.”

The new center is an integral component in the dean’s plan to

stimulate innovative research and education that impacts business

practice. Its close relationship with two other centers at theTepper

School, the Center for Analytical Research inTechnology (CART)

and theTeaching Innovation Center (TIC), defines the organizational

structure that will foster the leadership Dunn envisions.

Companies partner with theTepper School’s Center for Business

Solutions through a sponsorship program that funds research

projects for faculty and students that benefit companies’ businesses.

Membership benefits include access to faculty/student teams;

private briefings on faculty research; company-specific executive

education programs; priority recruiting; project courses

sponsorships; and opportunities to participate in summit meetings

and conferences. Member companies may also provide industry data

and sponsor international field studies and case competitions.

“The tripod concept is a good illustration of the interplay among

the three areas of research, teaching and practice,” said R. Ravi,

associate dean, Intellectual Strategy and Carnegie Bosch Professor of

Operations Research and Computer Science. “The size of the faculty

is an important factor in the delivery of knowledge across these

three areas. With our smaller faculty, there are no silos. Everyone

contributes to breakthroughs.”

With the CART and theTIC, the new Center for Business Solutions

completes a powerful pedagogical plan designed to benefit faculty,

students and corporate partners. Faculty gain insight into complex,

high-impact problems for research and the creation of new knowledge;

students apply newly acquired skills to real business problems; and

corporations receive in-depth access to theTepper School’s and

Carnegie Mellon University’s renowned academic resources and

intellectual capital for critical problem solving, research, recruiting

and executive education.

“This is the final part of the research triangle whose goal is to

increase the dominance of our faculty research in the area of business

education,” said John Mather, teaching professor of marketing and

executive director of the masters programs.



For more information, call 412.268.1748 or visit www.tepper.cmu.edu/solutions







by Susan Brimo-Cox

TEPPER School of Business

TIn 2003, the couple founded Bridge Street Toys, a company focused on reviving and bringing back to the


There’s a saying, “You don’t stop playing

because you grow old. You grow old because

you stop playing.” Carol and Paul Flack

(both MSIA 1988) have turned that sentiment

into a growing business.

marketplace several construction toys Paul played with as a youngster. The genesis of the venture began when

Paul was looking for a construction set to give to the couple’s 8-year-old son, Paul Jr. The toy had been out of

production for nearly 40 years, so they purchased an old set on eBay. Following an Internet search, Carol

discovered that the patent had long ago expired and the three trade names of the various sets – Girder &

Panel, Bridge & Turnpike and Hydrodynamics – had been released into the public domain. A new business

idea emerged for the entrepreneurial couple.


Past experiences at Carnegie Mellon and in the business world have helped the Flacks succeed. Carol

and Paul recall that they were the first married couple to be admitted to and graduate from Carnegie Mellon’s

MBA program. It was tough, Carol admits, but “we both got a superb education, though, in hindsight, we should

have taken some entrepreneurship classes,” she says.

Nonetheless, their business education, coupled with their real-world business experience, provided the

foundation they needed.

Carol recalls, “We moved every 18 months or so as our careers progressed.” Paul joined the Avery Dennison

Corp., a national office products company, and then worked for a small, family-owned chemical company.

Carol was with Eaton Corp. for ten years and a technical company in Europe for five years, and then joined

an international chemical company in Boston.

Juggling two careers was challenging, but valuable. “We were seasoned by working in different

businesses,” Paul explains. “By the time we decided to start our own business, we knew what questions to

ask, we knew what to look for, and we had an extensive number of business contacts.”

As their careers grew, so did Paul and Carol’s family. Daughter, Ruth, is now 13 years old and Paul Jr. is 11.

The couple settled in the Boston suburbs in 2002. “There we got the itch to become entrepreneurs,” Carol says.



continued on page 18

usiness model

continued from page 17

“It really doesn’t matter who cooks lunch or who

works on the instruction book, because we have

the same goal.” – PAUL FLACK

With the idea of starting a toy company, Carol and Paul convened a family meeting in 2003. Ruth and

Paul Jr. were invited to be part of a family toy business. With Carol and Paul at the helm as co-presidents,

Ruth as vice president of marketing and Paul Jr. as vice president of product development, Bridge Street

Toys was launched.


“Tekton Tower” is one of Bridge

Street Toys’ Girder & Panel

building sets. It received two

prestigious toy awards in 2006

for its educational qualities –

one from Parents’ Choice and

another from Dr. Toy.


In the beginning, Carol kept her job, and Paul started engineering the toy products. In the fall of 2005,

Carol left her corporate role to participate in the toy business full time.

“The three-car garage is the factory, where we do final assembly and shipping. Raw material storage takes

up two smaller structures in the yard. The basement is for finished goods storage and our photo studio. The

dining room is the product display room. The third floor of the house is our world headquarters with office and

design spaces,” according to the couple.

It takes some time to get a new business established, Carol and Paul admit, but they knew they were on

the right track when Paul went to toy collector Web sites in late 2004 announcing their business. They were

flooded with e-mails from people in their late 40s to early 50s wanting the sets.

Carol remembers saying, “‘We don’t have any product yet!’ But word got out, and we received a steady

stream of e-mails with credit card numbers for prepayment. I thought at that point we could actually make it

in the toy business.”

In mid-November 2005, Bridge Street Toys shipped its first 500 orders that had been on back-order.

Girder & Panel and Bridge & Turnpike building sets launched together. The Hydrodynamic building set

began shipping fall 2006. Again, the company received a significant number of e-mail pre-orders.

Paul says that what makes the company work is working together as a team – the whole family. “There’s

not time to do anything else. It really doesn’t matter who cooks lunch or who works on the instruction book,

because we have the same goal.”

“It is also a great way for our children to learn about business,” Carol adds. Paul Jr. has become an expert in

AutoCAD and handles product testing. Ruth has really taken to marketing and graphic design.

Carol wonders if they weren’t more lucky than smart, but the couple’s timing for entering the toy industry

couldn’t have been more fortunate. Carol explains, “The toy industry is really competitive, but we happened

to hit three important trends in the business: The construction category has increased 16 percent in the last

two years, retro toys are really popular, and the ‘tween’ (8- to 12-year-olds) category is growing, which is an

important customer age group for our toys.”

TEPPER School of Business


From the very start, Bridge Street Toys had an eye to the future.

Paul corrected several flaws in the original toy sets to make their

new versions better and more realistic. And the improvements

haven’t gone unnoticed by a major segment of the company’s

customer base – big kids in their 50s.

“Technology has changed since the original products,” Paul says.

“And we plan to pursue the possibility of offering custom buildings.”

Like Paul’s 16 1/2-foot-tall, HO-scale Girder & Panel version of

Chicago’s Sears Tower – with its 22,000 pieces and 110 floors – that

has been put on display in a hobby store in Connecticut.

Bridge Street Toys also has expanded its point-of-purchase venues

from Web site and print catalogs into retail toy and hobby stores.

“The business is snowballing,” Carol reports, which has meant the

need for more manpower.

On the production side, last year the couple added a full-time

assembly person, full-time engineer and full-time graphic artist,

and part-time IT, accounting and customer service personnel. On

the sales side, Bridge Street Toys has hired sales representatives.

“We now have sales coverage in 20 states,” Carol says.

Currently, the company is able to remain in compliance with the

local residential zoning codes, but “next year we’ll likely have to

move into industrial space,” Paul reports.

Bridge Street Toys also is expanding its outreach efforts, going

to elementary schools and visiting community groups to encourage

interest in youngsters in engineering and manufacturing. “Our toy

sets are a way to get kids back into building with their hands,”

Paul observes. Encouraging girls toward engineering is a priority,

too. In fact, the company’s Tekton Tower set was among the few

select toys to receive awards from Parents’ Choice and Dr. Toy in

2006 for their educational value.

“There’s a lot you can do with a small company,” Paul says.

For the Flacks, business success is all in a day’s work – or play.

For more information about Bridge Street Toys L.L.C.,

visit www.BridgeStreetToys.com or call 1.781.237.5005.

What were your favorite toys

Video games are the top-selling toys on the market today –

totaling $10.5 billion in 2005 – but many classic toys are still

popular and available. Here’s a look at some classic toys and

when they were introduced.

1867 Parcheesi


1900 Lionel Trains

1903 Crayola Crayons

1913 Erector Sets

1916 Lincoln Logs

1929 Yo-Yo

1930 LEGO Building Sets

1946 Tonka Trucks

1950 Silly Putty

1952 Mr. Potato Head

1954 Matchbox Cars

1956 Play-Doh

1959 Barbie

1960 Etch-A-Sketch

1963 G.I. Joe

Easy Bake Oven

1965 Operation

1966 Twister

1968 Hot Wheels Cars

1970 Nerf Balls

1972 Uno Card Game

1979 Rubik’s Cube

1983 Cabbage Patch Kids

Trivial Pursuit

1984 Transformers

1987 Pictionary

1988 Teenage Mutant

Ninja Turtles

Source: Toy Industry Association Inc.



TV Guide ad for Kenner’s Girder & Panel Hydro-Dynamic Building Set

from the early 1960s.




TEPPER School of Business


MSIA ’92

President and Chief Executive Officer

Cognizant Technology Solutions

“Tepper grads clearly set themselves apart.

Equipped with leading-edge tools, fresh

insights and seasoned experience, they

successfully tackle the toughest problems

and the greatest opportunities.”


When I graduated, conventional wisdom had it that graduates would switch jobs at least three times in the

first ten years of their careers – that was definitely my mindset. But I’ve only really been with one company

since business school. I joined Dun & Bradstreet’s high-performance management development program,

where one of my assignments was to go to India in 1993 – 94 and set up the company that eventually became

Cognizant Technology Solutions. Eventually, we took Cognizant Technology Solutions public and, over time,

we separated completely from Dun & Bradstreet. It’s uncommon to have been with essentially the same

company for so many years – that decision has been less about switching jobs and more about taking roles

that are experience-rich. I’ve stayed because both Dun & Bradstreet and Cognizant have continually given

me bigger, broader and more substantial roles that stretch me in different ways.


Go for the experiences, particularly early in your career. Choose jobs that will stretch you, broaden you

and take you out of your comfort zone. The most important skill for a leader is the ability to change. Push

yourself constantly with a new job, a new role, a country where you have no experience or don’t speak the

language. The most important thing is learning how to deal with change.

Second, don’t be afraid to take a chance and do something. Take a risk in your career or business.

Leadership is about taking calculated risks. There are far too few risk takers. Learn how to take risks,

and just do it.




It has astounded me over the years how a strong group of individuals, with the right support structure, can

achieve outstanding results given the opportunity. Good leaders identify those talents in individuals and

create the environment in which people can do amazing things.


I’ve lived in 13 or 14 countries, and I recommend: the breathtaking sunset view of Manhattan from the

ferry to Weehawken, New Jersey; a spectacular helicopter ride over the statue of Christ in Rio de Janeiro;

an inspirational safari in East Africa; and an escape from the chaos of India at the beaches of Goa.



TEPPER School of Business

Does outsourcing really

deliver an edge

Improving relationships between clients and service providers

in IT-enabled outsourcing by Allison Thompson

The last few years have seen enormous growth

in how companies outsource portions of their

business. They’re not just making

plastic parts in China or clothes

in Taiwan, but using information

technology to outsource payroll,

software development, call-center

responsibilities or other strategic

processes that directly affect

revenues to companies located

domestically or around the world.

Costs are one reason to outsource; efficiencies

of scale and specialized knowledge are other

reasons. But, while attractive, these outsourcing

relationships do not come without risk.



continued on page 24


“Research suggests that many clients prematurely terminate or


continued from page 23

re-negotiate their outsourcing relationships and re-evaluate their choice

in service providers. One in four large client organizations responding to

a 2005 survey by Deloitte Consulting have actually brought outsourced

functions back in-house,” says Sandra Slaughter, associate professor at

the Tepper School of Business.

Slaughter is part of a campus-based interdisciplinary research team

that includes researchers at Carnegie Mellon University’s IT Services

Qualifications Center (ITSqc) studying the characteristics of successful

eSourcing engagements. (The team also includes assistant professor

Chris Forman at Tepper, systems scientist Elaine Hyder at ITSqc and

senior systems scientist Mark Paulk at ITSqc.) The research project is

partially funded by the Tepper School’s Center for Analytical Research

in Technology, a center founded in 2004 to encourage research that

examines the intersection between business and technology. “We’re

looking at how firms can achieve greater value from outsourcing that is

enabled by IT. Our goal is to help firms improve sourcing relationships

in the new global economy,” Slaughter says.

To understand the sourcing process, the Carnegie Mellon team is

focusing on a major U.S. service provider that has already been certified

in the capability model for IT-enabled outsourcing developed by the

ITSqc and a consortium of service providers. This model identifies the

best practices associated with IT-enabled outsourcing. The model can

help service providers evaluate and improve their ability to provide

high-quality services to their clients.

“Service providers want to make their services as transparent as

possible to the client,” Slaughter notes. “Companies seek to implement

best practices, but they also have to address the fact that the size and

complexity of the service outsourced and the geographic distance – the

time factor, for instance – as well as cultural differences can all affect

their ability to deliver. Similarly, clients also vary in terms of their

size and IT sophistication and how well they understand the service to

be outsourced.” With all of these factors, there is plenty of room for

failure – and that’s where the Carnegie Mellon research team fills the

gap, by providing insight into how relationships between service

providers and clients can be more effectively designed and managed

to promote success in IT-enabled outsourcing.

“Companies seek to implement

best practices, but they also

have to address the fact

that the size and complexity

of the service outsourced and

the geographic distance –

the time factor, for instance –

as well as cultural differences

can all affect their ability

to deliver.”


Associate Professor in

Information Systems


The Space Where Business

And Technology Intersect: CART

Just as the Pittsburgh region's Allegheny and Monongahela Rivers

merge to form the mighty Ohio, the Tepper School’s Center for

Analytical Research in Technology (CART) represents the conjoining

of cutting edge developments in business and technology. “The

principal mission of the center is to spur research on technology

enabled analytical decision-making for business,” says R. Ravi, associate

dean for intellectual strategy, Carnegie Bosch professor of

operations research and computer science, and chair of the CART

committee since its inception in 2004.

“CART is now operating at a steady state and generating

interesting and useful research results,” says Ravi. He notes that

CART funds different types of projects – from the conventional,

in which the researcher proposes adding a new twist to research

in the field through technology, to the less traditional, in which

researchers from two or more areas leverage their experience

by examining a problem together, and even to a higher-risk,

high-return projects that involve funding a researcher to explore

an entirely new field.

Another CART offering that involves alumni, faculty and students

is the CART seminar series that provides a forum for faculty

to discuss their research projects and for external speakers to

talk about their businesses and the impact of technology in their

industries. “We’re generating interesting research problems

from our industry contacts – especially alumni and graduates of

our executive education program.” Ravi says, adding that, video

streams of selected one-hour seminars will be available at


In addition, the results of CART-sponsored research make their

way into elective courses at the Tepper School. “Not only are

CART-sponsored faculty expanding the knowledge frontier by

using the latest advances in technology to solve urgent business

problems,” Ravi explains, “they are transferring these exciting

research solutions directly to Tepper’s MBA classrooms.”




October 26 – 27, 2007 • families welcome





Linda Argote, PhD

Sunder Kekre, PhD

SEndowed Chairs Propelling Tepper

School’s Intellectual Mission by Geof Becker

With the generous help of key supporters, the Tepper School of Business under

Dean Kenneth Dunn’s leadership is accelerating its progress toward expanding and

strengthening the school’s intellectual capital – its faculty researchers.

Thus far this academic year, the Tepper School has established eight endowed chairs. The increase, supporting

senior, junior and distinguished faculty, is part of Dean Dunn’s strategy to help seed revolutionary research

breakthroughs by supporting investment in the school’s intellectual capital, its faculty.

Notice of the rapid increase in endowed chairs began early in the school year with formal announcement in

October of five chairs at the Carnegie Bosch Institute for Applied Studies in International Management, and

continued with the PNC Professorship in Computational Finance and the Frank A. and Helen E. Risch Faculty

Development Professorship in Business. Most recently, the Tepper School established the Richard P. and

Virginia M. Simmons Distinguished Professorship, awarded to Nobel Prize-winner Dr. Finn Kydland through

a $5 million gift from Richard Simmons.

“It has been gratifying and exciting to see the support that has allowed us to establish these chairs. They are

integral to our strategy for stimulating new research that is aimed at achieving significant and lasting impact

not only on business school education, but more important, also on improving business practices around the world,”

Uzma Khan, PhD

said Dunn.

Finn Kydland, PhD

R. Ravi, PhD


The mix of developmental and full professorships helps support a broad spectrum of research activity. Frank Risch,

who earned a Master of Science degree in Industrial Administration in 1966, enjoyed a 38-year career with

ExxonMobil before retiring in 2004 as vice president and treasurer. He recently spoke about their decision to endow

the professorship, a $1.25 million investment, saying they hoped to inspire others to also consider focusing their

support on helping young faculty develop path-breaking research.

“The reputation of the school was built on young faculty applying their intellect to solve business problems in a

way that was not being done elsewhere,” Risch said. “This chair is an arrow in Ken’s quiver that he can use to help

give young PhDs the time they need to take the practice of solving business problems to the next level.”

Risch, who also serves on the Tepper School’s Board of Business Advisors, had previously established with his

wife the endowed Helen E. and Frank A. Risch, IA 1966, Scholarship. The chair was awarded to Dr. Uzma Khan,

assistant professor of marketing.

“In our view, my degree was the catalyst for a successful career. When Ken talked about creating

faculty development chairs, it rang true for us that giving additional support to promising young faculty is

TEPPER School of Business

important because they are the very reason the Tepper School has been

as successful as it has been,” Risch said.


The concept of computational finance, or financial engineering, originated

at Carnegie Mellon University, and, although other schools have followed,

Carnegie Mellon’s unique and powerful strength in interdisciplinary

collaboration continues to keep it at the forefront of this special field.

Reinforcing this competitive institutional advantage, the PNC Professorship

in Computational Finance, announced in January, also furthers Dean Dunn’s

strategy to increase the chairs supporting the research of young faculty.

The chair, not yet awarded, was established through a gift of $1 million

from the PNC Foundation, the philanthropic arm of the PNC Financial

Services Group, and $250,000 from PNC executive management, headed by

James Rohr, chairman and chief executive officer of PNC.

“This endowment will help the Tepper School continue to provide the type

of education and research that has made it one of the top business schools

in the country,” said Rohr, also a member of the Tepper School’s Board of

Business Advisors and a lifetime trustee of Carnegie Mellon.

“The PNC Professorship in Computational Finance also represents an

investment in the Pittsburgh region’s economic vitality, as Carnegie Mellon

has established itself as an engine for growth and development.”


The Richard P. and Virginia M. Simmons Distinguished Professorship

also supports the dean’s vision, not only by rewarding Kydland’s immense

academic contributions but also making possible the Nobel laureate’s

increased interaction with PhD candidates at the business school.

Kydland, who received a PhD in economics from Carnegie Mellon

University in 1973 and joined the business school’s faculty in 1978, shared

the 2004 prize in Economic Sciences with Edward Prescott, also a Carnegie

Mellon PhD alumnus and former Tepper School faculty member. They

were the fifth and sixth members of the Tepper School faculty to have won

Nobel prizes.

“I have strong views about what a great place the Tepper School is and

the potential here for great work,” Kydland said. “This chair is a great honor

and quite essential to helping me make a contribution. I want to focus

almost exclusively on basic research and helping to train great researchers.”

Simmons, retired chair of Allegheny Technologies, a specialty metals

manufacturer, is a devoted philanthropist and dedicated friend of

Carnegie Mellon. He also is a distinguished adjunct professor at the

Tepper School where he teaches a popular graduate course,

“Responsibilities and Perspectives of the CEO.”

“I’ve always admired Carnegie Mellon and am particularly impressed

with Dean Kenneth Dunn and the students at the Tepper School,”

Simmons said. “And I wanted to make a contribution that I thought would

help make a difference in the school’s continuing quest for excellence.”


The newly endowed chairs this academic year also include five at

the Carnegie Bosch Institute for Applied Studies in International


Constituting a new research committee at the 16-year-old global

institute, the endowed chairs are focused on developing new insights

into strategies and practices relevant to global organizations.

Appointed to the new Bosch chairs were:

1 Sunder Kekre – Bosch Professor of Manufacturing and Operations

Management and committee chair; director of the Center for

Business Solutions.

1 R. Ravi – Carnegie Bosch Professor of Operations Research and

Computer Science; associate dean for intellectual strategy.

1 Linda Argote – Carnegie Bosch Professor of Organizational

Behavior and Theory; editor-in-chief of Organization Science;

founding director of the Center for Organizational Learning,

Innovation and Performance.

1 Don Moore – Carnegie Bosch Faculty Development Chair;

associate professor of organizational behavior and theory.

1 Vishal Singh – Carnegie Bosch Faculty Development Chair;

assistant professor of marketing.

Clearly, the pace of academic innovation at the Tepper School is

moving strongly forward as marked by the establishment of these eight

chairs, giving faculty, students and administrators the tools and motivation

to continue their aim at understanding and solving the world’s most

significant business problems.



out of the officeIBUSINESS



by Janice Jeletic


“No matter what you do – business,

education, wherever you are – you

need to spend some time giving back

to the community. It helps to employ

your talents to make you a whole

person. And you need to spend the

time now – don’t put it off.”


MSIA ’62

Retired President

Eco Waste Technologies

(a subsidiary of RPC Energy Services)

TEPPER School of Business

As a pilot, Carnegie Mellon graduate Dick Lyon enjoys

flying. As a volunteer for Angel Flight of Georgia, he

pursues his passion, maintains his technical proficiency

and gives back by helping those in need.

After graduating from GSIA in the early ’60s, Lyon launched a successful

business consulting career with a major accounting firm performing systems

consulting. He added to his experience a venture capital firm and a large

multi-industry company before launching his own independent consulting

firm. He retired from Eco Waste Technologies, which sponsored research for

chemical processes. The demands of a heavy work-related travel schedule

led Lyon to begin providing his own transportation.

“I earned my private pilot’s license in 1972 in Ohio,” says Lyon. “It was

something I always wanted to do. When I moved to Atlanta, I continued

flying and have only flown for personal or business transportation.”

For the last five years, however, Lyon also has been using his skills to

help transport patients who need medical treatments. Many are children

born with deformities or elderly cancer patients. “I see my passengers

act with courage and perseverance,” reflects Lyon. “While they have

significant issues to deal with, their attitudes and flexibility are good

examples for the rest of us to follow.”

Using his single-engine Cessna and providing his own fuel, Lyon makes

eight to ten trips for Angel Flight each year out of the Dekalb Peachtree

Airport. He has no assigned route or territory, but each flight takes him two

to three hours from home. He waits while the patient receives treatment,

then flies them home to Atlanta.

“Working with Angel Flight is a good excuse for me to get out and fly,”

says Lyon. “It helps me to maintain my flying skills. But mostly, it helps me

to fulfill my philosophy that you need to give back. Life can be stressful, but

you can control your time and help others, which can help reduce stress.”

In addition to serving as a volunteer pilot, Lyon also serves as a

caseworker for Catholic Charities and works with theater and music

organizations. One highlight of his volunteer career occurred in 2004

when his barbershop quartet appeared in the film Bobby Jones: Stroke

of Genius.

Spreading wings of mercy

across the country

Founded in 1983, Angel Flight of Georgia is the original volunteer

pilot organization serving Alabama, the Carolinas, Georgia,

Mississippi and Tennessee. Through coordination with similar

organizations in the Air Care Alliance, Angel Flight reaches

destinations across the country.

The organization’s philosophy is that “the cost of travel

should never stand in the way of people receiving medical care.”

Patients are screened to ensure that they meet established need

guidelines. They are typically accompanied by a parent, spouse

or nurse. Missions are posted, and the pilots choose those that

fit their schedules.

In addition to providing assistance to individual patients,

Angel Flight also delivers supplies to disaster areas and

reunites families. Volunteer pilots played roles in relief efforts

for both September 11 and Hurricane Katrina.

Beginning with just one mission per week, Angel Flight made

1,786 missions in 2005. Volunteers have grown from 15 pilots to

more than 1,200 pilots and “earth angels.”





Tepper School of Business alumni, faculty, staff

and students make news around the world. Below

is a sample of recent media highlights that include

the Tepper community. For more information,

please visit www.tepper.cmu.edu/pressclips.

The Wall Street Journal / Economy is fundamentally

sound, says Nobel Prize winner

Despite opinions to the contrary, the U.S. economy is fundamentally

sound and will probably show 3 percent real growth, says Edward

Prescott, a former Tepper School faculty member and winner of the 2004

Nobel Prize in Economic Sciences. Prescott says there is no need to

panic and the economy is less delicate than many believe.

The Christian Science Monitor / Money supply can’t

predict GDP changes, but still vital

Though money supply can’t be used today to predict quarterly changes

in the nation’s gross domestic product, it remains important for other

forecasts, according to Allan Meltzer, the Allan H. Meltzer University

Professor of Political Economy. Money supply remains important in

determining future inflation and output.

The New York Times / Study shows price of electricity

soars in simulated competitive market

A study at the Electricity Industry Center found that prices soared under

a computer-simulated market in which 10 utilities bought electricity

and 10 producers sold it. The experiment found that buyers and

sellers learned to manipulate the price within 100 rounds of bidding in

the competitive market.

The Wall Street Journal / Quant-focused degree earning

its keep on Wall Street

Carnegie Mellon’s master’s in computational finance, a pioneer in the

field, is one of the most interdisciplinary. Offered in both New York and

Pittsburgh, the program brings together four colleges: mathematical

sciences, statistics, the Heinz School of Public Policy and Management

and the Tepper School of Business, which administers it. Courses cover

such topics as stochastic calculus, options and asset pricing, probability,

and financial risk management.

San Francisco Chronicle / Job market picks up for MBA

graduates, East Coast students find opportunity in West

The job market for MBA graduates has rebounded to such an extent

that career counselors at business schools say they have to fend off

eager employers from recruiting too soon. Tepper School students were

interviewed for this story while on a West Coast recruiting trip. “We had to

set strict guidelines about how soon employers can come to campus to

recruit,” said Stephen Rakas, associate director of the career opportunities

center at the Tepper School. “We don’t want students hit on their first day

on campus when they’re still trying to buy their books.”

The Associated Press / Managers, shareholders sometimes

at odds during buyouts

Managers often face a conflict of interest during buyouts if they team with

buyout groups, a trend that is meeting with increased resistance from

shareholders. Robert Dammon, professor of financial economics, points

out that while managers are supposed to get the best price possible for

shareholders, in such situations they also serve as the buyer, and want to

sell the company as cheaply as possible.

Pittsburgh Business Times / LEGO curriculum could build

brand equity for Carnegie Mellon

A new educational curriculum that uses robotics to teach subjects such as

science and math may result in greater brand recognition for Carnegie

Mellon, according to Peter Boatwright, associate professor of marketing.

The curriculum is a joint project between the university’s Robotics Academy

and LEGO Education International.

Bloomberg / Reduce dependency on foreign oil Possible,

yes – but the question is how

Reducing the United States’ dependency on Middle Eastern oil 75 percent

by the year 2025 is “perfectly feasible,” according to Lester Lave, Harry B.

and James H. Higgins Professor of Economics, University Professor and

co-director, Carnegie Mellon Electricity Industry Center. However, Lave says

simply offering subsidies won’t make that happen, and one step toward a

real solution is the stabilization of gas prices at a high enough level to drive

alternative fuel development.

Pittsburgh Post-Gazette / Companies invite customers

behind the scenes to cut costs

Providing “behind the scenes” information to customers, such as the online

tracking functions offered by package delivery services, changes customer

behavior, according to marketing professor Baohong Sun. Such tactics,

which can lower costs or drive business, essentially invite the customer to

share in the process, Sun says.

Dow Jones Newswire / Sarbanes-Oxley could stand

improvement, but has value

A requirement under the Sarbanes-Oxley Act for public companies to review

internal controls over financial reports each year is costly to large companies

and could crush smaller ones, critics say. That’s one way the package of

TEPPER School of Business

corporate accounting reforms could be improved, according to Chester

Spatt, Mellon Bank Professor of Finance; director, Center for Financial

Markets, (on assignment – chief economist, Securities and Exchange

Commission), though he adds the act has been valuable in other areas.

BusinessWeek / Disclosure can prompt exaggeration, while

giving few benefits

Though advisers sometimes hedge their bets by disclosing conflicts of

interest, the practice may actually add up to a case of too much information,

says Don Moore, Carnegie Bosch Faculty Development Chair; associate

professor of Organizational Behavior & Theory. Often those who receive the

advice don’t place much importance on the disclosures because they’re

unprepared to make use of the information, he says.

The Christian Science Monitor / Economist: President’s

chances of shaking up Social Security are slim

The outcome of congressional elections will be a key factor in determining

whether President Bush succeeds in his bid to partially privatize Social

Security, says Stephen Spear, professor of economics at the Tepper School

of Business. Because the proposal is so unpopular, Bush is likely to face the

same political firestorm he did in 2005, and the proposal’s future will be

influenced by whether Republicans retain control of both house

Financial Times / Good intentions at the expense of the poor

Adam Lerrick, the Friends of Allan Meltzer Chair in Economics and director

of the Gailliot Center for Public Policy, describes how non-governmental

organizations have become the de facto regulators of the flow of finance

to the developing world, to the detriment of the people they intend to help.

Lerrick argues that a new marketplace will emerge, guided by economic

forces rather than intimidation.

CBS Evening News / America’s power grid strained

In this news segment, Lester Lave, explains why America’s electrical

distribution system is vulnerable to surging power demands and what can

be done to make the system more reliable.

The Associated Press / Dissident investors’ apparent win

stirs questions about Heinz board

Robert Dammon, professor of financial economics, discusses how proxy

fights tend to drive up share prices of affected companies even if dissidents

do not win board elections.

U.S. News & World Report / Big Brown: UPS is betting

on tech to deliver a competitive edge

Operations Research Professor Michael Trick of the Tepper School

describes how delivery companies are succeeding airlines as leaders in

using operations research to improve their processes.

BusinessWeek Online / SarbOx doesn’t go far enough

Don Moore argues that Sarbanes-Oxley fails to correct a crucial

accounting system weakness: the potential for the “moral seduction”

of outside auditors.

Foreign Policy Online / The Green Bullet: There’s a

straightforward way for Washington to end America’s

addiction to foreign oil, while reducing greenhouse gas

emissions and resolving the impasse on international trade:

Turn farm subsidies into fuel subsidies.

This article was co-written by Lester Lave and W. Michael Griffin,

executive director of the Green Design Institute. To reconcile President

Bush’s conflict between political pressure to cut U.S. farm subsidies and

domestic pressure to keep them, these experts recommend that Bush

could address both concerns “by transforming farm subsidies into fuel

subsidies. If Washington subsidized corn and switchgrass for domestic

ethanol production instead of export, Bush will relieve his headache on

trade, bolster energy security, and improve the environment,” thereby

helping to end the American “addiction” to oil.



Steve Springer

BSBA ’08

Sola Talabi

MBA ’07

Angelica Hernandez

MBA ’08

Your support makes

the difference in

our Tepper School


Laree Rolley

MBA ’07

Although only five students are pictured here, alumni generosity

supports 100% of the students who study at the Tepper School.

Support of the Annual Fund makes the critical difference as

we work to educate the next generation of business leaders.

Please consider making a gift today to support vital educational

Adrian Maholchic

MBA ’07

and professional opportunities for each and every student.


TEPPER School of Business

networkIWINTER ’07

Norm was awarded the American

Jewish Committee Centennial

Leadership Award at the Central

New Jersey Chapter annual dinner

celebrating the 100th birthday of

the American Jewish Committee.

Spring was also made busy by the

arrival of a third grandchild, Abby

Agin, and the purchase of a new

home in Princeton.


Eric Seff (BS ’63, MSIA) has moved

from NewYork to Albuquerque,

N.M., and regrets not making the

move earlier.


Professor Stanley Zionts (BS/CIT ’58,

MSIA ’60, PhD) is UB Distinguished

Professor Emeritus, School of

Management, and Adjunct Professor

Emeritus of Industrial Engineering,

State University of NewYork at

Buffalo, and he has

served in various

faculty leadership


Stan is widely

known for his work

on management

decision theory.

His areas of

research include

Stan Zionts

(BS/CIT ’58,

MSIA ’60, PhD ’66)

multiple criteria decision making,

decision support systems and

mathematical programming.

In addition to his (almost 40-year)

tenure at SUNY Buffalo, he has

worked for U.S. Steel Corp. During

his career, he has had extensive

assignments abroad in Belgium,

China, France, India and Latvia.

Stan is the author/editor of several

books and more than 100 articles.

He has held leading positions

in national and international

professional organizations.




as alumnus Bart O’Brien

(MSIA ’81) shares his insights

on winemaking and marketing

wine at his award-winning

vineyard in the southern Napa

Valley. More than 70 alumni and

family members attended the

afternoon event.




Al Kuehn (BS/CIT ’52, MSIA ’54,

PhD), CEO for Management Science

Associates, met with FaWang (MBA

’03), Tony Zhu (MBA ’03) and several

otherTepper graduates at a gathering

ofTepper alumni in Shanghai. Fa

is MSA’s managing director at its

Shanghai office/subsidiary.


It was a busy spring for Norm Agin

(MSIA) and his wife, Adele.They

enjoyed a trip to Rome and a personal

audience with Pope Benedict XVI.

see page




Your gift is an investment

in the school’s future!


From left to right: Adele Agin; Norm Agin

(MSIA ’60); Bob Goodkind, National

President of the American Jewish

Committee; and Pope Benedict XVI.

America Grau and Shamir Karkal (MBA ’06). See page 44.






Tepper School Degree and Program Codes

BS Bachelor of Science

IWM International Wealth Management

MBA Master of Business Administration

MSCF Master of Science in Computational Finance

MSEC Master of Science in Electronic Commerce

MSIA Master of Science in Industrial Administration

MSQE Master of Science in Quantitative Economics

PFE Program for Executives (Executive Education)

PhD Doctor of Philosophy

Carnegie Mellon College Codes

CIT Carnegie Institute ofTechnology

CS Computer Science

HSS Humanities and Social Sciences

HNZ H. John Heinz III School of Public Policy

& Management

MCS Mellon College of Science

Left to right: Jeffrey Meckler (BS ’89,

MSIA ’90); Sondi Pripstein (MSIA

’78), current chapter president;

and Beverly Baynard (MSIA ’89),

past president.



Three former and current

presidents of the New York

Tepper Alumni Chapter hosted

a special summer BBQ at

the home of New York alumni

leader and past chapter

president Jeffrey Meckler

(BS ’89, MSIA ’90) welcoming

summer interns from the

class of 2007 to the New York

alumni community.


Carlos del Ama Gutierrez (MSIA)

just finished a book, Towards a New

World Order. It analyzes the Islamic

fundamentalism ideology, the

“American Empire” and the developments

in the European Union. It was

published in Spanish in December.

He is looking for an American publisher

who would be interested in its

translation and publication in English.


Gordon Cohn (BS) is currently

teaching accounting, economics and

finance atTouro College and Baruch

College. He has a PhD in accounting

from Baruch College. He has published

several articles on theTalmudic

perspective on accounting and

accounting ethics.

Alan Hess (MSIA ’67, PhD) reports that

the undergraduate finance students at

the University of Washington voted him

“Faculty of theYear” for the 2005 – 2006

school year. A paper Alan coauthored

on Japanese banks was presented at

the Financial Intermediation Research

Society conference in Shanghai in June.

Later this fall, he will be presenting

a paper on international banking

at a joint Federal Reserve Bank of

NewYork/Wharton/Review of Financial

Studies conference at Wharton.

James R. Holland, Jr. (MSIA),

president and CEO of Unity Hunt Inc.

in Dallas, has been inducted into the

Oklahoma State University Hall of

Fame for Engineering.

Louis B. Mendelsohn (BS) is the

president and CEO of Market

Technologies, LLC, an Inc. 500 trading

software company he founded in 1979.

Louis is a world-renowned software

developer in the application of personal

computers to technical analysis of the

financial markets. In 1983, he pioneered

strategy back-testing for PCs and, in

the mid-1980s, was the first to introduce

intermarket analysis software. In the

early 1990s, he released his latest

program, VantagePoint Intermarket

Analysis Software, which forecasts

90 global markets, using artificial

intelligence to find hidden patterns

and relationships between them.

In 2005, he expanded his analysis to

encompass a new area that he calls

Hurricaneomics Ș M which analyzes the

impact that monster storms have on

the global financial markets. Louis has

authored two books on intermarket

analysis, including his second, entitled

Forex Trading Using Intermarket

Analysis, which was published in 2006.

His firm has received numerous awards

throughout the years. Recently it was

recognized as the 2006 Best Place

to Work and as one of theTop 25

High-Tech Companies inTampa Bay.

MarketTechnologies recently relocated

to a new state-of-the-art corporate

headquarters that was designed

with Hurricaneomics in mind.

Louis, Illyce, his wife of thirty years, and

youngest son, Lee, live on a ranch outsideTampa,

Fla., where they raise Paso

Fino horses and a variety of cattle and

other livestock.


Cheryl and Paul Schenk (BS)

celebrated their 30th anniversary

last fall with a trip to the Provence

region of France. In November,

Paul’s second book, The Hypnotic

Use of Waking Dreams: Exploring

Near-Death Experiences Without the

Flatlines (Crown House Publishing),

was published.

RawleyThomas (MSIA) published a

paper entitled “The Discounted Cash

Flow Model: Using New Modeling to

Test Reasonableness” with Randy

Schostag in Valuation Strategies.This

follows a presentation to the Midwest

Finance Association on “Advanced

DCF Valuation Measurement

Methodology: Predictive Capability,

Accuracy, and Robustness.”


John Bassler (MSIA ’68, PhD) retired

May 31, 2006 from his position as director

of the Master’s Degree Program in

Marketing Research atThe University

ofTexas at Arlington. Rather than head

directly to the hammock (it’s too hot in

Dallas to do that anyway), he has

formed Know/Go NPD LLC with a

partner, Jim Kindley.They are offering

early-stage market feedback to

new-product developers who have the

humility to recognize that potential

customers may not think their ideas

are as good as they do.These insightful

NPDers can save a lot of money by

killing the non-starters early.


Zane Swanson (MSIA) is associate

professor for the Emporia State

University and advisor to the

university’s team entered in the 6th

Global XBRL Academic Competition.

XBRL, eXtensible Business Reporting

Language, is a technology for improving

access to the information in financial

reports. Zane’s winning team presented

a project using XBRL to do continuous

auditing. “In general, what bar codes

have done for retail packaging, XBRL

will do for accounting,” said Zane.


Neil Charness (MSIA ’71, PhD)

was awarded the William G. Chase

Professor of Psychology at Florida

State University.


After spending 28 years in corporate

banking, financial institutions, real

estate finance, global relationship

banking and global transaction

services, mostly in Citigroup – San

Francisco, NewYork and Hong Kong,

Albert Ip (MSIA) assumed a new

position as Asia Regional Investment

Finance Head for Citigroup’s Private

Banking, covering 11 countries:

Australia, India, Singapore, Indonesia,

TEPPER School of Business

Thailand, Philippines, Malaysia, New

Zealand, Hong Kong,Taiwan and China.

Albert, Pasy and daughter Isabelle

continue to be based in Hong Kong.

FredW.Wright (BS) has recently retired

early from the International Finance

Corp., the private sector arm of the

World Bank Group, in order to spend

more time taking care of his elderly

parents. He is doing some consulting

work for the IFC on a part-time basis

and also serves on the board of

RebuildingTogether with Christmas in

April of Washington D.C., which repairs

approximately 100 low-income, owneroccupied

homes each year in the area.


After three years of struggling as CEO

of NetContinuum, a security startup,

Gene Banman (MSIA) left last October.

He thinks he has one more job left in

him, but plans to ski, surf and sail until

he’s bored with it before looking for the

next opportunity. In the meantime, his

wife, Nanci, and he are tearing down

their current house and building a new

one on the same lot.Their son, Neil,

is a law student, and their daughter,

Masami, graduated from Rhode Island

School of Design and has moved back

to the West Coast.This past spring,

Gene helped classmate Ken Deemer

(MSIA) move his 45-foot Sportfisherman

from Cabo San Lucas, Mexico, to

Huntington Beach, Calif.

Hirao Kojima (MSIA) was a visiting

researcher at the John E. Anderson

Graduate School of Management at

UCLA over the academic year

2005 – 2006. His research topics include

foreign exchange rate and foreign

direct investment. He worked on three

papers during that time, and two of

them are part of a UCLA Anderson

School Working Paper Series. After

a family visit to visit San Francisco,

Yosemite and Monterey, they will be

returning to Fukuoka, Japan. In

Fukuoka, Hirao teaches and researches

as professor of business statistics at

Seinan Gakuin University.


In 2006, Max Bazerman (MSIA ’78,

PhD) received an honorary doctorate

from the University of London (London

Business School), the Kulp-Wright

Book Award from the American Risk

and Insurance Association for

Predictable Surprises (with Michael

Watkins), and the Life Achievement

Award from the Aspen Institute’s

Business and Society Program. Max is

the Jesse Isidor Straus professor of

Business Administration at Harvard

Business School.

Alan Mazursky (MSIA), CEO of Great

Minds Software, reports a new release

of their suite of Contract Management

Software, Contract Advantage Web.

They have also established partners

in the UK and Australia. Alan’s 22-

year-old son, Ian, has joined them to

run implementations.


David Grander (MSIA) and his wife,

Vera, have now been in the Denver

area for three years. Dave is working

for Newmont Mining as an internal

consultant, running major global

change and process redesign

initiatives.They have a new home and

six grandchildren to brag about.

Paul Plesser (MSIA) is the head of

Institutional FX Sales at HSBC in

NewYork. He has recently been given

responsibility for managing the

business with their global focus clients.

Paul and his wife, Neila, have four

children: Meridith, 28 (who lives in

San Diego), Amanda, 26, Jordan, 18,

and Chelsea, 16.

Michael Pochan (MSIA), former CEO

and co-founder of software success

LeaseTek (1983–1998 with R.F.

Culbertson. III [BS/CIT ’73, MSIA ’74,

MS/CIT ’75]), has launched a new

self-funded venture, IntelliSensor

Software.This time he has three

partners from Carnegie Mellon:

JohnVoytko (MS/HNZ ’86), Dirk Kalp

(BS/MCS ’73) and WalterTauche

(BS/MCS ’73, MS/CIT ’76). IntelliSensor

Zohair Husain (MSIA ’98) and Anthony Habgood (MSIA ’70)

develops critical business application

and data management software for

intelligent wireless sensor networks,

a new frontier in systems.


Scott Brandt (MSIA) is the CFO for

Neurostar Solutions Inc., an Internet

radiological imaging company located

in Atlanta.

Tom Franks (MSIA) of Pittsburgh

recently started his own, independent

investment advisory firm – Emmanuel

Capital Management, LLC.The firm

promotes morally and socially

responsible investing, while assisting

individuals and small institutions

with a variety of investing needs.

The firm’s Web site, which also

markets an investment newsletter,

is MoralInvestors.com.


Tom Franks

(MSIA ’82)

After several years working at various

supply chain software companies,

Robert Byrne (MSIA) foundedTerra

Technology in 2001. It is working on

revolutionizing demand prediction for

consumer goods companies and was

just recognized as a top ten supply

chain solution provider. Robert still

visits Pittsburgh regularly and had

the opportunity to speak in a couple of





The London Alumni Chapter

hosted an Alumni Reception

and Panel at Citigroup’s Stirling

Square. A panel of leading alumni

addressed the topic of Business

Leadership in the Global

Economy. Citigroup hosted the

alumni reception through the

assistance ofTepper alumnus

Thomas Abraham (MSIA ’76),

managing director and global

head of strategic solutions at

Citigroup’s global transaction

services.Tom chaired the panel,

which included: Bill Grathwohl

(BS/CIT ’84, MSIA ’87), managing

director, fixed income, currencies

& commodities, Goldman, Sachs

and Co.; Anthony Habgood

(MSIA ’70), chairman, Whitbread

PLC, and chairman, Bunzl PLC;

Alex Knaster (BS/CIT ’80), chairman

and CEO, Pamplona Capital

Management, former CEO of

Alfa Bank in Russia.






Dr. Marvin Goodfriend




The San Francisco Bay Area

Alumni Chapter hosted two

high-level alumni panels: the first

was an alumni investment panel

on “Asia:The New ‘New World’”

at the University Club in San

Francisco. Dr. Marvin Goodfriend,

professor of economics at the

Tepper School and chairman of

the Gailliot Center for Public

Policy, was the keynote speaker.

He was joined by alumni panelists,

including: Patrick Adamiak

(MSIA ’84), vice president,

strategy and operations,

Hewlett-Packard; Marco DeMiroz

(MSIA ’88), managing director,

Selby Venture Partners; and

Rimmo Jolly (MSIA ’95), director,

prime broker global finance,

Smith Barney, Citigroup

Global Markets Inc.

classes atTepper last year. His wife,

Anne, is working on her master’s at

Yale, and their daughters, Emma, 12,

and Gwen, 8, are enjoying school in

Ridgefield, Conn.

GeneTurley’s (MSIA) firm, CPA

Consulting, has recently signed a

service agreement to provide Chief

Information Officer services to a

small insurance company in Hartford.

Gene and his wife, Barbie, are the

proud parents of Elizabeth, 6, Sarah,

4, and Katherine, 1.


Bob DeAngelis (MSIA) was promoted

to executive vice president by

Wachovia Corp., where he leads the

firm’s customer analysis, research

and targeting group.

Gail Lustig (BS) was promoted to

senior development manager at Fidelity

Investments and achieved certification

as a Project Management Professional.


Hemant Chordia (MSIA), managing

director of Vijay Hemant Finance &

Estates Ltd., was recently elected

as chairman of the South India Hire

Purchase association, which is

composed of 300 members who are

nominated by the leading finance

companies of South India. Hemant

and his wife, Pinky, are parents of

Atishe, who is a freshman at Carnegie

Mellon, and Nishyta, who is at Rishi

Valley School.

Lawrence Steinhauer (MSIA) is group

controller for Collins & Aikman, aTier

One automotive supplier specializing in

interior and exterior systems, plastics

and fabrics located in Southfield, Mich.


David Damery (MSIA) completed his

PhD in Resource Economics. David is

still teaching as the assistant program

director for the Building Materials

and WoodTechnology Program at

University of Massachusetts, Amherst.

He was recently elected as a board

member to the International Forest

Products Society.

Dave Deasy (MSIA) and Christine are

currently living in San Mateo, Calif.,

where Dave has been keeping busy

running his new business and expanded

family. Justine recently turned 4 years

old, and Brendan and Caroline recently

turned 2. My Favorite City Gifts had its

two-year anniversary and continues to

grow nicely.They offer gifts and gift

baskets tailored to major destinations

(Boston, Chicago, San Francisco, etc.)

around the U.S.The gifts are popular

with companies, organizations and

universities hosting meetings and

conferences, as well as for use in

conjunction with marketing programs.

Jeffrey Depp (BS) is pursuing a

law degree at Duquesne University,


Carol (MSIA) and Paul Flack (MSIA) are

both working full time to get their toy

company, Bridge StreetToys, off

the ground. Bridge StreetToys started

selling educational toys last October.

Bridge Street has been featured

in severalTV spots and newspaper

articles.Their products have won both

the Dr.Toy and the Parent’s Choice

awards, and are now stocked in 50 retail

outlets across the country – and the list

is growing on a daily basis.

Carol and Paul are working very hard

to introduce their next building set to

the market.The building set has tanks,

valves and pipes.The set is an

improvement of the Hydrodynamic TM

set produced by Kenner Corp in 1961

that inspired Paul to become a chemical

engineer. Maybe this will inspire the

next generation of engineers.


Seema Sharma Lindskog (MSIA) is

director of strategy at Symantec

located in Cupertino, Calif. She and Erik

bought a beautiful house in Cupertino

and are now enjoying settling into

Silicon Valley.

Ann Kim Lou (BS, MDE/CFA ’00) and

Erik Lou were married in July 2005 at

B.R. Cohn Winery in Sonoma County,

Calif. In attendance were fellow alums:

Anita Fisher Lang (BS’ 89), Mitzi Huff

Davidson (BFA/CFA 1989) and Margaret

Hanley (MDE/CFA ’02). Ann’s sister,

Sue Kim, her husband, Brendan

Minnihan (BS/H&SS ’88), and 6-year-old

daughter, Colleen, were also part of the

ceremony, and Ann’s father, He Bong

Kim (MS/CIT ’60, PhD/CIT ’66), walked

her down the aisle. In January, Ann

began working from their home in

San Francisco as a user interface

design and branding consultant. She

volunteers withTaproot Foundation as

a project manager for a team that is

delivering a service grant for the

Mid-Peninsula Boys & Girls Club. She

also serves as membership chair of

our San Francisco Bay Area Carnegie

Mellon Alumni Chapter.

Ann Kim Lou

(BS ’89,

MDE/CFA ’00)

and Erik Lou

KazuoTaomoto (MSIA) is working for

Intellectual Property Bank Corp. in

Japan as one of the operating officers,

responsible for strategy consulting

business.This company is a venture

for intellectual property investments

and consulting.

CraigWoolheater (BS ’80, MSIA) is the

vice president, engineering for Ideal

Aerosmith, Pittsburgh. He organizes the

engineering efforts for three offices in

Pittsburgh, East Grand Forks, Minn.,

and Menlo Park, Calif.They make

instruments to test inertial guidance

packages for a wide range of industries.


Lisa and David George (BS/CIT ’88,

MSIA) had their first child, Graeme

Robert Krizner George, who was born

June 26, 2006 at Mount Sinai Hospital in

NewYork City. He was 9 pounds and

2 ounces, and 20 inches long.

TEPPER School of Business

Melanie Kittrell (MSIA) was recently

selected and promoted as one of four

members of newly formed Innovations

Department at Merck known as the

“IDEA Group” (Imagine, Design,

Experiment, Activate).The mission

of the new group is to develop a sustained

innovation capability at Merck.

Caroline Loewy (MBA) took a new

position as CFO of Poniard

Pharmaceuticals, a publicly traded

biopharmaceutical company located

in South San Francisco focused on

the development of treatments for

cancer. Caroline, her husband, Gregg

Alton, and son James, 18 months,

welcomed a new addition, baby Amelia,

in March 2006.

Mark Steele (MSIA) joined Jakel Inc.

in Aurora, Mo., as president and COO

in November 2005. Jakel is owned by

Allied Capital and is an $80 million

manufacturer of blowers and motors for

the appliance and residential heating

industry. Most recently, Mark was the

president and COO of Eurodesign

Cabinets in Chino, Calif., which was

owned by the private equity firm Long

Point Capital. Eurodesign Cabinets is a

$60 million manufacturer of high-end

cabinetry for new home builders. Mark,

his wife, Donna, and their two teenage

sons have relocated from L.A. to

Springfield, Mo.Their oldest son is in

his second year of engineering at Ohio

State University.


G. Keith Fishe (MSIA) and his wife,

Karen, welcomed their fifth child to

the family. Nathaniel Henry was born

March 30, 2006. Nathaniel joins Nicolas,

Gabriella, Veronica and Virginia at home.

On Nov. 25, 2005, Robert Knape (MSIA)

remarried. His first wife, Barbara,

passed away in 1998. He married

Colleen, who has 9 children, and

together they have 13 children and

two grandchildren.

Ashish Patwardhan (MSIA) has taken

on a two-year assignment to be part of

Deloitte’s leadership team running its

India operations. Ashish and Sonia

just celebrated the one-year birthday

of their twin boys, Aru and Vir.

Ashish Patwardhan (MSIA ’91) with Sonia,

Aru and Vir

After 5 years away from Capgemini,

KimyTran (MSIA) decided to return

to the group with which he had spent

10 years as a consultant. Kimy is now

vice president, in charge of the transformation

of the outsourcing division.

Michael Zarnott (MSIA) and Jill are

proud to announce the birth of their

first child, Ian Michael, born on March 7,

2006. Mike says he might have the

record in his class for oldest first-time

dad at the age of 42.


After 13 years in Washington, D.C., Eric

Harris (BS ’91, MSIA) and his wife, Jodi,

moved to NewYork City last year. Eric is

running and building the professional

services group at a small but growing

company called Operative.

Yoshiaki Kawaguchi (MSIA) is a

manager of the M&A promotion support

team for Sumitomo Corp., a globally

integrated trading company. Since 2000,

he has been a board member with

Management Game in Japan.

Boris Svetlichny (MSIA) was appointed

as senior vice president, CFO and

treasurer of GoldenTelecom Inc. on

Feb. 1, 2006. From October 2004 to the

present time, Boris served as the

financial controller of Bulgarian

Telecommunications Co. Plc., the

Bulgarian incumbent telecommunica-

Pat Adamiak (MSIA ’84) and Steve Gold (MSIA ’85)

tions operator. Prior to joining BTC,

he was a partner from 2003 to 2004

with VSRK Associates Ltd., a United

Kingdom-based management consulting

company. From 2000 to 2003, Boris

was the director and vice president of

finance of Ventelo (UK) Ltd., and from

1994 to 2000, he served in a variety of

positions with GlobalTelesystems Inc.,

including director of finance of GTS’s

business services and finance director

of Sovintel. GTS was the former parent

of GoldenTelecom.


Tarun Bali (MSIA) is the executive

director with Manpower India.This

move resulted from a joint venture

between ABC Consultants and

Manpower Inc., in India.Tarun’s wife,

Sonal Agrawal, has been promoted to

chief executive officer of Accord Group

India – one of the oldest and largest

executive search firms in India.

David Hersh (BS/H&SS ’89, MSIA) is

a co-founder of Multiply.com, along with

fellow alumni and fraternity brothers

Peter Pezaris (BS/MCS ’92), Michael

Gersh (BS ’90) and James Price

(BS/MCS ’88). Multiply is a social

communications site that allows people

to leverage their network of friends and

family for sharing photos, video, blogs

and music.They recently closed a

$6 million round of funding.


san francisco

The San Francisco Bay Area

Alumni Chapter hosted its 5th

Annual Alumni Entrepreneurship

Panel at the Quadras Conference

Center in Menlo Park, Calif.

More than 100 alumni and guests

attended the reception and

interacted with the senior-level

panel of entrepreneurs and venture

capitalists hosted by Marco

DeMiroz (MSIA ’88), managing

director, Selby Venture Partners.

Among the alumni speakers were:

Dr. Arthur A. Boni (BS/CIT ’61),

director, Donald H. Jones Center

for Entrepreneurship, and John R.

Thorne Chair of Entrepreneurship,

Tepper School of Business;

Raj Kapoor (BS/CIT ’92), venture

partner, Mayfield Fund, and former

CEO and founder of Snapfish.com;

Scott Russell (BS/MCS ’82),

former managing director,

Diamondhead Ventures; and

Shirish S. Sathaye (PhD/CIT ’93),

general partner, Matrix Partners.











Four leadingTepper alumnae

shared their insights and the

challenges they have faced

juggling their careers and their

personal lives at a special

reception at the 3 West Club in

NewYork City.The alumnae

panelists included: Dina Dublon

(T, MSIA ’79), board of directors

for Accenture, Greenstone

Media, Microsoft and Pepsi;

Board ofTrustees, Carnegie

Mellon University;The Global

Fund For Women and Women’s

Commission for Refugee

Women And Children;

E. Melanie Kittrell, PhD

(MSIA ’90), executive director,

e-Business Strategies and

Solutions, Merck & Co., Inc.;

Rosemary Sisson (BS ’79,

MSIA ’83), director, US Credit

Research, BNP Paribas; and

ConnieWendzicki (MSIA ’91),

president, Bakers Choice

Products, a division of Alcoa

Inc.; general manager,

Alcoa Consumer Products

and Reynolds Food Packaging,


David Scott Stauffer (MSIA) has joined

a private equity partnership, and they

have invested in three companies.

David is currently working for one of

these companies, Bucks County Coffee

Company in Philadelphia. David and

Jill have three children: Matthew, 11,

Jack, 10, and Elle, 4.


Chris Abouchar (MSIA) started a new

job as director of operations atTheTech

Group in Scottsdale, Ariz.TheTech

Group is a custom injection molding

company that manufactures

pharmaceutical packaging and medical

devices. After commuting for three

months between Puerto Rico and

Arizona, Chris will be relocating with

his family from the lush tropics to

the desert. Chris met with Gerardo

Velazquez (MSIA ’94) in Guadalajara,

Mexico, while both were on a

business trip.

After graduating in 1994, Didem Altop

(MSIA) joined the emerging markets

development group of EDS Management

Consulting Services, which led him to

working inTurkey. Didem spent two

years working as the EDS Country

Officer and three years as the local

representative on business development

for Lockheed Martin Mission

System, Formtek, MCI and Shared

Medical Services.

In 2000, Didem started his own

boutique consulting company related

to business, strategic and project

planning for private sector and

nonprofit initiatives, with a specific

focus on corporate social responsibility,

corporate branding and nonprofit

capacity building. He is a founding

board member of the Corporate

Volunteer Council, a board member of

TheThird Sector Foundation ofTurkey,

a board member of Junior Achievement,

and a trustee for the Volunteers for

Education inTurkey Foundation.

In March 2006, Didem accepted a

position as managing director for

Endeavor Global to launch their

Turkey country office. Endeavor is an

international nonprofit organization

promoting high-impact entrepreneurship

as a tool for economic development

in emerging markets.

Didem was very involved with the

Center for Entrepreneurship while at

school, including representing Carnegie

Mellon in the MBA Entrepreneurship

Moot Corp Competition. He says Jack

Roseman was the greatest mentor a

person could wish for. At Endeavor,

Didem is able to pass Professor

Roseman’s inspiration forward.

On Feb. 18, 2006, Karen Quinn Anderson

(BS) married Jason Anderson at the

Cathedral of St. Philip in Atlanta.

After 11 years of work in finance,

Karen is a real estate agent with

Jenny Pruitt in Atlanta.

Jose Luis Candela (MSIA) is still

working as business manager for

Citigroup on their Global Consumer

Group, where he is responsible for

the consumer finance operation in

Argentina.The business employs

nearly 500 people and offers

consumer lending services to the

working class.

Kelley M. Lynch (MSIA) was promoted

to chief financial officer of Sedgman,

an international engineering and

construction firm in the coal-preparation

industry. Kelly was selected as

one of Pittsburgh Magazine’s “40 under

40,” an award recognizing civic and

professional leadership.

Don Rockwell (MSIA) is CFO of four

automobile dealerships in Vermont.

The scenery is beautiful, and the

people are very nice.


John Burns (BS/H&SS ’95, BS) has

founded a film and television production

company in Hollywood, Jaywalk Films.

He is putting together projects to bring

to studios and networks, and is having

a great time doing so.

Wilson Chua (MSIA), principal

consultant at Convergys, visitedTaipei

in June 2006 and got together with

classmates Tony Lin (MSIA), partner

atTSC Venture; GuwenWang (MSIA),

vice president, sales and marketing of

fixed income at JPMorgan; and Ben Chu

(MSIA), director at Sun Microsystems.

Douglas Kush (MSIA) recently moved

from the Boston Consulting Group to

the Chicago office of Egon Zehnder

International, where he will continue

to be focused on life sciences. Based

in Switzerland, Egon Zehnder is one

of the world’s largest retained

executive search firms, with 61 offices

in 38 countries.

Matthew E. Peterson (MSIA) joined

Newgate Capital Management LLP

of Greenwich, Conn., in June 2005 as

a partner. For the prior 10 years, he

was chief investment officer for Lydian

Wealth Management in Rockville, Md.

Matt lives in Ridgefield, Conn., with

his wife, Mary Elizabeth, a professional

artist, and their 4-and-a-half-year-old

twins,Tess and Cole.


Russ Ewing (MSIA) has been appointed

as product platform specialist for

the value strategies team at Columbia

Management, the primary investment

management arm of Bank of

America. He will serve as clientand

intermediary-facing representative

of the portfolio management team. He

joins Columbia Management from CBT

Investment Management, Philadelphia,

where he worked for the last year as

managing director.

Alex Hardy (MSIA) is owner of Hardy

Enterprises, LLC.The company owns,

manages and develops real estate,

and invests in small companies.

Recent investments include businesses

of robotics, day care facilities and

trucking. Tammy (Leonard) Hardy

(MSIA ’93) is with Alcoa corporate

financial planning and analysis. She is

part of a group responsible for financial

reporting and decision making on a

corporate level. Alex andTammy have

three children: Sean, 13, Kathryn, 4,

and Rachel, 2.

TEPPER School of Business

Tammy (Leonard)

Hardy (MSIA ’93)

and Alex Hardy

(MSIA ’96)

CherylWehrer (BS/H&SS ’90, MSIA)

and John Bigler (BS/CIT ’90, MSIA)

are proud parents of twin daughters,

Ainsley C. Bigler and Emma W. Bigler,

born Sept. 22, 2005.

Jan Isaacson (MSIA) was promoted to

ERP program director for Honeywell’s

Engine Product Center’s domestic

production facilities.

PJ Juvekar (MSIA) was promoted

to managing director at Citigroup

Investment Research. He is heading up

the Global Chemical Industry research.

PJ was ranked as one of the top-rated

analysts in the sector.

After nearly 20 years of living in the U.S.,

Rao Rajkamal (MSIA) and his family

decided to return to India for a few

years. Rao accepted a position with

InfosysTechnologies as a delivery

manager, an executive role based out of

Mysore. He is heading one of the delivery

units in the company’s Communications

Service Providers practice.

Jayashankar Swaminathan (MSIA ’94,

PhD) was promoted to the Kay and

Van Weatherspoon Distinguished

Professor Area Chair, Operations

Technology and Innovation

Management at the Kenan-Flagler

Business School at the University of

North Carolina.

Adrian Ciocoi (MSIA) traveled

recently on business to Manhattan,

N.Y., and met his former classmate

SlavaValyayev (MSIA).

Adrian Ciocoi (MSIA ’96) and

Slava Valyayev (MSIA ’96)

Ainsley C. Bigler and Emma W. Bigler,

daughters of Cheryl Wehrer

(BS/H&SS ’90, MSIA ’96) and

John Bigler (BS/CIT ’90, MSIA ’96)

AhmetYetis (MSIA) has relocated to

Tokyo on a long-term assignment with

Deloitte after nine years in NewYork.


David Cotteleer (MSIA) has been

named vice president of procurement

for co-manufactured products and

logistics at Sara Lee Corp. in Downers

Grove, Ill.

Mehmet Demir (MSIA) was promoted

to global finance manager for the

lifestyle/regional fine fragrances

business at Procter & Gamble in April

2006 and has been happily enjoying

the world of prestige products.

George “Tom” Helbling (BS) is

currently a senior finance manager

in Intel Corp.’s Desktop Boards Group.

He resides in Portland, Ore., with

his wife, Simone.

Jeffrey Puzas (MSIA) has changed

his career back to product development

and is now director, research &

development with Digene Corp. in

Gaithersburg, Md. Jeff and his wife,

Dr. Elaine Ziavras, have a 22-month-old

son, Peter Alexander.

Per StÖmberg (MSIA ’94, PhD), senior

research fellow at Stockholm Institute,

Financial Research (SIFR), has been

awarded the Stockholm School of

Economic Corporate Relations

Research Award for 2006. This award

was given for his empirical research on

contracts between entrepreneurs and

venture capitalists.


Tony Berkman (BS/MCS ’88, MSCF),

executive director of research, Majestic

Research, a firm he founded, has been

featured in Barron’s Online.Tony

has also been named to Institutional

Investor’s Online FinanceTop 40.

Lily and Dan Cohen (MBA) are very

happy to announce that Sophia Cohen

Croitorescy was born on March 22, 2006.

Sophia joins older brothers Alexander, 7,

and Joel, 4.

Lily and Dan Cohen (MBA ’98), Sophia,

Alexander and Joel

George Geh (MSIA) joined a global

Fortune 500 company, Alstom, in early

2005 after six-and-a-half years with

McKinsey & Co. He is currently vice

president of strategy for Alstom Power,

a business group with annual sales of

$6 billion. George led an effort to

successfully acquire a listed Chinese

company in mainland China. George

and his wife, Iris, and daughter, Victoria,

moved a year ago from Shanghai, China

to Europe, and are presently residing in

Zurich, Switzerland.





Tepper alumni participated in

the 3rd Annual Seattle Business

School Association Summer

Sunset Cruise.Twenty-one

Tepper alumni networked to jazz

music aboard Argosy Cruises’

Spirit of Seattle, making it one

of the largest alumni groups

represented on the cruise

sponsored by the alumni

organizations of theTepper

School, the Stephen M. Ross

School of Business at the

University of Michigan, Chicago

Graduate School of Business

and Harvard Business School.



Your gift is an investment

in the school’s future!







Among those attending the Tepper

Wall Street Networking Reception were

(left to right): Carey S. Pack (MSIA

’80), president, BNY Brokerage, Inc.;

Jeffrey Moses (BS/CIT ’81, MSIA ’85),

managing director/head: transportation

& equipment, HSBC Securities,

Inc.; Robert J. Little (MSIA ’82),

managing director, Merrill Lynch &

Co., Inc.; Dr. Ken Keeley, Executive

Director of the Career Opportunities





wall street

More than one hundredTepper

alumni professionals currently

working in the investment

banking and financial services

attended a specialTepper Alumni

Wall Street Network Night.

The reception and a special

leadership dinner afterwards

was hosted by HelaineTeperman

(MSIA ’88), managing director,

private client services, Bernstein

Investment Research and

Management, a unit of Alliance

Capital Management LP.

Michael Kovacocy (BS ’93, MSIA) is

still with BT, but has moved internally

to a new post, where he is helping to

manage their consumer mobility and

convergence propositions portfolio.

His new title is senior propositions


John Stephan, Esq. (BS) was married

on June 10, 2006 to the former Janetta

King of Belpre, Ohio. In attendance at

the wedding were Matthew

Maletestinic (BS ’97, MS/HNZ ’99),

Missy Maletestinic (HNZ ’99), Jeff

Czajkowski (BS/H&SS ’95 ), Chris

Barnicle (BS/H&SS ’98, MS/HNZ ’99),

Anima “Mo” Nwankwo (BS ’98), Mike

Brannigan (BS/CIT ’98, MISM ’01) and

Daan Coster (BS/CIT ’98). John and

Janetta live in Columbus, where he is

minority legal counsel for the Ohio

House of Representatives and where

she is the policy director for the

gubernatorial campaign of former U.S.

RepresentativeTed Strickland.


Sandeep Chand (MSIA) has made an

internal move to join ADP Brokerage

Processing Services Division as

director of business development.

ADP Brokerage Processing Services

is a leading provider of transaction

processing systems, desktop

productivity applications and

back-office outsourcing services to

the brokerage industry worldwide.

Sanjay Chopra (MSIA) has launched

Steel City Ventures, a cross border

private equity platform fund.

Tony Jeng (BS) has been with the

credit risk management and advisory

division of Goldman Sachs for six of the

seven years since graduation. Looking

back at these past years, he has been

in the forefront of developing strategic

analyses and recommending solutions

that directly impact the way the firm

evaluates risk. His position as an

associate is loaded with many

challenges that make for an exciting

workplace. He mentions that the

knowledge and skills gained while

at Carnegie Mellon have been

instrumental in his ability to succeed

at GS.This fall, he will be attending the

Executive MBA program at Columbia

University. Although he has a level of

intimidation about the amount of work,

he’s excited and prepared.

Craig Kersting (MSIA) is currently

on multi-year assignment inTokyo,

Japan, with Corning Inc.

Keith Law (MSIA) has left theToronto

Blue Jays to join ESPN as a senior

baseball writer. Keith and his wife,

Christa, had a baby: Kendall Joy Law

was born on May 20, 2006.

Kendall Joy

Law, daughter

of Keith Law

(MSIA ’99)

Cynthia McMillin (MSIA) has launched

a wine brokerage, Boutique Wines Ltd.,

and now represents seven wineries:

Albertina, Cafaro Cellars, Claudia

Springs, Coniglio, Leal Vineyards,

Oakford Vineyards and Philo Ridge.

She sells primarily to restaurants and

retailers in Northern California.

Georgia and GeorgeTheodorou (MSIA)

are proud to announce the arrival of

their first child, Anthony George.

Anthony was born June 1, 2006,

weighing 8 pounds and 10 ounces.

Mom, Dad and Anthony are doing well.

AdamTowvim (MSIA) continues to

enjoy the fast-paced growth they are

seeing at Radialpoint. He has been

launching a new line of business

focused on value-added services for

large broadband service providers,

and has taken a line of revenue from

nothing to a multi-million-dollar run

rate. Adam spends a lot of time

traveling to Radialpoint’s headquarters

in Montreal.


Nanci and Adam Corsi (MBA) are

celebrating the arrival of their first baby,

Piper Alyssa Corsi, born May 15, 2006.

Adam Corsi

(MBA ’00)

and Piper

It’s been a busy year so far for Colleen

(MSIA) and Paul Frank (MSIA). In

April 2006, Paul was promoted to

the partnership at DiamondCluster

International, an IT strategy consulting

firm. On May 24, 2006, Colleen and Paul

welcomed the arrival of Ryan Michael

Frank, much to the delight of big

brother Connor.

Julia Kao (MSCF) and Sherman Lee

(MSCF ’98) were married on June 11,

2006 in Hong Kong. Julia is with

Dresdner Kleinwort, and Sherman is

with Millennium Partners LP.

Julia Kao

(MSCF ’00) and

Sherman Lee

(MSCF ’98)

Lilian Lee (BS) received her Juris

Doctor (JD) from NewYork Law School

in May 2005. In June 2006, she was

awarded a Master of Law (LLM)

in Chinese Law from the prestigious

Tsinghua University School of Law

in Beijing. She graduated in China’s

inaugural class. Currently, only nine

people in the world hold such a degree

from an accredited Chinese law school.

In May 2006, Scott Leff (MSIA) joined

the Bayer Center for Nonprofit

Management as director of consulting.

The mission at the Bayer Center is

to strengthen nonprofits throughout

TEPPER School of Business

the Southwestern Pennsylvania region

so that they are better equipped to

fulfill their own missions and improve

the quality of life for all of the region’s


Steve Novak (MSIA) married Linda

Chupinsky on Aug. 19, 2005, in Plano,

Texas.They honeymooned inTahiti,

Moorea and Bora Bora, and now

reside in Dallas. Linda works in sales

and marketing at Ford Motor Co.,

and Steve is a business planning

manager in the semiconductor group

atTexas Instruments.

Steve Novak (MSIA ’00) married

Linda Chupinsky

Mayank Patodia (BS), managing

director of Ashoka Synthetics Ltd.,

married Shikha Saraf in November 2005

and they are settled in Kolkata, India.

Rodrigo Pinto (MSIA) is the logistics

director for Valeo Wiper Systems,

based in San Luis Potosi, Mexico.

Valeo is one of the keyTier One suppliers

for the automotive industry. Prior

to this, Rodrigo was a consultant in

lean manufacturing based in Paris for

three-and-a-half years.

Monica Robles (BS) received her MBA

from the University of Maryland and

recently started as market research

manager at Polk Audio in Baltimore.

She will be exploring markets and

identifying consumer preferences

to aid in product development.

Sharif Siddiqui (BS) is getting his

MBA from the Kellogg School of

Management at Northwestern

University and will graduate in June of

2007. Afterwards, he plans on working

in the investment management field.

SonaVaishVenkat (MSIA) and Ramesh

Venkat (MSIA ’99) welcomed their son

Shayan Ashwin Venkat on April 7, 2006.


Gautam Bazaz (BS) was promoted

to associate at Booz Allen Hamilton,

a management consultancy.

Auseh Britt (MBA) recently joined

Business.com, a vertical search engine

and directory in Santa Monica. He

is responsible for all of their direct

marketing, both online and offline.

Robert Duke (BS/CIT ’95, MSIA) is

proud to announce the arrival of Robert

Christian Duke on Jan. 9, 2006. Robbie

is growing up fast and keeps Robert

and Michelle on their toes.

Natal Garcia (PFE) reports that after

four-and-a-half years in the United

States, in December 2004, he became

president of Caterpillar Brazil. It is

a $1.2 – $1.5 billion business, with

4,800 employees. Natal became the

first Brazilian to be president of Cat

Brazil, and he is very proud of it. Upon

retuning to Brazil, he has reunited his

whole family.

Katherine (Katy) Harris (BS) has been

accepted into the graphic design MFA

program at the Rhode Island School

of Design in Providence.

Ann Koerner (MBA), her husband,

Rick, and daughter, Jenna, 2, welcomed

Caden Jett on Dec. 12, 2005.The

family has relocated to the Denver

area where Ann is program director

with MapQuest.

Dragica and Kosta Kostic (MBA)

welcomedTeodor to the family on

April 20, 2006.Teodor weighed in at

11 pounds and 1 ounce. He joins big

brother Stefan, 2, at home in San Jose.

Teodor and Stefan, sons of Kosta Kostic

(MBA ’01)

Hendra Lau (MBA) is owner and CEO

of BansengTrading Co. Ltd., a trading

company in Hong Kong focused on

various markets, such as consumer

electronics, computer, toys, stainless

steel, etc. He’d be glad to talk to

anyone about his business.

Laurie Levesque (MSIA ’98, PhD) was

promoted to associate professor and

granted tenure, and is currently the

chair of the Management Department

at Suffolk University in Boston.

Matthew Pham (MBA) has moved

from NewYork to Houston to trade

energy sector equities with Pickering

Energy Partners.

Kirk Pond (MBA) recently earned a

promotion within his role as manager

of life cycle engineering for Rolls Royce

Corporation in Indianapolis. His group

of 20 engineers is responsible for product

safety, reliability, maintainability,

engine health monitoring strategy, and

life cycle cost assessment.

ShinichiWakayama (MSIA) is the

business analysis and reporting lead

for Japan Refining & Supply for

ExxonMobil,Yugen Kaisha, Japan.


Kedar Benegal (MBA), his wife, Sonia,

and daughter, Avani, 2, welcomed

baby brother Ashwin on Aug. 11, 2005.

Kedar is a senior manager, corporate

development with the RadioShack

Corp. in the Fort Worth area.

washington dc

Dr. Lester Lave with former

students from the Class of 1997

after his talk in Washington, DC

on “Higher and Higher Which

Way Will Energy Prices Go”

Left to right: Will Guyton

(MSIA ’97), vice president global

alliances, Avaya; Al Quaye

(MSIA ’97), director, business

development, RuleStream

Software Corporation; and Dave

Moylan (MSIA ’97), executive

director, AOL LLC.







For more information

on alumni events or

to update your current

contact information

online, go to:



MSIA ’79

Ray Moncini (BS/H&SS ’77

MSIA ’79), senior vice president,

operations at United

Technologies–Otis Elevator,

spoke on leadership to 60

alumni and students.The

reception was held at the United

Technologies Research Center

in East Hartford, Conn., site of

theTepper FlexMode program.

Sean Lee (MBA) has been promoted

to manager, strategy and technology

group at inCode Wireless, a strategy

consulting firm focusing on the

telecommunications industry.

PaulTsai (MBA) was promoted to

research analyst at Fidelity, where he

covers the transportation sector.

Haifeng Zhang (MBA) and Patricia

report their baby girl, Chiara Riyanti

Hutapea Zhang, was born on Jan. 23,

2006 at NewYork Presbyterian Hospital.

She was 7 pounds and 3 ounces, and

20.5 inches long.

IsraelWeisser (MBA) and his wife,

Liora, were blessed with a new baby

boy. Ilan was born March 24, 2006 in

Pittsburgh. Big sister Batya, 2, is very

proud of her new brother. Israel is in

the marketing department at Heinz.

JisunYu (MBA) and her husband,

Kunsoo, have moved to Montreal,

Canada. Kunsoo recently received

his PhD from the University of

Minnesota and got a job as an

assistant professor at McGill University.

Jisun is also expecting to receive her

PhD from the University of Minnesota

next year.


Cheri and Bill Burnet (MBA) celebrated

the birth of their son, Alec Jacob Burnet,

on Feb. 28, 2006. Bill is operations

analysis manager, channels and

fulfillment – inbound channels for

Capital One in Richmond, Va.

Still with PPG, Kent Carleton (MBA)

has been promoted to business

manager and transferred to the

AutomotiveTechnical Center in

Troy, Mich.

Kunal Dalal (BS) is currently running

his own company called JBCN

Management.They are in the field

of education and are setting up

international high schools in India.

In April 2005, Harold Hawkins (MBA)

married Jocelyn O’Brien.

Michael (Honghui) Li (MSCF) and

his wife, Jenny Xun, proudly announce

the birth of their first son, Aaron

Jiaqi Li, on March 9, 2006. Michael

currently leads an RMBS/GSF

quantitative development team at

Banc of America Securities.

James Milne (MBA) has joined

Deloitte in their financial advisory

services division. He’s working on

business valuations and reviewing

valuations of the Big 4 firms.

DevinWeil (MBA) has relocated

to Minneapolis, where he is global

operations finance leader for ADC



Michael Bouteneff (MBA) recently

started a new job as an Internet

marketing manager at Gerber Life

Insurance. He’s looking forward to

free baby food (for himself) and a

9-minute commute.

Sean Crockett (MSIA ’01, PhD)

finished a 2-year postdoctoral degree

at Caltech and is an assistant professor

at the City University of New York,

Baruch College.

Sean Crockett (MSIA ’01, PhD ’04), wife

Colleen and daughter Madeline

Curtis Genay (MBA) has accepted a

new position in a new group in Pratt &

Whitney’s Aftermarket Organization.

His role is to find and develop business

plans for non-traditional aftermarket

opportunities for P&W.

On Sept. 14, 2005, Natalie and

Andrew Hegewald (MBA) gave birth

to their first daughter. Eliza Rae

Hegewald was a healthy 6 pounds and

8 ounces, and 21 inches. Andrew is

slowly adjusting to general sleep

deprivation, but it still pales in

comparison to the deprivation prior to

Management Game Board Meetings.

Meghan, Aine and Sean Hynes (MBA)

packed their bags and headed to

Chicago where Sean is with

Morningstar Investment Services.

Milan Kalawadia (MBA) and his wife,

Meeta, welcomed the birth of their

daughter, Anika, on April 26, 2006.

Quy Le (MBA) is senior product

manager atYahoo! in the international

search group.

Jim (MBA) and Beth Lutz (MBA)

are working with other alums to

re-energize the Philadelphia Alumni

chapter. Jim is with IMS Health and

was recently promoted to manager,

global finance transformation.

Beth is a financial analyst with IBM

Global Services.

Matt Niblack (MBA) joined the Boston

office of Bain and Co. as a consultant

and would like to thank the alumni and

COC staff who assisted with this

career change.

Valerie Pajak (MBA ’04) has started

a new job at bioStrategies Group in

Chicago as a management consultant.

She works for pharma and life sciences

clients ranging from in/out-licensing,

new product commercialization

strategy, to positions/branding/

marketing. Valerie and husband

Gus Glyptis (MBA ’03) are looking

forward to being involved in the

Chicago Alumni Chapter.

Meg Rothey (BS) married David Berol

(BS/CIT ’04, MS/CIT ’05) in Pittsburgh

on Jan. 7, 2006.They recently bought

a house in San Jose, Calif. Meg is

employed at Lockheed Martin Corp.

in the Information Systems Leadership

Development Program.

Ed Sarmiento (MBA) and Dan Li

(MBA ’04, PhD candidate) were

married sailing the San Francisco Bay

on May 27, 2006. In attendance were

a number ofTepper and Carnegie

Mellon alumni.

TEPPER School of Business

Jaclyn is in the PhD program in

epidemiology at Boston University.

Xi Grace Chen (MBA) reports that life

with Avaya is busy but fulfilling. She

took over the special discount pricing

process for her business unit last year,

streamlined the process, and led two

major enhancements.The process is

now recognized as the best practice

in the company and will be adopted in

a company-wide automatic work-flow

project that will be rolled out worldwide

next year. Grace is now working

in the core team on this project and

hopes this can make a great business

impact soon.

In February 2006, Paul DeLaRosa

(MBA) accepted a position in the

Honeywell Pathways Program.

Tanir Helayel (MBA) has recently

accepted a position at a hedge fund

located in Denver, Madison Capital

Management. He is a senior investment

analyst focusing on high yield and

distressed debt.

Hiroshi Ishikawa (MBA) and his wife

Yoshie are pleased to announce the

birth of their son,Tatsumi, who was

born in April 2005.

Jonathan Jonghee Jo (MBA) recently

moved to Columbus, Ohio, to assume

an Internet marketing position at

Victoria’s Secret. He’s already started

getting inquiries from classmates

regarding Victoria’s Secret Party.

Jonathan Levine (MBA) married

Risa Weinstein on June 18. Classmate

Rebecca Nathenson (MBA) was

in attendance.

Back Row: Annie Hung (MBA ’04), Quy Le

(MBA ’04), Patrick Hung (MBA ’04),

Siqi Tan (MBA ’04), Peter Ojany (MBA ’04),

Steve Zosa (MBA ’04). Middle row: Janet

Zhao (PhD Accounting, current), Ping Chen

(MS/CIT ’03, MS/CS ’06), Yanyan Zheng

(MBA ’05), Dao Mercer (MBA ’05), Samuel

Su (MSCF). Front row: Ed Sarmiento (MBA

’04), Dan Li (MBA ’04, PhD candidate)

Brian Savoie (MBA) is senior financial

analyst, U.S. commerce for Nike.

Brian and his wife, Michele, live in

Portland, Ore.

MarciaVelencia (BS) has relocated

from NewYork to Los Angeles and

joined Disney’s corporate strategy,

business development and technology

group as a senior analyst.

JulioVergara (MBA) and his wife

Valvanera Martinez, and daughter,

Valvanera, 3, welcomed Maria Julia

to the family on Dec. 17, 2005. Julio is

development manager at Oficina de

Normalización Previsional (Peruvian

Pension Administration).

ThomasWolf (MBA) joined Honeywell

in Los Angeles in the marketing group

of the aerospace business working

on product management.

Nathalie and Juan Zatarain (MBA)

welcome their first baby girl. Isabelle

Zatarain was born on June 8, 2006 in

Nassau. Life on an island is now a

bit more entertaining!


Timothy Bosco (MBA) married

Jaclyn Fong on July 30, 2006 in the

Presidio, San Francisco.Tim and

Jaclyn have moved back to Boston

whereTim is assistant vice president

in global relationship management

at Brown Brothers Harriman & Co.

Jonathan Levine (MBA ’05) and

Risa Weinstein

Alfian Lim (MBA) was married to

ChristinaTanu in Jakarta, Indonesia,

on May 21, 2006. SeveralTepper

classmates from the classes of 2004

and 2005 attended the wedding and

shared the special day with them.

From left to right: Roberto Baguer (MBA

’04), Sandra Vivas-Sierra (MBA ’04), Yuchin

Simada (MBA ’04), Hee Jeong Jeong (MBA

’05), Alisya Wong, Heather Wong (MBA

’05), Christina Tanu, Alfian Lim (MBA ’05),

Carrie Chu (MBA ’05), Yendie Chu,

Chutimon Pongnikorn (MBA ’05), Nicole

Hsu (MBA ’05), Arnold Huang (MBA ’05)

Scott Rhoads (MBA) is vice president

of finance for Purolator’s Advanced

Filtration Group headquartered in

Greensboro, N.C. Scott, Michelle and

their 1-year-old son,Travis, will continue

to live in High Point, N.C.

Balan Nagarajan (MBA) completed

a highly successful pricing project

at Eaton Aerospace in his role as the

global marketing manager.The

bottom-line impact exceeded $1 million.

He transferred to Eaton Electrical at

Raleigh, N.C., as a product management

Business Intelligence manager.

GaganWalia (MBA) is part of the asset

securitization team in FordTreasury as

a securitization analyst.




santa monica

Tepper alumni gathered for a

relaxing networking breakfast

with the director of Alumni

Relations, John Sengenberger, at

the Bread & Porridge Restaurant

in Santa Monica, Calif.

Shown above left to right

are: Michelle Chang (MBA ’04),

product manager Norton

AntiVirus, Symantec; Eric

Evans (MBA ’01), director,

finance, Ortho-Neutrogena,

Johnson & Johnson; Auseh Britt

(MBA ’01), senior manager,

direct marketing, Business.com,

Inc.; TomWolf (MBA ’04),

marketing manager, Honeywell

Aerospace (back row left to

right) Doug Britt (MSIA ’96),

senior director Helio Inc.;

Jim Swigart (MSIA ’90);

Malcolm Johnson (MBA ’06),

assistant vice president,

commercial real estate banking,

Bank of America.






new jersey



Tepper alumni in the Central

New Jersey region gathered

for an alumni happy hour at

Mannion’s Pub & Restaurant

in Somerville, N.J. to welcome

summer interns and to discuss

plans to launch a new alumni


Organizing the reception

were (from left to right) Kamesh

Varadarajan (MBA ’05), IT &

business OPS manager, Avaya

Inc.; Jessica Guo (MBA ’03),

operations manager/global

repair operations, Avaya Inc.;

Grace Chen (MBA ’05), sales

operations manager, Avaya

Communications; and Nick Dai

(MSEC ’01), investment analyst,

Gartmore Global Investments.



Your gift is an investment

in the school’s future!



Kshitij Basavaraj (MBA) is with Booz

Allen Hamilton’s European practice

and is now in London. Kshitij and

Sapna were married on July 2, 2006

in India.

Carin Bernstiel (MBA) is the operations

manager for Corry Publishing

in Erie, Pa. She looks forward to the

winter skiing and the summers on

the lake.

Amit Gautam (MBA) has moved

to Chicago to work in the Booz

Allen office.

Ranie Guo (BS) spent two weeks

in Singapore andThailand after

graduation. Ranie is a first-year

analyst with Citigroup.

Vikash Gupta (MBA) has joined the

London office of Booz Allen Hamilton

as an associate. Vikash and Shilpi

Aggarwal were married on June 6, 2006

in Delhi. Classmates Ankur Bansal

(MBA), Ting Shen (MBA) and Shamir

Karkal (MBA) were in attendance.

Clockwise from top left: Ting Shen (MBA

’06), America Grau, Shamir Karkal

(MBA ’06), Ankur Bansal (MBA ’06),

Vikash Gupta (MBA ’06), Shilpi Gupta

Daren Kearney Heidgerken (MBA)

and Jessica are the proud parents of

their first child, Caitlin Joyce, who

was born on July 3, 2006.

Malcolm Johnson (MBA) and his wife,

Joanne, welcomed their first son, Luke,

into the world on Jan. 6, 2006. Luke joins

big sister Kaya, 2, at home. Malcolm

has joined Bank of America’s commercial

real estate banking group in Los

Angeles.They will miss their good

friends in Pittsburgh, especially those

atTepper, but the move to the West

Coast is exciting.

Sanjiv Kabad (MBA) has moved to

Sacramento, Calif. and is now a senior

financial analyst with Intel Corp.

After graduation, Pradeep Kanwar

(MBA) did a bit of traveling through

India before saying “sayonara” to

Pittsburgh and “hello” to Japan.

Pradeep joined JPMorgan,Tokyo in

their sales and trading division.

Shamir Karkal (MBA), along with

fiancée America Grau, Aya Fujiki

(MBA) and Ting Shen (MBA), spent

June 2006 traveling around India.Their

travels started at Vikash Gupta’s (MBA)

wedding in Delhi; then they visited

Agra, Jaipur, Mumbai, Kochi, Allepey,

Thekkady, Bangalore and Mysore.

They also attended Kshitij Basavaraj’s

(MBA) wedding in Davangere.The

group had a lot of fun seeing everything

from theTaj Mahal to downtown

Mumbai.The highlight of the trip

was a one-day cruise on a boathouse

through the backwaters of Kerala.

Shamir has joined McKinsey & Co’s

Pittsburgh office.

Formerly with Lockheed Martin

Aeronautics in Fort Worth as a

structural design engineer, John Koss

(MBA) is now a senior financial analyst

for BMC Software in Houston. On

May 27, 2006, John and Noteel Hosking

(MBA) were married in Dallas. Noteel

is senior financial specialist in U.S.

production for ExxonMobil.

Stuart Miller (MBA) and Hiromi were

married on May 12, 2006.They live in

Jacksonville, Fla., where Stuart is

working for Bank of America as a

market information manager.

Tom O’Neil (MBA) and Kristi moved

to Sparks, Nev., whereTom works for

Amazon.com as operations manager.

Oytun Ozer (MBA) has begun his

career in investment banking at

FinansInvest’s Istanbul office.

Kevin Ryan (MBA) has relocated to the

Philadelphia area and is working as a

manager for KPMG. He’d love to show

you the sites of Philadelphia anytime.

On June 12, 2006, Faustino Santana

(MS/CIT ’99, MBA) started with IBM

Business Consulting Services as a

consultant and is based out of Miami.

His wife, Monica Pardo, and their twin

sons, Faustino and Francisco, are

happy to be in Florida.

After graduating in May, Elliott

Schwartz (BS) spent the summer

traveling throughout Spain, Morocco,

Monaco and France. His most

memorable experience was surfing

on a deserted beach in Morocco

that was accessible only by camel.

Elliott Schwartz (BS ’06)

Patrick Scully (MBA) has accepted

an offer in IB with Banc of America

Securities in Chicago, where he plans

to remain a Steelers fan.

Nick Segalla (BS) is a marketing

research analyst with comScore

Networks in Reston, Va.

Garrett Shanafelt (MBA) is an IT

project manager for Honeywell

International in their IT Pathways

Program. He has relocated to

Perrysburg, Ohio, to work in their

Transportation Systems Business

Unit for his first 18-month rotation.

This will be followed by a second

18-month rotation with increasing

responsibility in one of the three

remaining business units. Before going

to Honeywell, Garrett worked for

Eaton Corp. for seven years. He is

working toward his PMP Certification,

which he will complete by the end of

the summer. He is also working toward

a Six Sigma Greenbelt certification.

TEPPER School of Business

Following graduation and a trip to

Vietnam, AndriaThomas (MBA) and

her husband, Aaron, relocated to

Chicago, where Andria is with Boston

Consulting Group.

After two amazing years in the north,

JoseTraywick (MBA) returned to

Charlotte, N.C., to work as an associate

for Banc of America Securities.

After graduation, Mike Zivin (MBA),

Mary Boone (MBA), Jane Reardon-

Anderson (MBA), Peter Marschel

(MBA), JoseTraywick (MBA) and

Michelle Alves (MBA) visited China

andThailand. Pete had knives thrown

at him during an acrobatics show in

Shanghai. One night, Mary got lost on

an island inThailand, and they found

her at 10:00 the next morning.The

group enjoyed riding around the wall

in Xi’an, China.They even had custom

tailoring done so they’d look sharp

for their new jobs.

Jose Traywick (MBA ’06), Michelle Alves

(MBA ’06), Peter Marschel (MBA ’06), Mike

Zivin (MBA ’06), Mary Boone (MBA ’06),

Jane Reardon-Anderson (MBA ’06)

ZhengYuan (MBA ’06) and her

husband, Zhijan, welcomed their son

Orion on Dec. 6, 2005. Zheng is an

associate with the quantitative

strategies group at Deutsche Bank

Asset Management in NewYork.


Tepper alumni in Atlanta gathered for an informal reception on a

sunny afternoon at the Park Tavern Micro Brewery and Restaurant.


Among those who attended were (left to right) Willie King

(MSIA ’89), director of finance, Incomm; June Erickson (MSIA ’00),

realtor, Keller Williams; and Rolf Erickson (MSIA ’00), manager,

Kanbay Consulting.


Tepper faculty address hot topics

Tepper faculty members speak to alumni chapters around the U.S.:

ALLAN H. MELTZER, Ph.D., the Allan H. Meltzer university professor of political economy, spoke to a large

group of alumni at a luncheon at The Rivers Club in Pittsburgh on the topic of “Lessons Learned from

the History of the Fed and Future Prospects.” He shared his unique insights on the appointment of Fed

chairman, Ben S. Bernanke.

LESTER LAVE, Ph.D., the Harry B. and James H. Higgins professor of economics and university professor,

spoke to alumni in Washington, D.C. and Philadelphia on the issue of rising energy costs and gasoline prices.

As gasoline prices rose to over $3 a gallon, he shared his views with alumni and industry representatives in

the Washington, D.C. area at the Edison Electric Institute. Hosting the event was alumnus MICHAEL

OLDAK, ESQ. (BS/CIT ’69, BS ’69), director, state competitive and regulatory policies at EEI.

Dr. Lave also spoke to alumni in Philadelphia on “Higher and Higher Which Way Will Energy Prices Go” The

event was hosted by Carnegie Institute of Technology alumna MARILYN KRAY (BS/CIT ’83), vice president

of project development with Exelon Corporation, at Exelon’s Energy Hall.

Allan H. Meltzer,


University Professor

of Political Economy

The alumni host

was alumnus Leigh

Digel (MSIA ’90), a

partner with Deloitte


Cleveland office.

Lester Lave, Ph.D.

Harry B. and James

H. Higgins Professor

of Economics and

University Professor


PETER BOATWRIGHT, Ph.D., associate professor of marketing at the Tepper School of Business and

author of the new book The Design of Things to Come: How Ordinary People Create Extraordinary Products

(co-authored with Jonathan Cagan and Craig M. Vogel), spoke to alumni on “Managing Creativity to Achieve

Pragmatic Innovation” at the United Technologies Research Center in East Hartford, Conn. He also spoke to

alumni at The Club at Key Center in downtown Cleveland.

Peter Boatwright,


Associate Professor

of Marketing




ALUMNI PROFILE – Mike Fitzgerald

Start your engines!


Mike Fitzgerald (MSIA ’85)

Tepper alum and race car driver Mike

Fitzgerald is behind the wheel of

this Porsche 997 GT3 Cup car in the

Rolex 24 at Daytona International


When it comes to careers, some people find themselves on the fast track to success. For Mike Fitzgerald

(MSIA ’85), a successful business career after Tepper made it possible for him to switch lanes to a second

career – as a race car driver.

Working for several companies, his early career developed in the healthcare industry. By 1990, he and a

partner took over a hospital management company.

“The company acquired financially troubled inner-city hospitals and tried to turn them around. But some

were especially challenging, so we decided to re-purpose them into long-term, intensive-care specialty

hospitals,” Fitzgerald says.The long-term care hospital division business was immediately successful. So

much so that Fitzgerald’s company eventually divested itself of inner-city hospitals entirely.

It was during this same time, in the early ’90s, that Fitzgerald got his first taste of sports car racing. “It

started as a hobby initially, but I got serious really fast. Within a year, I competed in my first professional race

in Sebring, Florida.” It got to the point, he says, that he was working three to four days a week, and racing

three to four days a week. Something had to give.

From the fast lane to the fast track, Fitzgerald sold his company in 1998. He’s been racing sports cars

ever since. It’s not a retirement hobby, though. “It is a job. People pay me, I have to show up, and they have

expectations. But I enjoy it. It’s a lot of fun!”

New in Lifelong Learning

Kannan Srinivasan, H.J. Heinz II Professor of Management,

Marketing and Information Systems, lectures students on

E-Marketing and New Business Models. Access the video in

Speaker Presentations.

In Faculty Research, read the article “Unsafe at Any Airspeed

Cellphones and Other Electronics are More of a RiskThanYouThink”

by Bill Strauss, M. Granger Morgan, Jay Apt and Daniel D. Stancil,

or the recently published paper on “Indeterminacy and LiveTelevision”

by JoachimVosgerau, assistant professor of marketing.

Enjoy the timely video of Lester Lave discussing the positive

aspects of gasoline prices, environmental restrictions in exploring

for petroleum, constraints on refinery capacity and his speculation

for the future of gasoline prices. Are you interested in learning how

to negotiate job offers LaurieWeingart, professor of organizational

behavior and theory, discusses how to prepare for job negotiations

and offers tips to create win–win situations.These interviews and

more can be accessed in Expert Commentary.

Check out Suggested Readings to view the International Finance

syllabus of ChrisTelmer, associate professor of financial economics,

and the latest recommended ethics readings from Professor Dale

Hershey’s Business, Law and Ethics course.


Making an impact.

“Generosity matters because it

keeps the school moving forward.

The financial support is important,

and I choose to give as a way

of showing my gratitude for the

experience I had.”

Your philanthropic support has a transformational impact on

the Tepper School.

Gratitude is a common theme for Cynthia Elliott. Thankful for the close-knit community of friends she

made during her two years at the Tepper School. Grateful that the support of her mother opened the

door for Cynthia to be the first in her family to pursue a college degree. Appreciative of the career

support that launched impressive post-grad job opportunities.

Cynthia Elliott (MBA ’06)


Pathways Rotational Program

Football Junkie

Mother of three

Avid reader of romance novels

W.L. Mellon Society member

If this sounds familiar, we invite you to also join the W.L. Mellon Society as a demonstration of your belief

in the value of your Tepper degree.

Membership begins at $1,000 and includes participation in a global alumni network that annually

pledges its support to student scholarships, faculty research and facility renovations. Your gift creates a

lasting impact by building upon the decades of support that have fueled the school’s reputation for


Giving is not only vital, but it’s convenient too. Simply return the enclosed envelope or visit

www.tepper.cmu.edu/give to make your gift securely online.

Additional information about the

W.L. Mellon Society can be found at



DM/CB 2/07 23M/FI

Tepper School of Business

William Larimer Mellon, Founder

Office of Advancement

Carnegie Mellon University

5000 Forbes Avenue

Pittsburgh, PA 15213-3890

Nonprofit Org.

U.S. Postage


Pittsburgh, PA

Permit No. 251

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