Profiles in Leadership - UW-Milwaukee

Outlook 

The Lubar School’s magazine for alumni and friends 

Profi les in Leadership 

Inside: 


Harley-Davidson’s Jim Ziemer on The American Icon 

The BloodCenter’s Jackie Fredrick on Not-for-Profi t Leadership 

Rockwell’s Keith Nosbusch on Innovation 

40th Anniversary Gala 

New Venture Business Plan Competition Launched 

Fall 2007

Our Vision 

Our vision is to become a leading urban business school 

recognized for high quality teaching and research that 

advances student learning, managerial careers, and the 

frontiers of management knowledge. We will build upon 

our internationally recognized research to contribute to 

the economic future of Milwaukee, the region and beyond. 

For further information about the 

Sheldon B. Lubar School of Business: 

BBA Program 

(414) 229-5271 uwmbba@uwm.edu 

MBA/MS Programs 

(414) 229-5403 uwmbusmasters@uwm.edu 

PhD Program 

(414) 229-4542 uwmbusphd@uwm.edu 

Executive MBA Program 

(414) 229-5738 emba@uwm.edu 

Executive Programs 

(414) 229-6519 execprograms@uwm.edu 

Career Services 

(414) 229-5445 careerserv@uwm.edu 

Visit our Web site at: 

www.uwm.edu/Business 

Published by the Sheldon B. Lubar 

School of Business, University of 

Wisconsin–Milwaukee as a source of 

information for alumni and friends. 

Dean: 

V. Kanti Prasad 

Editor: 

Kristine Piwek 

Contributor: 

Richard Priem 

Graphic Designer: 

Susan McKay 

Photos: 

Peter Jakubowski 

Alan Magayne-Roshak 

Comments are welcomed. 

Please direct all correspondence to: 

UWM Sheldon B. Lubar School of Business 

P.O.Box 742 

Milwaukee, WI 53201-0742 

or to kpiwek@uwm.edu 

Visit our Web site at: 

www.uwm.edu/Business 

The University of Wisconsin–Milwaukee, in 

compliance with Titles VI and VII of the Civil 

Rights Act of 1964, Title IX of the Education 

Amendments for 1972, Sections 503 and 504 of the 

Rehabilitation Act of 1973, the Age Discrimination 

in Employment Act of 1967 and Section 402 of the 

Vietnam Era Veterans Readjustment Act of 1974, 

does not discriminate on the basis of race, color, 

national origin, religion, sex, handicap, age or 

Vietnam era veteran’s status in any of its education 

or employment policies, procedures or practices.

In This Issue 

Outlook 

FALL 2007 

2 Message from the Dean 

3 Hans Storr Recognized with Honorary Doctorate 

4 Lubar School Alumni Celebrate 

6 Profi les in Leadership 

Leadership and Innovation – Keith Nosbusch 

Leading a Not-For-Profi t in a For-Profi t World – Jackie Fredrick 

Leading an American Icon – Jim Ziemer 

9 Who Killed Health Care? 

10 Fiserv’s Yabuki on Differentiating Yourself as a Leader 

11 New Venture Business Plan Competition Launched 

12 Ab Nicholas: Do What You Love 

13 Conference Features Top Tax Experts 

14 Can Large Stock Option Grants Lead to Fraudulent 

Financial Reporting? 

16 Reiman’s Road to Success Began with a Hard Lesson 

17 Alumni Profi le: Osamu Mogi 

18 Faculty and Staff Excellence Recognized 

19 Research Seminar Series 

20 U.S. Bank’s Bertha: It’s Not a Sprint, It’s a Marathon 

21 Faculty Kudos 

23 Alumni News 

25 Honor Roll of Donors 

FALL 2007 1

Message from the Dean 

Dean V. Kanti Prasad 

2 OUTLOOK 

“ Innovation is the central issue in 

economic prosperity,” according to 

management expert Michael Porter. 

As global competition intensifi es, this 

message will play an increasingly important 

role. And how well we respond to it may 

well defi ne the future of American 

business. The call for innovation as an 

economic rallying cry, if you will. 

The message was reinforced to us earlier 

this year at the Lubar School’s 40th 

anniversary celebration. Three of our 

distinguished alumni — Rockwell 

Automation’s Keith Nosbsuch, The 

BloodCenter of Wisconsin’s Jackie 

Fredrick, and Harley-Davidson’s Jim 

Ziemer — discussed their perspectives on 

leadership at the event. It was striking to 

note that a common thread that ran 

through their comments was the 

importance of innovation to their 

companies — three distinctly different 

world-class organizations. As Keith 

Nosbusch put it, innovation is not just a 

buzzword — it’s imperative to their 

business. (please see pages 6-8) 

This fall, the Lubar School of Business 

has launched a formal effort to plant the 

seeds of innovation within UWM students 

— the NEW VENTURE BUSINESS PLAN 

COMPETITION — supported through 

private funding from La Macchia 

Enterprises, the parent company of The 

Mark Travel Corporation and Trisept 

Solutions. (please see page 11) 

Over the course of approximately four 

months, entrants will attend workshops 

and advisory sessions, obtain feedback on 

their ideas, and present their fi nal plan to 

a panel of judges, who will judge entries 

on their business merit. 

Winning a cash prize is the ultimate goal 

of the entrants. But the value of the 

process — refi ning their ideas, fi nessing 

their plans, and hopefully one day 

bringing them to the market — will be 

the real reward of the competition. 

As another renowned management 

scholar, Peter Drucker, stated: “Innovation 

is the specifi c instrument of entrepreneurship…the 

act that endows resources 

with a new capacity to create wealth.” 

We can all buy into that. 

V. Kanti Prasad 

Dean

Honors 

Hans G. Storr Recognized 

with Honorary Doctorate 

Hans G. Storr, Retired Executive 

Vice President of Philip Morris 

Companies (now Altria Group, 

Inc.), was awarded an Honorary 

Doctorate in Commercial Science from 

the University of Wisconsin–Milwaukee at 

its Spring Commencement ceremony. 

UWM’s honorary degree recognizes a 

career of extraordinary accomplishment, 

evidenced by the sum and distinction of 

the individual’s professional achievements, 

extraordinary intellectual merit, and 

personal integrity. 

In bestowing the degree, Chancellor 

Carlos Santiago said, “Hans Storr, a 1961 

graduate of our accounting program, is 

arguably one of UWM’s most prominent 

alumni, having attained international 

recognition and acclaim in the fi eld of 

corporate fi nance.” 

Hans Storr left post-war Europe in 1954 

at the age of 22 with a one-way ticket to 

Lubar School Dean V. Kanti Prasad presents Hans G. Storr with his doctoral hood. 

Milwaukee, in search of opportunity and 

a better future. He found both at a level 

that few people attain. 

After earning his degree, Storr joined 

Milprint Company in Milwaukee as an 

accountant. In 1957, Milprint was acquired 

by Philip Morris, and there began Mr. 

Storr’s steady rise as a corporate fi nancier. 

Mr. Storr was transferred to Philip Morris 

International in 1966, where he served as 

Staff Assistant to the Vice President of 

Finance. He was selected as Vice President 

of Finance of the company’s European, 

Middle Eastern, and African operations 

in 1974, and became corporate Vice 

President of Finance in 1978. His ascendancy 

into the executive ranks continued, 

as he was named Chief Financial Offi cer 

in 1979, and elected Executive Vice 

President and Chief Financial Offi cer in 

1991. In 1982, he took on the additional 

responsibilities of Chairman and CEO 

of Philip Morris Capital Corporation. 

A member of the Board of Directors of 

Philip Morris in 1982, Mr. Storr held 

these prestigious positions until his 

retirement from the company in 1996. 

Geoffrey C. Bible, Retired Chairman of 

Altria Group, Inc., who worked with Storr 

for almost 30 years, noted of his 

outstanding career: “As the years passed 

by, Hans’ reputation in the fi nancial 

world both here and abroad grew 

exponentially, and it is my opinion he was 

considered to be the most effective and 

impressive CFO of all the large public 

companies in America.” 

“Hans Storr’s career achievements vividly 

demonstrate the fruits of hard work, the 

value of personal integrity, the power of 

intellect, and the transformative impact 

of higher education,” said Lubar School 

of Business Dean V. Kanti Prasad. “He 

serves as a great role model for younger 

generations of our students.” 

FALL 2007 3

Cover Story 

Lubar School Alumni Celebrate! 

4 OUTLOOK

A 

beautiful Milwaukee spring evening 

greeted over 350 alumni, faculty, 

staff, and business leaders as they 

celebrated the 40th anniversary of the 

Sheldon B. Lubar School of Business at 

a gala event at the Italian Community 

Center in early May. 

A networking reception that featured 

great conversation and a UWM jazz trio 

was followed by a warm welome from 

Chancellor Carlos Santiago, and dinner 

and camaraderie with former classmates 

and faculty. 

The evening’s emcee, Allan Klotsche 

(BBA ‘87, EMBA ’94), Vice President-Asia 

Pacifi c at Brady Corporation, provided a 

thoughtful backdrop to the evening. “My 

grandfather, Joe Klotsche, was UWM’s 

fi rst chancellor,” he shared. “It gives me 

great pleasure that the vision that he had 

for an urban university is still the driving 

force for where UWM is headed for the 

future.” 

The business school in particular, 

Klotsche said, has a strong and proud 

record of educating the best and 

brightest leaders. “And with so many of 

the Lubar School’s 22,000 graduates 

staying in Southeast Wisconsin, they are 

taking the region’s companies and 

making them great,” he noted. 

Lubar School Dean V. Kanti Prasad 

reinforced that theme, sharing the 

School’s vision for the future — to 

become an urban business school of 

national distinction. “It is by building 

on our core strengths — faculty with a 

reputation for research and teaching 

excellence, quality students and degree 

programs, and our close connections with 

the business community — that will 

propel us to the next level.” 

“It’s wonderful to gather tonight to 

celebrate with all of you in this room 

— you are a testimony to the real 

strength and splendor of the Lubar 

School and UWM, and the quality they 

have produced,” Prasad said. 

Three distinguished UWM business 

alumni shared their perspectives on 

leadership (please see the Profi les in 

Leadership on pages 6-8): Keith 

Nosbusch (MBA ’78), Chairman & CEO 

of Rockwell Automation; Jackie Fredrick 

(EMBA ’88), President and CEO of The 

BloodCenter of Wisconsin; and Jim 

Ziemer (BBA ’75, EMBA ’86), President 

& CEO of Harley-Davidson. 

Capping the evening were two award 

presentations. On behalf of Lubar 

School alumni, Mark Doll (BBA ’71, 

MBA ’75), Senior Vice President at 

Northwestern Mutual, honored Sheldon B. 

Lubar for his longstanding commitment 

to UWM and the business school. Doll 

noted that UWM’s business school now 

has “the ultimate in brand identity” as the 

Sheldon B. Lubar School of Business. 

The name, he said, stands for commitment, 

integrity, and results-oriented 

leadership. “Shel’s example gives us all 

something to strive for,” Doll said. 

Paul Fischer, Jerry Leer Professor of 

Accounting, received the Distinguished 

Faculty Award. Harley-Davidson’s Jim 

Ziemer described Fischer’s dedication to 

students as “unmatched” for more than 

three decades. “In a challenging fi eld of 

study — with exacting requirements, 

uncompromising standards, and 

demanding a high level of commitment 

from students — Professor Fischer 

empowers students to make a major 

difference in the lives of others, and to 

understand the power they have to guide 

decision making.” 

(Opposite page, clockwise from top left) (1) Alum Allan J. Klotsche, Vice President-Asia Pacifi c at Brady Corporation, 

emceed the 40th anniversary event; (2) The dinner gala brought together over 350 alumni, faculty, and friends; (3) Alum 

Jim Ziemer, President & CEO of Harley-Davidson, presented Jerry Leer Professor of Accounting Paul Fischer with the 

Distinguished Faculty Award; (4) Lubar School Dean V. Kanti Prasad enjoys a lighter moment with the audience; (5) 

Alum Mark Doll, Senior Vice President at Northwestern Mutual, honored Sheldon B. Lubar for his commitment to the 

school during a special presentation; (6) Business alumni from around the country networked and reminisced about their 

days at UWM. 

FALL 2007 5

Cover Story 


Leadership & Innovation 

Innovation is not just a buzz word at 

Rockwell Automation. “It’s some thing 

we need to do to remain a globally 

competitive business,” said the company’s 

Chairman and CEO, Keith Nosbusch. 

Rockwell Automation is a global leader in 

industrial automation power, control, and 

information solutions with its world 

head quarters in Milwaukee. One of 

Wisconsin’s largest companies, Rockwell 

employs about 21,000 people worldwide, 

serves customers in more than 80 

countries, and boasts annual sales in 

excess of $5 billion. 

Nosbusch noted that today’s Rockwell 

Automation has evolved from a 

historically engineering-based business 

into a global technology growth company 

focused on meeting its customers’ 

business needs. 

“Our business model is based on 

intellectual capital, the core of which is 

people,” he said. “More importantly, it’s 

anchored in innovation.” 

Innovation allows companies to create 

differentiation, and it is through 

differentiation that Rockwell delivers 

value to its customers, stated Nosbusch. 

“At Rockwell, we all share a paranoia 

about commoditization,” he added. 

“ I owe a lot of my success in the business world to what I learned in the Lubar School’s MBA 

program. Coming from an engineering background, it broadened my view of the business environment 

and showed me that it takes more than great products and great technology to create a successful 

business. Many of us take pride in the Lubar School’s rich tradition that has allowed us to build worldclass, 

innovative companies. ” 

— Keith Nosbusch, Chairman & CEO, Rockwell Automation 

6 OUTLOOK 

Though commoditization may lead to low 

costs, he said, it has absolutely nothing to 

do with adding value for your customers. 

Today, Nosbusch noted, innovation can’t 

just be about engineering. “We’ve 

broadened our defi nition of innovation,” 

he said. “Now, we look at it in terms of 

our products, our services, our business 

processes, and our business models, 

allowing it to continually evolve all aspects 

of our business.” 

He described that “continuous evolution” 

as the key growth driver in the company. 

“If Rockwell can deliver value to customers 

through innovative differentiation, it 

builds loyalty. Once we’ve earned that 

loyalty, we can achieve sustainable, 

profi table growth that we can then reinvest 

in leadership technology — and the cycle 

starts all over again.” 

At an operational level, Nosbusch said that 

Rockwell’s goal is to create an environment 

where employees can be open 

minded, willing to embrace new ideas, and 

willing to challenge the status quo. 

“Innovation — in reality — is all about 

change. Those who view change as an 

opportunity will have the best prospects 

for building and maintaining a very 

prosperous company.” 

Keith Nosbusch 

(MBA ’78) 

Chairman & CEO 

Rockwell Automation

Cover Story 


Leading a Not-for-Profi t in a For-Profi t World 

Jackie Fredrick 

(EMBA ’88) 

President & CEO 

The BloodCenter of Wisconsin 

Leaders of not-for-profi t organizations 

face identical challenges to 

their counterparts in for-profi t 

organizations, said Jackie Fredrick, 

Presi dent and CEO of The BloodCenter 

of Wisconsin. “We require the same skills, 

talents, and expectations that are required 

in any organization that wants to be world 

class.” 

The BloodCenter of Wisconsin is a 

nationally respected transfusion medicine 

organization that is the sole supplier of 

blood and blood products to over 50 

Wisconsin hospitals. It also provides 

diagnostic laboratory services nationally, 

transfusion-related medical services, and 

internationally recognized blood research. 

The BloodCenter has annual revenues of 

approximately $100 million. 

“Let me describe the complexities of The 

BloodCenter for you,” Fredrick said. “We 

are part of the biotechnology industry, a 

pharmaceutical manufacturer, a wholesale 

and retail pharmacy, and a national 

diagnostic lab. We have a physician group 

practice and an academic research 

institute. We are a charity and stewards of 

the gift of life. And, we are a growing 

organization, contributing to the economic 

development of our community.” 

Within that challenging environment, 

Fredrick described four leadership man - 

dates that guide her as she manages the 

tension between business excellence and 

delivering a charitable, community purpose: 

Creating a tremendous sense of mission 

and vision. “Our mission and vision — 

advancing patient care by providing 

life-saving solutions grounded in 

unparalleled medical and scientifi c 

expertise — is what inspires our people 

and creates their greatest sense of 

purpose.” Leaders need to nurture the 

mission of their organization. 

Engaging employees and building the real 

talent of an organization. To attract the 

same talent without the same fi nancial 

rewards that for-profi ts can offer, Fredrick 

said, not-for-profi ts must focus on providing 

the maximum environment for people to 

achieve their potentials — through a 

sense of purpose, by creating challenging 

and exciting opportunities, and by 

offering opportunity for innovation. 

Cultivating connections and relationships 

with a wide variety of constituencies, both 

internal and external. In not-for-profi ts 

especially, it is crucial that these relationships 

be built on trust. 

Striving to have the best business and 

operating practices. “At the BloodCenter, 

we work very hard to be strong fi nancially, 

and to benchmark our practices against 

such leading organizations as General 

Electric (Six Sigma), Mayo Clinic (brand 

management), and Ritz Carlton (customer 

experience).” 

“ I learned so much of what I practice as a leader today from UWM’s business school. And the 

BloodCenter continues to send employees to the Lubar School — its EMBA program, PhD program, and 

Strategic Leadership Series. It helps our people to effectively operate in this very broad, complex world. ” 

— Jackie Fredrick, President and CEO, The BloodCenter of Wisconsin 

SPRING FALL 2007 7

Cover Story 


Leading an American Icon 

Jim Ziemer 

(BBA ’75, EMBA ‘86) 

President & CEO 

Harley-Davidson, Inc. 

8 OUTLOOK 

What is it about the Harley- 

Davidson culture that allows it 

to be one of the world’s most 

recognized brands? Harley President & 

CEO Jim Ziemer suggested that the 

answer to that question resides in the four 

core attributes of the Harley brand and 

how they relate to corporate culture. 

Harley-Davidson, Inc. is the parent 

com pany for the group of companies 

doing business as Harley-Davidson Motor 

Company, Buell Motorcycle Company and 

Harley-Davidson Financial Services. The 

company achieved $5.8 billion in net 

2006 revenue. 

In many ways, Ziemer said, those four 

attributes — Freedom, Adventure, Passion, 

and Individuality — serve as metaphors for 

what goes on inside Harley-Davidson’s walls. 

“To be sure, we’re a disciplined, aligned 

organization whose objectives, strategies, 

and plans are driven by common values, 

our mission and vision, and a shared set of 

operating philosophies,” he clarifi ed. But 

that is basic to every successful organization, 

he said. “These core attributes are the key 

to our success.” 

At a corporate level, Freedom means 

removing barriers and obstacles, and 

minimizing bureaucracy, he said, so that 

people are empowered to make a difference. 

“It should come as no surprise that 

another part of sustaining Harley- 

Davidson’s market leadership has to do 

with continually exploring new roads — 

our sense of Adventure,” Ziemer noted. 

This was certainly key to Harley’s 

turnaround in the 1980s, he said, and its 

success since then has been due to the 

organization’s willingness “to turn left 

when others are turning right.” 

“Passion — and our ability to inspire it 

and to channel it — is another factor in 

Harley-Davidson’s success,” shared 

Ziemer. “Many of our employees live and 

breathe motorcycles, putting forth extra 

effort for the sheer love of doing it. I call 

it ‘psychic income.’” 

And just as Individuality is important to 

Harley’s customers (it’s often said that no 

two Harleys look alike), the company also 

prizes the individuality of its employees. 

Ziemer said, “It’s leadership’s job to 

bring out each individual’s capabilities 

and talents. We expect all employees to 

make a difference.” 

“Don’t get me wrong. We highly value 

teamwork and collaboration,” he added. 

“But a business environment where 

everyone thinks alike stifl es new ideas 

and is a pretty unexciting place to work.” 

“At Harley-Davidson, our mission is all 

about fulfi lling dreams,” Ziemer 

concluded. “One of the singlemost 

important traits of a leader in business 

— or in any endeavor — is to dream about 

what could be and to fulfi ll that dream.” 

“Dreaming is a positive, motivating force.” 

“ Over the last 40 years, the Lubar School of Business has established truly outstanding credentials in 

business education. And for me, personally, it has been a key factor in my success. ” 

— Jim Ziemer, President & CEO, Harley-Davidson, Inc.

Bradley Distinguished Lecture Series 

Who Killed Health Care? 

The provocative question that titles 

Harvard professor Regina Herzlinger’s 

latest book — Who Killed Health Care? 

— was a clear signal that her address on 

U.S. health care in the Bradley Distinguished 

Lecture Series would offer a 

compelling viewpoint. 

Regina Herzlinger is the Nancy R. 

McPherson Professor of Business Administration 

at the Harvard Business School. 

She is widely recognized for her innovative 

research in health care, including her early 

predictions of the unraveling of managed 

care and the rise of consumer-driven health 

care and health care focused factories, two 

terms that she coined. Money magazine has 

dubbed her the “Godmother” of consumerdriven 

health care. 

And the answer to that provocative 

question? Herzlinger calls it the “Iron 

Triangle,” made up of: 

Hospitals, whose oligopolistic or 

mono polistic practices mean a lack of 

competition, infl ation of cost, and 

diminution of quality for the end 

consumer. 

The U.S. Congress. “Uncle Sam is 

becoming Dr. Sam, telling physicians how 

to practice medicine and suppressing 

physician-driven innovation,” she said. 

Insurers, who represent a trillion dollar 

industry, but provide few competitive 

offerings. 

Herzlinger said that the current system is 

too centralized, too expensive, and fails to 

meet the needs of the population — with 

more than 40 million uninsured Americans 

and millions of additional people who are 

underinsured. 

Regina Herzlinger 

The solution, she argued, ultimately lies 

in giving consumers money to let them 

shop for their own health care needs — 

fi rst under the umbrella of their employers, 

but later on their own through 

personal, tax-sheltered savings accounts. 

Offering consumers more choices would 

force the health care industry to step up 

its services to meet consumer demand, 

she said, encouraging entrepreneurial 

innovation among physician groups and 

other service providers within a system 

that gives them the freedom to organize 

their own teams and quote their own prices. 

Ultimately, Herzlinger projected, a 

consumer-driven health system could lead 

to “focused factories,” where health 

services are personalized around a 

particular health condition. For example, 

a breast cancer center might encompass 

diagnosis, imaging, drug therapy, surgery, 

and emotional care among its offerings to 

clients. Herzlinger maintains that such 

“focused factories” would be attractive to 

consumers not only because they are 

completely focused on them and their 

disease, but because they offer a better 

quality of care, more convenience, and 

lower costs. 

We don’t have this type of service now, 

she said, because the health care industry 

doesn’t incentivize entrepreneurs. “You 

don’t make money from making people 

healthier,” she noted. “You get paid for 

treating sick people.” 

In conclusion, she said, consumers must 

be given choices and information. Service 

providers must be given the freedom to 

organize and compete. Technology fi rms 

and insurers must innovate and stop trying 

to block progress. 

And the government’s role in a consumerdriven 

system, she advised, is to help the 

poor, prosecute the fraudulent, and 

enable transparency. But most importantly, 

she said, “Government needs to get out 

of the way.” 

The Bradley Distinguished Lecture Series, 

co-sponsored by The Lynde and Harry 

Bradley Foundation and UWM’s Sheldon B. 

Lubar School of Business, brings nationally 

and internationally respected scholars, policy 

experts, and business leaders to speak on 

major issues pertaining to the political 

economy of globalization, entrepreneurship, 

and global economic competition. 

FALL 2007 9

Executive MBA 

Fiserv’s Yabuki on Differentiating 

Yourself as a Leader 

Jeffery W. Yabuki 

“ 

Truly great leadership is a 

combination of tangible skills 

that blend in a way that is really 

differentiating,” Jeffery W. Yabuki, 

President & CEO of Fiserv, Inc., told the 

Executive MBA Class of 2007 at their 

graduation ceremony. 

Fiserv, a publicly traded Fortune 500 

company, is a market share leader of 

information technology systems and 

services to the fi nancial and insurance 

industries. The company reported $4.5 

billion in 2006 revenues, with 23,000 

employees serving more than 17,000 

clients worldwide. 

Yabuki noted that Fiserv has consistently 

grown revenue and earnings at a doubledigit 

clip. “I am particularly proud that we 

are one of only a handful of companies in 

10 OUTLOOK 

the S&P 500 which have grown revenue 

and earnings for at least 15 straight 

years,” he said. “And I think there is a 

direct correlation to the company’s 

leadership, because leadership is often 

about consistency and stability.” 

He challenged graduates to consider 

three simple but potent questions that 

could “change your trajectory as business 

leaders.” 

What do you want to do? This is not 

necessarily a job title, Yabuki said, but a 

defi nition of where your passion lies, how 

you want to make an impact. Don’t just 

think about it, he said, but put it down in 

black and white. “Writing it down not 

only changes it from a wish to a goal. It 

holds you accountable.” 

What is the essence of your personal brand? 

Learn to view yourself not just as a person, 

but as a brand, he suggested. All of your 

actions contribute to how your brand is 

perceived. In the business world, we place 

great importance on managing brands, 

he said. It shouldn’t be any different with 

your personal brand. 

What do you want to be famous for? 

Everyone gets remembered for 

something. Tyco’s Dennis Kozlowski, 

Enron’s Kenneth Lay — even former 

president Bill Clinton — made poor 

short-term decisions rather than look 

ahead to manage their legacies. So, in all 

that you do, he urged, think about the 

impact your actions and decisions will 

have on your legacy. 

Jeff Yabuki joined Fiserv in December 

2005 after more than six years at H&R 

Block, Inc., where he rose to the position 

of executive vice president and chief 

operating offi cer, after joining the 

company as president of International 

Operations in 1999. Prior to H&R Block, 

Jeff spent 12 years with American 

Express, most recently as president and 

chief executive offi cer of American 

Express Tax and Business Services. He 

serves on the Lubar School’s Business 

Advisory Council. 

UWM’s Executive MBA Program is one of 

the longest-running and most successful 

programs of its kind in the nation. 

Established in 1974, the program boasts more 

than 850 graduates from over 400 businesses, 

providing skilled managers with a unique 

academic and peer learning experience in an 

accelerated format and preparing them for 

positions of executive leadership.

Entrepreneurship 

NEW VENTURE BUSINESS PLAN 

COMPETITION Launched 

What does it take to transform a business idea into reality? 

To go from concept to commercialization? 

That is what UWM students and 

recent alumni will have the 

opportunity to experience in the 

inaugural NEW VENTURE BUSINESS 

PLAN COMPETITION, sponsored by the 

Lubar School of Business and made 

possible by private support from La 

Macchia Enterprises, the parent company 

of Mark Travel and Trisept Solutions. 

The NEW VENTURE BUSINESS PLAN 

COMPETITION was launched this fall to 

foster entrepreneurial spirit among UWM 

students and alumni, promote practical 

business skills, and encourage the 

creation of new, for-profi t ventures. 

“It’s another way that we’re helping 

students translate entrepreneurship 

theory and knowledge into practicable 

action,” said Dean V. Kanti Prasad, who 

also serves as Bostrom Professor of 

Entrepreneurship and Innovation. 

A key step to translating a great idea into 

a profi table business is the creation of a 

solid business plan. Good business plans 

address the variables surrounding the many 

decisions entrepreneurs must make in 

developing and launching their businesses. 

The competition’s structure — with 

successive phases of plan development 

— will help entrants fi ne-tune their ideas 

and polish their presentations. Entrants 

will also have the opportunity to attend 

workshops on writing a business plan, 

forming a company, and commercializing 

an idea. The workshops are presented 

by Bostrom Entrepreneurs-in-Residence 

James Hunter and John Komives, who 

also play key roles in the implementation 

of the competition. 

In addition, the NEW VENTURE 

BUSI NESS PLAN COMPETITION offers 

signifi cant cash prizes totaling $12,000 

that can be used to further the successful 

commercialization of the winners’ ideas. 

There is no better way to fi nd out how 

the process of creating a business plan 

and presenting it to potential investors 

works, according to Komives. “The 

academic payoff of authoring and 

presenting a business plan can be quite 

astounding,” he said. “Students who 

accomplish this task will gain a newfound 

respect for analyzing reality and then 

putting a structure in place where none 

had existed before.” 

More information on the competition can be 

found at www.newventure.uwm.edu. 

“ We are happy to contribute to nurturing the entrepreneurial spirit 

and skills of UWM students, who are so vital to the economic future 

of our region. ” William E. La Macchia, Chairman, La Macchia Enterprises 

FALL 2007 11

M&I Marshall & Ilsley Center for Business Ethics 

Great Journeys An Inspirational Series 

Ab Nicholas Tell Students: 

Your Real Goal Should Be To Do What You Love 

Ab Nicholas 

One of the founders of Milwaukee’s 

mutual fund community — 

Albert “Ab” Nicholas — told 

Lubar School students that they aren’t 

much different than he was in college. 

“At your age, you’re wondering what you’re 

going to do,” he said. “I was the same way.” 

Nicholas, Chairman and CEO of Nicholas 

Company, shared the story of his career 

with business students in Great Journeys: 

An Inspirational Series this fall. The series, 

sponsored by the School’s M&I Marshall 

& Ilsley Center for Business Ethics, helps 

shape students’ understanding of ethics, 

integrity, and leadership by featuring 

exceptional “role model” business leaders. 

12 OUTLOOK 

Ab Nicholas fully intended to become a 

lawyer after earning his undergraduate 

degree in business and serving in the 

Korean War, but a semester in law school 

convinced him otherwise. He decided to 

return to UW-Madison for his MBA and 

to pursue the fi eld of investments, 

sparked by the enthusiasm of a fi nance 

professor he had as an undergraduate. 

His talents caught the attention of some 

solid Milwaukee fi rms, and he embarked 

on his career — fi rst at Northwestern 

National Insurance Company and later with 

Marshall and Ilsley Bank. But after ten 

years working for others, he decided that 

he wanted to go into business on his own. 

“Why? Well, fi rst of all, I don’t work well 

for others — just ask my wife,” he said 

half-jokingly. “But I also craved the 

challenge of it.” 

During those years of working for others, 

Nicholas had invested some money and 

made a tidy nest egg for himself. “I decided 

that I wanted to do for others what I had 

done for myself.” Nicholas Company was 

born in 1967. 

Today, the fi rm has earned respect and 

trust in the mutual fund arena on a 

national level. With seven no-load mutual 

funds, as well as separate private accounts 

managed for individual and institutional 

investors, the fi rm concentrates on 

inde pendent, primary research and 

performance, offering low cost and low 

minimum investments to its clients. It 

boasts $3.5 billion in assets under management. 

The company’s fl agship fund, the 

Nicholas Fund, has been on Forbes’ 

Honor Roll for nearly two of the last 

three decades. 

How does he explain his success? “First, 

you have to have a philosophy and you 

have to stick to it — consistently and over 

a long period of time.” 

“I am also a strong believer in contrary 

opinion — looking for opportunities 

away from the crowd,” Nicholas noted. 

“This is an art, not a science.” 

“It was never a goal for me to become 

rich. That was secondary,” he said. “To do 

what you want to do and what you love to 

do — that should be your real goal. You 

have great, long futures ahead of you.”

Deloitte Center for Multistate Taxation 

Lubar School Conference Features 

Top Tax Experts 

Richard Pomp 

Roger M. Ervin 

The 11th Annual Multistate Tax 

Institute was held in Milwaukee in 

June, sponsored by the Lubar 

School’s Deloitte Center for Multistate 

Taxation. The day-long conference draws 

a nationwide audience and features 

leading authorities who address the latest 

developments and current issues in state 

and local taxation. 

Noted multistate tax authorities Paul 

Frankel and Richard Pomp led a lively 

debate on some of the latest hot topics in 

state tax litigation. Frankel is a partner 

with Morrison & Foerster and Pomp is 

the Alva P. Loiselle Professor of Law at 

the University of Connecticut. 

Maryann Gall and Laura A. Kulwicki, both 

of Jones Day in Ohio discussed nexus, 

which relates to whether a business has 

suffi cient connection with a state to allow 

that state to have taxing authority. 

James W. Wetzler of Deloitte Tax discussed 

the latest publication of UWM’s Deloitte 

Center for Multistate Taxation entitled 

Lawmaker’s Guide: The Un-income Tax, 

which examines how states’ alternative 

tax approaches will impact businesses. 

Wisconsin’s Secretary of Revenue, Roger 

M. Ervin, provided the luncheon address. 

Mark K. Nachbar of UHY Advisors in 

Chicago moderated a regional update 

panel featuring Marilyn Wethekam of 

Horwood Marcus & Bert Chartered, and 

Rocky Cummings of Reinhart Consulting 

Service. 

The day concluded with an update and 

discussion of the Streamlined Sales Tax 

Project, moderated by John C. Healy, 

Managing Director of the Deloitte Center 

for Multistate Taxation, and featuring 

Charles Collins (Taxware LP), Diane Hardt 

(Wisconsin Department of Revenue), 

Stephen Krantz (Council on State 

Taxation), and Rory Rawlings (Avalara). 

Wisconsin State and Local Tax, Inc. also 

presented scholarships to two students in 

the Lubar School’s MS-Taxation and 

State and Local Tax Certifi cate programs 

— Andrew Franklin and Tammy Ziolkowski. 

The Deloitte Center for Multistate 

Taxation at the University of Wisconsin– 

Milwaukee was established in 1996 to 

serve as a focal point for research and 

education regarding state and local tax 

issues. The Center’s mission is to promote 

research aimed at making state and local 

tax systems more responsive to modern 

business realities, assist taxpayers in 

developing practical strategies for 

complying with state and local taxes, and 

enhance university and professional 

education in state and local taxation. 

Executive Director James Collins and 

Managing Director John C. Healy play 

central roles in organizing the nationally 

recognized conference. 

SAVE THE DATE – the Twelfth Annual Multistate Tax Institute will be held on Thursday, June 19, 2008 

at the Hilton Milwaukee City Center. For information: (414) 229-3835 or rachelp@uwm.edu. 

FALL 2007 13

Faculty Research 

Can Large Stock Option Grants Lead to 

Fraudulent Financial Reporting? 

By: Richard L. Priem, The Robert L. & Sally S. Manegold Professor of Management and Strategic Planning and Faculty 

Director, M&I Marshall & Ilsley Center for Business Ethics 

Accurate fi nancial reporting by 

listed fi rms is essential for viable 

equity markets. Yet recently, 

scandals at fi rms such as Enron Corp. 

and WorldCom Inc. have highlighted the 

serious consequences of fraudulent 

fi nancial reporting, not only for the 

companies involved and their employees, 

but also for their communities and society 

at large. Fraudulent fi nancial reporting 

by top managers clearly erodes shareholder 

value: it is estimated to have contributed 

to trillions of dollars in losses for U.S. 

pension plans and 401(k) savings plans 

from 2000 to 2002, according to a 2002 

report published in the New York Times. 

These losses are caused primarily by a 

few “bad apples” at the top. Most CEOs 

and top managers are honest and 

hard-working; they do their very best to 

maximize shareholder returns and to 

simultaneously provide clear benefi ts for 

their customers, employees, and 

communities. Unfortunately, intense 

media attention given to scandal-plagued 

companies and their CEOs tends to 

tarnish the reputation of the entire 

business community. 

The umbrella term “corporate governance” 

includes forces and mechanisms 

that may limit the ability of “bad apple” 

CEOs to engage in unethical or illegal 

behaviors. According to Michael Jensen 

of Harvard University, these forces 

include: legal and regulatory systems, 

now reinforced by the Sarbanes-Oxley 

legislation; external control mechanisms 

such as capital markets that allow poorly 

run companies to be taken over; 

14 OUTLOOK 

Richard L. Priem 

competition in product and factor 

markets; and various internal control 

systems headed by boards of directors. 

These internal control systems include 

the board’s various monitoring activities 

plus the setting of executive compensation. 

Since the 1980s, much attention has been 

paid to the granting of executive stock 

options as a potentially highly effective 

method of corporate governance. The 

rationale is that CEOs and other top 

managers with large stock-option grants 

will maintain a laser-like focus on 

improving their companies’ stock prices 

rather than going off-track in pursuing 

other, sometimes self-serving goals. And 

because stock price appreciation is the 

shareholders’ goal as well, this aligns the 

interests of a company’s managers with 

those of its shareholders. Lucian Bebcuk 

of Harvard argues that companies are 

following this logic, and that is one 

reason why CEO pay from stock option 

grants has soared. 

Several colleagues and I became curious 

as to whether really large stock option 

grants might at times have the perverse 

and unintended effect of motivating “bad 

apple” CEOs to infl ate their fi rms’ 

fi nancial results in order to ensure a high 

stock price when they exercise their 

options. If this occurs, those CEOs would 

be trading near-term personal benefi t for 

longer-term stockholder loss. We decided 

to examine these issues in a research 

project, which was subsequently published 

in the Academic of Management Journal 

(49: 483-500, 2006). My co-investigators 

were Joe O’Connor, a Lubar School Ph.D. 

graduate who is currently on the faculty 

of the University of Texas at El Paso, Joe 

Coombs of Texas A&M University, and 

another former Ph.D. student of mine, 

Matt Gilley of Oklahoma State University. 

We conducted our study by fi rst reviewing 

a database covering 550 newspapers 

articles that appeared from 2001 to 2004 

that contained variations of the word 

“restate,” indicating possible restatement 

of fi nancial results. We considered only 

restatements downward that were not the 

result of changes in accounting principles 

or various non-fi nancial matters. This 

produced about 300 restatements per 

year. But because we wanted to make 

sure that the restatements resulted from

intentional malfeasance, we only included 

in our sample those fi rms that restated 

only after investigations or orders from 

federal or state regulatory agencies. This 

reduced our sample to 103 fi rms — a 

small percentage of the approximately 

9,600 U.S. independent public fi rms 

doing business each year. Firms meeting 

our requirements for clearly fraudulent 

fi nancial reporting included such 

well-known transgressors as CMS Energy, 

Dynegy Inc., Qwest Communications 

International, and Rite-Aid Corporation. 

We then tried to identify for each 

transgressor a closely matching fi rm 

— i.e., one in the same industry, with 

similar average sales, average net income, 

and option vesting periods, all for 1996 to 

1999 — that had not later restated results 

downward. This resulted in a fi nal sample 

of 65 companies that later had been 

forced to restate their results downward 

and 65 that hadn’t. We then calculated 

CEO stock option grant valuations from 

1996 to 1999. We fi rst controlled for a 

number of other factors that might affect 

the likelihood of malfeasance, including 

the average number of audit committee 

meetings each year, CEO stock ownership, 

and average annual CEO compensation 

received from sources other than stock 

options. We also included whether the 

Board of Directors received stock options, 

and whether or not the CEO also held 

the position of board chairman (called 

“CEO duality”). We then examined the 

degree to which larger CEO stock option 

compensation in 1996-1999 resulted in a 

greater likelihood of fraudulent fi nancial 

reporting that resulted in a fi nancial 

restatement in 2000-2004 via a “matched 

pairs” analysis. 

The major fi nding for our sample is that 

when the board holds stock options and 

the CEO is not also chairman, high levels 

of CEO stock options result in a much 

higher likelihood of fraudulent fi nancial 

reporting than do lower levels. The CEO 

stock option effects are much smaller for 

other possible combinations of board 

options and CEO duality, however. These 

results show that there can be perverse 

and unintended effects from the use of 

CEO stock options as a corporate 

governance mechanism, particularly for 

large stock option grants. Large stock 

option grants, when given to the few “bad 

apple” CEOs, can result in dramatic losses 

in shareholder value. 

Today, the Sarbanes-Oxley Act makes it 

more diffi cult for miscreant executives to 

misreport fi nancials and benefi t from 

doing so. Still, just as today’s changing 

business environment creates new 

opportunities for wealth creation, it also 

creates new opportunities for fraud and 

self-dealing by a few, highly placed “bad 

apple” insiders. Such crimes are often 

complex in design, which makes them 

diffi cult to detect in the short run and 

diffi cult to prosecute when detected. 

Henry S. Givray, Chairman and CEO of 

SmithBucklin Corp., recently argued in 

BusinessWeek that “CEO” and “leader” are 

not synonymous terms, because CEOs 

are measured by sales and profi ts while 

“leaders are shaped and defi ned by 

character.” He believes that corporate 

scandals most often occur when CEOs 

are not also leaders, and he suggests that 

during the CEO selection process “the 

core values of [potential] CEOs should 

be examined just as closely as their drive, 

intellectual depth, fi nancial acumen, or 

track record.” Perhaps that would be the 

best corporate governance method of all, 

because it would help to weed out the few 

“bad apples.” If only we could achieve it. 

Dr. Richard L. Priem is Robert L. 

& Sally S. Manegold Professor of 

Management and Strategic 

Planning at UWM’s Sheldon B. 

Lubar School of Business. He 

also serves as Faculty Director of 

the School’s M&I Marshall & 

Ilsley Center for Business Ethics. 

The M&I Center focuses on 

business ethics as a critical 

component of management 

education, providing students 

with an educational and 

experiential framework that 

engages them in serious 

thought about issues of ethics. 

FALL 2007 15

Distinguished Entrepreneur Lecture Series 

Reiman’s Road to Success Began 

with a Hard Lesson 

Roy Reiman, Founder of Reiman Publications, told 

entrepreneurship students that he would characterize most 

entrepreneurs as people who are energetic, positive, fun 

to be around — and as people who make mistakes. 

“In the beginning, we lost $10,000 — more than we even had at 

the time,” he noted of his fi rst attempt to launch a publication. 

“But you learn from your losses and failures. We paid off our 

creditors, and the next time around we did our homework.” 

Reiman spoke in the Lubar School’s Distinguished Entrepreneur 

Lecture Series, sharing the personal journey of how he 

developed Reiman Publications into an industry powerhouse. 

Reiman Publications (recently renamed RDA Milwaukee) 

publishes 12 bimonthly magazines and one quarterly magazine 

in the U.S. and Canada, including Taste of Home, Country, Light 

& Tasty, and Birds & Blooms. The company has been an anomaly 

in the publishing industry — building its business on 

subscription revenue rather than advertising revenue. 

Reiman sold a majority stake in his company in 1998 to Chicago 

investment fi rm Madison Dearborn Partners. Four years later, 

Reader’s Digest Association bought the company for $760 

million in cash. Readers Digest was purchased earlier this year by 

the private equity fi rm Ripplewood Holdings. 

One of fi ve sons who grew up on a farm in western Iowa, Reiman 

said he would have gone into a life of farming had it not been for 

a persistent high school English teacher who spotted his talent 

for writing. “Mrs. Cleaver pursued me for four years until I 

enrolled in Iowa State University in agricultural journalism,” he 

said in jest. 

Upon graduation, he embarked on a writing career for farming 

publications that landed him fi rst in Wyoming and later in 

Milwaukee. 

Just as his young family was starting to grow, so was Reiman’s 

desire to “make a go” of his own publishing business. With his 

wife’s encouragement and their entire $6,800 in savings, he quit 

16 OUTLOOK 

Roy Reiman 

his job and started his company in the family’s Hales Corners 

basement in 1964. 

Then came that initial big loss. But failure didn’t dampen his 

entrepreneurial drive. It may even have emboldened it. He set 

out again, battle-scarred, but better prepared. And, as they say, 

the rest is history. 

Noting the importance of people and relationships as key to his 

own success, Reiman advised students to nurture those 

relationships. “Business is like a marriage, and relationships need 

to be built on trust. You’ve got to surround yourself with people 

you can trust,” he said. But most importantly, he concluded: 

“Keep business fun.”

Alumni Profile 

Kikkoman’s 

Connection to 

Wisconsin 

Osamu Mogi 

Manager, Foreign Operations 

Kikkoman Corporation 

MBA, 1993 

As a Manager in the Foreign Operations Department of 

Kikkoman Corporation in Tokyo, Osamu Mogi has two 

important ties to Wisconsin. 

First is Kikkoman’s manufacturing facility in Walworth. Kikkoman 

was among the fi rst Japanese companies to establish a manufacturing 

facility in the United States. Since its grand opening in 

1973, Wisconsin has become the soy sauce capital of America, 

according to Mogi. “For 35 years, Kikkoman has enjoyed 

Wisconsin’s excellent business environment, as well as friendship 

with the people of Wisconsin,” he said. 

Second is his MBA degree from the Lubar School of Business, 

where Mogi said, “I acquired not only ‘book knowledge,’ but 

the ability to analyze situations and make logical decisions in 

my career.” 

The history of Kikkoman began more than 300 years ago, when 

Mogi’s ancestors began brewing soy sauce in the small city of 

Noda, located 30 miles northeast of Tokyo. In 1917, eight 

family-owned companies united to form what is now known as 

Kikkoman Corporation. 

Today’s Kikkoman is not only the world leader in naturally brewed 

soy sauce, but represents a diversifi ed product range that includes 

Asian foodstuffs, soy milk, biochemical products and dietary 

supplements. The Kikkoman Group also owns the Del Monte 

business in Asia, Tone Coca Cola Bottling, Manns Wine, among 

others. With over $3 billion in annual sales, the company has 

production facilities in Japan, the United States, Europe, Singapore, 

China, Taiwan and Thailand and sells its products in more than 

100 countries. 

After earning his MBA at UWM, Mogi joined the Chicago offi ce 

of Price Waterhouse. “Gaining an understanding of U.S. business 

culture was critical to me because Kikkoman’s largest market 

outside Japan is the United States,” he stated. 

He returned to Japan in 1996, when he began his career at 

Kikkoman as a Product Manager, focusing on new product 

development and marketing strategy. In 2002, he was promoted 

to the Corporate Planning Department, working in corporate 

strategy, including the execution of corporate alliances and 

mergers and acquisitions. 

Last year, Mogi was appointed Manager in charge of developing 

business strategy for the U.S., South American and European 

markets. “These markets are critical to the company’s overarching 

goals to further worldwide expansion,” said Mogi. 

Though its main focus is to continue penetrating foreign markets 

with its current product lines, the company also seeks 

opportunities to diversify its business in the U.S., including the 

introduction of Kikkoman Pearl Soy Milk and the acquisition of 

Country Life vitamin. 

Kikkoman recently celebrated the 50th anniversary of its full 

scale sales and marketing in America. “It was not only a wonderful 

gala event, but a true recognition of our commitment to the 

global market,” said Mogi. 

In the 17th century, his ancestors could hardly have imagined it. 

FALL 2007 17

(left to right) Torsten Ringberg, Xiaohang Yue, Rose Czaja, Patrick McKay, Dean Kanti Prasad, Nance Gusavac, Hans Storr, and 

Associate Dean Janice Miller 

Faculty and Staff Excellence Recognized 

Exceptional merit in the areas of research, teaching, and performance was recognized last spring at the 

Lubar School’s Business Advisory Council meeting. The following awards were presented to Lubar 

School faculty and staff: 

IZZET SAHIN RESEARCH AWARD 

Sanjoy Ghose, Associate Professor of Marketing 

Dr. Ghose specializes in modeling consumer perceptions and 

consumer choice. His current research focuses on modeling 

issues in areas such as the interactions between Internet marketing 

strategies and consumer preferences, consumer search behavior 

in the online domain, online retail competition dynamics, the 

impacts of advertising on consumer choice, and optimum 

product design. 

ROGER L. FITZSIMONDS SCHOLARLY ACHIEVEMENT 

AWARD FOR JUNIOR FACULTY 

Xiaohang Yue, Assistant Professor in Production & Operations 

Management 

Dr. Yue specializes in supply chain management and operations 

manage ment. His current streams of research focus on 

production/inventory models, and information sharing and 

its impact on the performance of a supply chain. 

18 OUTLOOK 

U.S. BANK RESEARCH FELLOW AWARD 

Huimin Zhao, Assistant Professor of Accounting 

Dr. Zhao’s research interests are in the areas of data integration, 

data mining, and medical informatics. His current research 

focuses on identifi cation of semantic correspondences across 

hetero geneous databases, cascade generalization of classifi cation 

methods, cost-sensitive learning, and fusion of data mining and 

domain knowledge. 

ASSURANT HEALTH RESEARCH FELLOW AWARD 

Patrick McKay, Associate Professor of Organizations & 

Strategic Management 

Dr. McKay’s research specializes in human resources issues, 

specifi cally related to under-represented racial and ethnic 

minority employees. 

(continued on next page)

(continued from previous page) 

ASSURANT HEALTH RESEARCH FELLOW AWARD 

Mark Srite, Associate Professor of Management Information 

Systems 

Dr. Srite’s research is focused in the areas of technology acceptance 

across national cultures, the infl uence of emotions on group 

decision-making, and quantitative issues in information systems. 

BUSINESS ADVISORY COUNCIL AWARD FOR 

TEACHING EXCELLENCE 

Torsten Ringberg, Assistant Professor of Marketing 

Dr. Ringberg studies people’s socio-cognitive models and how 

these affect individual interpretations, preferences, and ability to 

make sense of incoming stimuli. He combines sophisticated 

qualitative research methods with relevant social science and 

socio-cognitive theories to identify these mental models. 

Research Seminar Series 

A full slate of speakers were featured in the 

spring semester’s Research Seminar Series 

— which provides a campus forum for 

stimulating research scholarship through 

the sharing of cutting-edge research: 

“Information Conveyed in Hiring Announcements 

of Senior Executives Overseeing 

Enterprise-Wide Risk Management Processes,” 

Donald Pagach, Professor of Accounting, 

College of Management, North Carolina 

State University 

“Mean Racial-Ethnic Difference in Employee 

Sales Performance: The Moderating Role 

of Diversity Climate,” Patrick McKay, 

Associate Professor, Sheldon B. Lubar 

School of Business, University of Wisconsin– 

Milwaukee 

“Innovation,” Surya Kant, President, Tata 

Consulting Services America 

“On Hostile Ground with Sparse Common 

Ground: Why Some Teams Fracture Under 

Stress,” Richard Priem, Robert L. and Sally 

S. Manegold Professor of Management and 

Strategic Planning, and Paul Nystrom, 

Professor Emeritus, Sheldon B. Lubar 

School of Business, University of Wisconsin– 

Milwaukee 

“The Impact of Creative Ads on Consumer 

Ad Processing and Response,” Xiaojing 

Yang, Assistant Professor, Sheldon B. 

Lubar School of Business, University of 

Wisconsin–Milwaukee 

“Modeling and Analysis of Call Center 

Arrival Data: A Bayesian Perspective,” 

Refi k Soyer, Professor of Decision 

Sciences and Statistics, School of Business, 

George Washington University 

“Investigating Standards and Standardization 

of Web Services,” Sandeep Purao, Associate 

Professor, College of Information Sciences 

and Technology, Pennsylvania State 

University 

BUSINESS ADVISORY COUNCIL OUTSTANDING 

PERFORMANCE AWARD 

Rose Czaja, Payroll Coordinator 

Ms. Czaja, who supports the School’s fi nancial affairs area, recently 

took the lead role in implementing a new online payroll system. 

BUSINESS ADVISORY COUNCIL OUTSTANDING 

PERFORMANCE AWARD 

Nance Gusavac, Administrative Affairs and PhD Program 

Coordinator 

Ms. Gusavac manages course scheduling, accreditation-related 

activities, assessment and course evaluations, as well as the 

School’s doctoral program. 

“Motivating Retail Marketing Effort: 

Optimal Contract Design,” Xuemei Su, 

Doctoral Candidate, Sheldon B. Lubar 

School of Business, University of 

Wisconsin–Milwaukee 

“Integrating Business Ethics Throughout the 

Curriculum,” Denis Collins, Professor of 

Business, Edgewood College. 

“Offshore Development Past, Present, and 

Future,” Gary Kroc, Director of Global 

Delivery and Sourcing, IBM 

“Liquidity and Market Crashes,” Jennifer 

Huang, Assistant Professor, University of 

Texas at Austin 

Professor and Roger L. Fitzsimonds 

Distinguished Scholar Ehsan Soofi , of the 

Production and Operations Management 

faculty, serves as the Series Coordinator. 

FALL 2007 19

Beta Gamma Sigma 

U.S. Bank’s Bertha to Students: 

“It’s Not a Sprint, It’s a Marathon” 

Utilizing the classic story of the 

tortoise and the hare, Bill Bertha, 

Market President of U.S. Bank, 

told top business students that they need 

to recognize that their career isn’t a sprint, 

it’s a marathon. 

“When you’re young, you’re always 

moving and geared up, and that’s great,” 

he said. “But remember that it’s a long 

road — your career will be a body of work, 

not just this year. Set your own pace.” 

Bertha was the keynote speaker and Beta 

Gamma Sigma honoree at the April 

induc tion ceremony of the national 

business honor society. He addressed an 

audience of about 110 people, including 

inductees, their family members and 

friends, and Lubar School faculty and staff. 

In addition to looking at the larger picture, 

Bertha also stressed the importance of 

working hard. 

“The professional world is not 9 to 5, but 

it’s not just about the hours you put in,” 

he shared. “It’s a competitive world out 

there. Work smart. Come up with new 

approaches, creative ideas. You may think 

that success has a lot to do with luck, but 

I’d suggest that there is a high correlation 

between luck and hard work.” 

He also urged students to understand 

and embrace their skill set, but not to be 

reluctant to take risks, such as taking on 

additional assignments or accepting a job 

in a different location. “Taking intelligent 

risks at the right time will be rewarded,” 

he said. 

Last, Bertha said that it is “hugely 

important” to treat people well. “As a 

manager, it’s incumbent on you to 

manage with a human aspect — it’s not 

just about dollars and cents.” 

Bill Bertha joined U.S. Bank in 2005 with 

more than 20 years of experience in the 

fi nancial service industry. Prior to joining 

U.S. Bank, he was president of Strategic 

Advisors, an investment banking boutique 

that he founded in Chicago. During his 

career, he also worked for Deutsche Bank 

as managing director and a global head 

in its investment banking division. In 

addition, Bertha worked as a managing 

director of Dean Witter Reynolds’ investment 

banking group and ran its fi nancial 

institutions group. He is also an active 

member of the Lubar School’s Business 

Advisory Council. 

With assets in excess of $221 billion, U.S. 

Bancorp is the 6th largest commercial 

bank in the United States. The company 

provides a comprehensive line of banking, 

brokerage, insurance, investment, 

mort gage, trust, and payment services 

products to consumers, businesses and 

institutions. 

Thirty-seven students and one faculty member were inducted into Beta Gamma Sigma at the April ceremony: 

FACULTY 

John C. Healy 

MASTERS CLASS 

Leah Adeniji 

Bin Chen 

William Engerson 

Michael Hensler 

John Kozlosky 

20 OUTLOOK 

Bill Bertha 

Jason Meier 

David Miller 

Joel Nagle 

Sara Olson 

Matthew Radde 

Timothy Robinson 

Michelle Smith 

Tanja Woelfer 

SENIOR CLASS 

Marc Craig 

Jessica Hendricks 

Lindsay Hierz 

Jessica Stanley 

Keri Thompson 

JUNIOR CLASS 

Kathleen Brengosz 

Michael Churchill 

Colin Doyle 

Matthew Kiefer 

Megan Klaas 

Benjamen Kuhl 

Hope Lealou 

Drew Madelung 

Katie Moker 

Nicole Phelan 

Hannah Reed 

Joanna Severson 

Leslie Tennie 

Mary Trader 

Misha Tubic 

Alex Vant Hoff 

Ryan Waldschmidt 

Krista Wichman 

David Yugo

Faculty Kudos 

Richard Priem, The Robert L. 

and Sally S. Manegold Professor 

of Management and Strategic 

Planning, has been appointed 

to the editorial board of the 

Academy of Management 

Journal. AMJ is a leading 

management journal that 

presents cutting edge research 

on management theory and 

practice. Dr. Priem also serves 

on the editorial boards of the 

Journal of Management and 

the Academy of Management 

Review. 

Torsten Ringberg, Assistant 

Professor of Marketing, 

received the Marketing 

Management Association’s 

2007 Hormel Meritorious 

Teaching Award. He was 

recognized at an MMA 

conference in Chicago last 

March. 

Belle Rose Ragins, Professor 

of Organizations and 

Strategic Management, 

received a Mentoring Best 

Practice Award at the 

Academy of Management 

meeting in August. The award 

recognizes and encourages 

institutional initiatives that 

provide developmental 

support to Academy 

members. Dr. Ragins is part 

of the “Coalition for Faculty 

Diversity Research Publishing 

Initiative” that also includes 

Robin Ely of Harvard 

Business School and 

Raymond Trau of Monash 

University in Australia. 

Mariam Zahedi, Trisept 

Solutions Professor of 

Management Information 

Systems, has been appointed 

as Associate Editor of 

Information Systems Research, 

one of the leading journals in 

management information 

systems. 

FALL 2007 21

New Faculty Join Lubar School 

The Lubar School of Business welcomes the following new faculty members, who joined us this fall: 

22 OUTLOOK 

Xiang Fang 

Assistant Professor of 

Production & Operations 

Management 

PhD – Case Western Reserve 

University 

Dr. Fang’s areas of expertise 

include supply chain 

management, production and 

inventory management, 

stochastic models, applied 

game theory, and operationsmarketing 

interfaces. 

Maria Goranova 


Organizations and Strategic 

Management 

PhD – Syracuse University 

Dr. Goranova focuses on 

corporate governance, 

ownership, executive 

compensation, mergers and 

acquisitions and corporate 

diversifi cation. She has 

examined how ownership 

portfolios affect mergers and 

acquisitions outcomes, as well 

as the interrelationship between 

corporate governance, executive 

compensation and fi rm 

diversifi cation. 

Scott Hsu 

Assistant Professor of Finance 

PhD – University of North 

Carolina at Chapel Hill 

Dr. Hsu’s primary teaching 

interest is in the area of 

corporate fi nance. His current 

research is focused on initial 

public offerings, venture 

capital and entrepreneurial 

fi nance, corporate governance 

and industrial organization. 

Sali Li 


Organizations & Strategic 

Management 

PhD – University of Utah 

Dr. Li specializes in technology 

management and multinational 

strategy. His current research 

interests include the phenomenon 

of technological resource 

abandonment in innovation 

management, the application 

of comparative advantage 

theory in strategic management, 

and Chinese entrepreneurship. 

Cathy Poliak 

Lecturer in Production & 

Operations Management 

PhD – Northern Illinois 

University 

Dr. Poliak specializes in 

statistics. Her area of expertise 

is bootstrap techniques and 

how these techniques relate to 

regression analysis.

Alumni News 

Alumni on the Move 

James Borchert (BBA ’72) was hired 

as Vice President of Commercial Real 

Estate by First Business Bank in Milwaukee. 

Jacalyn Brennan (BA-Management 

’72) has been promoted to Vice President 

& Business Banking Relationship Manager 

at the corporate location of MidAmerica 

Bank in Brookfi eld. 

Scott Harding (BBA-Finance ‘70, 

MBA ‘72) has joined AMCORE Bank as 

a Money Markets Product Manager and 

Vice President. He is establishing and 

overseeing the new money market 

products department within AMCORE. 

Scott’s team provides short-term investment 

products for institutional clients. 

Brenda Matthis (BBA-Industrial 

Relations ’74) was appointed Director of 

the Technology in Educational Division 

at Lesley University in Cambridge, 

Massachusetts. After 15 years as a 

software designer, her interest turned to 

educational multimedia. Brenda spent 

the 2005-06 year as a Fulbright Scholar in 

Japan, researching and lecturing on 

students with learning disabilities. She 

continues to divide her research time 

between Cambridge and Japan. She 

earned both her EdM and EdD from 

Harvard University. 

Richard Gutierrez (BA-Management 

’79) has joined La Causa Inc. in Milwaukee 

as Chief Financial Offi cer. La Causa Inc. 

is a social services agency that provides 

shelter, education and emotional support 

for neglected and abused children. 

Debbie Sweeney (BBA-Real Estate 

& Urban Development ’79) joined Hays 

Companies of Wisconsin as Vice 

President. Debbie has more than 25 years 

of experience in the insurance industry. 

Bruce Thomas (BBA-Marketing ’79) 

is the Owner of Thomas Uniforms. The 

company has recently added screen 

printing and embroidery services. 

Robert Balge (BBA-Marketing ’82) 

has joined Clear Channel Radio as the 

General Sales Manager. Rob will be the 

working for WQBW-FM Channel 97.3 

“The Brew” out of Milwaukee. 

Jeff Carrigan (BBA-Marketing ’82) 

is Founder of Big Shoes Network, Inc. 

(www.bigshoesnetwork.com) in Milwaukee. 

BSN is an online job board that specializes 

in entry- to senior-level positions within 

the fi elds of advertising, communications, 

graphic design, marketing, public relations, 

research, and web design and development. 

Jay Magulski (BBA-Business 

Administration ’82) was promoted to 

Chief Operations Offi cer at Landmark 

Credit Union in New Berlin. 

Linda Mertz (EMBA ’83) of Mertz 

Associates was named a winner of The 

Business Journal’s 2007 Women of 

Infl uence award. Linda was recognized in 

the Family Business category, which 

recognizes women who are helping create 

a legacy at their family-owned business or 

company. 

Robert Horowitz (BBA-Accounting 

’85) was appointed Chief Financial 

Offi cer at Weimer Bearing & Transmission. 

Thomas Baade (BBA-Finance ’87) 

has joined CG Schmidt Inc. as a Project 

Executive. 

Stephen L. Mayer (MBA ’87) has 

joined Promontory Point Capital as a 

Partner. Promontory Point Capital is a 

Milwaukee-based fi rm providing invest- 

ment banking services to privately-held 

companies. 

Jim Ellsworth (EMBA ’88) was 

named Sales and Marketing Manager at 

Genco Industries in Waukesha. Jim has 30 

years of experience with Ryerson Steel 

and Ralph Marlin & Co. 

John Trojan (BBA-Finance ’89) has 

joined CG Schmidt as Project Manager. 

Scott Conger (BBA-Accounting ‘91) 

has joined AMCORE Bank as a Vice 

President in the new money market 

products department. Scott is responsible 

for providing short-term investment and 

funding products for institutional clients. 

Karen Fischer (BBA-Marketing ’91) 

was hired by M.A. Mortenson as a Project 

Administrative Assistant. Karen will be 

working in the Brookfi eld offi ce of M.A. 

Mortenson, out of Minneapolis, MN. 

Vince Schmidt (BBA-Marketing ’91) 

is the company president of Lakeland 

Supply, which was named one of the Top 

10 Small Business of the Year. Lakeland 

Supply is a family-owned business that 

distributes packaging, paper, and janitorial 

supplies. 

James Leissner (BBA-Production/ 

Operations Management ’92) has joined 

Jannsen & Co., Waukesha as Director of 

Operations. Along with his business 

degree from UW–Milwaukee, Leissner 

also holds a law degree from UW-Madison. 

Nelson Soler (MBA ’93, MS- 

International Business ’99) received the 

2007 Minority Small Business Champion 

Award for the State of Wisconsin from 

(continued on next page) 

FALL 2007 23

Alumni News 

Alumni on the Move 


the U.S. Small Business Administration. 

Soler is Founder of the Latino 

Entrepreneurial Network, a professional 

organization that provides microenterprises 

with strategic networking and 

business development opportunities 

through alliance formation and business 

coaching. 

Andrew M. Coleman (BBA- 

Finance ’95) has been promoted to 

Information Technology/Marketing 

Director for American International 

Machinery. Based in Milwaukee, the 

international company specializes in high 

production converting machinery. 

Gregory M. Jehlik (Executive MBA 

’95) has been named President & CEO 

of Wilkinson Industries Inc. in Fort 

Calhoun, Nebraska. Wilkinson is a leading 

manufacturer of aluminum and thermoformed 

plastic packaging solutions for the 

food industry. The company is owned by 

the investment fi rm Mid Oaks Investment 

LLC. 

Vladimir M. Gorokhovsky 

(BBA-Marketing ’97) is the Managing 

Member of Gorokhovsky Law Offi ces, 

LLC. He specializes in criminal defense, 

litigation, and international transactional 

matters. 

Aaron Schmanski (MBA-Business 

Administration ’97) was promoted to Vice 

President of M&I Bank, Milwaukee. 

24 OUTLOOK 

Brad Tusing (BBA-Marketing ’97) 

joined Spacesaver Corporation as 

Marketing Manager. Brad will be focusing 

on the government/justice and health 

care markets. 

Mark Kuca (BBA-Finance ’98) has 

been promoted to the position of Program 

Manager-National Accounts in the vendor 

fi nance group of CIT in Jacksonville, 

Florida. Mark is responsible for the three 

largest vendor accounts on the technology 

side of the business and for over $100 

million in annual volume. CIT is a 

Fortune 500 company that provides 

fi nancial advice and solutions to major 

businesses and consumers throughout 

the world. 

Doug Neilson (BBA-Finance ’00) has 

been promoted to Assistant Vice President 

in the Mutual Fund Administration and 

Compliance Department of US Bancorp 

Fund Services LLP in Milwaukee. He has 

been with the company since 2001. 

Robert Bruemmer (EMBA ’02) was 

promoted to Executive Vice President at 

Landmark Credit Union in New Berlin. 

Mark L. Bailey (BBA-MIS ’04) is a 

Regional Development Director for 

Bethesda Lutheran Homes and Services, 

Inc. of Watertown. With Bethesda since 

2004, Mark is responsible for all 

fundraising activity throughout Illinois 

and Indiana. 

Stefanie Severson (BBA-Marketing 

’04) was promoted to Account Executive 

at GMR Marketing L.L.C. 

John T. Zapfel (BBA-Marketing ’04) 

has joined the Offi ce of Governor Jim 

Doyle as an External Affairs Coordinator. 

Chris Hartley (BBA-Management 

Information Systems ’05) has joined the 

Brookfi eld headquarters of QPS 

Companies Inc. as an IT help desk 

technician. 

Andrew J. Kwiatkowski (BBA- 

Finance and BA-Economics ’06) has been 

accepted to the University of Delaware’s 

MS-Economics program with a full 

scholarship and graduate assistantship. 

Chad Thome (BBA-Marketing ’06) 

was hired by Aur Enterprises as an 

Account Executive. 

Kelly Goodmon (BBA-Accounting 

’07) has joined Ritz, Holman, Butala, 

Fine L.L.P. as a Staff Accountant. Kelly 

will be focusing on nonprofi t auditing.

Honor Roll of Donors 

From the Development Director 

I am delighted to join my alma mater as the 

new Development Director for the Sheldon B. 

Lubar School of Business. During my fi rst few 

months on the job, I have enjoyed the 

opportunity to meet many of you and learn 

fi rst-hand the important role Lubar School 

alumni play in our community. 

My background includes experience in the 

Milwaukee business community as a professional 

in the insurance industry. I return to UWM with 

the fi rm belief in the importance of higher 

education and life-long learning — both for 

personal and professional growth. 

That is why — as an MBA graduate of the Lubar 

School — I am very proud of the tremendous 

progress that the business school and the 

university have made in recent years. And I am 

excited to now be part of it again by raising 

funds for the many important programs and 

initiatives within the business school. 

I encourage you to be part of it, too, by 


connecting with the Lubar School — by taking 

a class that augments your career, returning for 

your MBA, hiring our students, or giving back 

through a charitable gift to support student 

scholarships, academic programs, or faculty 

excellence. 

Thank you for your support and commitment 

to the Sheldon B. Lubar School of Business — 

and I look forward to meeting you. 

Debra Markoff, Development Director 

markoff@uwm.edu or (414) 229-3295 

UWM’s Sheldon B. Lubar School of Business is grateful to the following alumni, friends, corporations, and foundations 

for their generous gifts and payments received by the UWM Foundation from January 1, 2007 through June 30, 2007. 

ACCOUNTING 

PROGRAM AND 

SCHOLARSHIPS 

Mr. Jac R. Amerell 

Ms. Barbara J. Anderson 

Aon Foundation 

Mr. Steven J. Appel 

Mr. Richard J. Arthur 

AT&T Foundation 

Mr. Dale M. Barbiaux 

Mr. Geoffrey G. Bergauer 

Mr. and Ms. Michael J. Berns, CPA 

Ms. Lynne M. Bethke 

Mr. John J. Blatecky 

Ms. Sharon A. Bloom 

Mr. William Branta 

Mr. Efrem Capetillo, Jr. 

Mr. Bruce T. Champion 

Dr. Rita Hartung Cheng 

Mr. and Mrs. Stephan J. Chevalier 

Atty. Richard D. Depka 

Ms. Kristine A. Dirkse 

Mr. Benjamin E. Douglas 

Mr. Dennis W. Dreikosen 

Mr. John M. Egan 

Ms. Kristine A. Elfers 

Ms. Margaret L. Fischer 

Mr. Stephen P. Fredrichs 

Mr. Brian R. Fridl 

Mr. Richard I. Frohmader 

Mr. Joseph J. Garstecki 

Mr. and Mrs. Joseph C. Gibson 

To make a gift to the Sheldon B. Lubar School of Business, please make your 

checks payable to the UWM Foundation. You may send them to UWM 

Offi ce of Development, 3271 N. Lake Drive, Milwaukee, WI 53211, 

Attention: Debra Markoff. Or you may make a gift online by going to www. 

development.uwm.edu and clicking on the link “Give to UWM.” 

Ms. Jeanne M. Gramza 

Mrs. Rhonda K. Haight 

Harley-Davidson Foundation, Inc. 

Mr. Kenneth W. Hauser 

Mr. John C. Healy 

Mr. R. J. Heinen 

Mr. Jeffrey G. Hilber 

Ms. Karen M. Hines 

Mr. James L. Hintzke, CPA, S.C. 

Mrs. Renate I. Hoehnen 

Mr. Kevin M. Hoffman 

Mr. James P. Injeski 

James & Yvonne Ziemer Foundation 

Mr. John R. Jensen 

Johnson Controls Foundation 

Kalmbach Publishing Co. 

Mr. Mark W. Karolewicz 

Mr. John W. Kersey 

Ms. Julie A. Krey 

Kimberly-Clark Foundation, Inc. 

Mr. Jerome D. King 

Ms. Peggy Jane Kovatovich 

Mr. Peter Kresh 

Mrs. Diane I. Kretsch 

Mrs. Marsha K. Krueger 

Ms. Jennifer Lyn Laib 

Mr. Jan M. Larson 

Mr. Jerry A. Leer 

Mr. Raymond J. Lewellyn 

Mr. Jeffrey C. Livingston 

Ms. Cheryl A. Marquardt 


FALL 2007 25



Mr. Glen E. Marquardt 

Mr. Jack R. Mason 

Ms. Diane L. McDonald 

Mrs. Cynthia J. Mestelle 

Mr. Steven A. Meyer 

Mr. Allan K. Michalski 

Mr. Randall J. Mistele 

Mr. James J. Monnat 

Mr. and Mrs. Walter J. Mundschau 

Northwestern Mutual Foundation 

Ms. Lynn S. Ohm 

Mr. John W. Oleniczak 

Ms. Laura L. Olewinski 

Mr. John A. Ottenberg 

Mr. Ronald E. Pawasarat 

Mr. John B. Pittman 

Mr. Steven L. Pizur 

Mr. Frank J. Poja 

Mr. Kenneth and Mrs. Sharon 

Poniewaz 

Ms. Larissa A. Powell 

Mr. Leonard R. Powers 

Mr. Robert J. Puls 

Ms. Mary E. Repka 

Mr. Brian P. Resch 

Mr. and Ms. James D. Romnek 

Ms. Cindy A. Rooks 

Mr. Jeffrey J. Rzepinski 

Mr. Sirous H. Samy 

SC Johnson Fund 

Ms. Rene C. Schaefer 

Mr. John S. Scheid 

Ms. Susan A. Schmidt 

Mr. James M. Schneider 

Ms. Marilyn J. Schultz 

Mr. Myron E. Schulz 

Scribner, Cohen & Company, S.C. 

Ms. Kathy M. Shaw 

Mr. Anthony J. Siebers 

Sitzberger, Widmann & Company, 

S.C. 

Ms. Beje M. Spahiu 

Ms. Kim M. Stawski 

Mr. John N. Tesensky 

Mr. John R. Topczewski 

Mr. James T. Tucker 

Mr. Jeffrey G. Vogelsang 

Mr. Mark T. Waldoch 

26 OUTLOOK 

Mr. James W. Wallner 

Wausau Paper Foundation 

Mr. Warren I. Weaver 

Mr. Thomas G. Wieland 

Mr. Donald J. Williams 

Mr. Frank C. Windt 

Ms. Theresa J. Wood 

Ms. Lori L. Yogerst 

Mr. and Mrs. James L. Ziemer 

CENTER FOR 

TECHNOLOGY 

INNOVATION/ 

MANAGEMENT 

INFORMATION 

SYSTEMS 

Briggs & Stratton Corporation 

Dr. William Dave Haseman 

Johnson Controls, Inc. 

La Macchia Enterprises 

Mr. Bruce R. Maas 

Metavante Corporation 

Milwaukee Journal Sentinel 

Mortgage Guaranty Insurance 

Corporation 

Rockwell Automation 

The Mark Travel Corporation 

We Energies 

DAVID O. NICHOLAS 

APPLIED FINANCE 

LAB 

Mr. David O. Nicholas 

DELOITTE CENTER 

FOR MULTISTATE 

TAXATION 

Mr. and Mrs. Thomas G. Kamasky 

ENTREPRENEUR 

INTERN PROGRAM 

Buyseasons, Inc. 

Fivetwelve Group, LTD. 

Heartland Information Research, Inc. 

Wisconsin Business Development 

ENTREPRENEURSHIP 

EDUCATION 

La Macchia Enterprises 

The Mark Travel Corporation 

EXECUTIVE MBA 

EXCELLENCE FUND 

Brady Corporation 

Mr. Juan M. Carrasquillo 

Mr. and Ms. James R. Jacobson 



Mr. David R. Remstad 

Robert W. Baird & Co., Inc. 

Wellpoint Foundation 

Wisconsin Energy Corporation 

Foundation, Inc. 


HELEN BADER 

INSTITUTE FOR 

NONPROFIT 

MANAGEMENT 

Ms. Robin Bieger-Mayrl 

CG Schmidt Construction 

Daniel M. Soref Charitable Trust 

Ms. Barbara J. Duffy 

Frieda and William Hunt Memorial 

Trust 

Greenberg and Hoeschen LLC 

Mr. and Mrs. Martin J. Greenberg 

Helen Bader Foundation, Inc. 

Ms. Kristi A. Luzar 

Dr. Deborah L. Padgett 

Patrick and Anna M. Cudahy Fund 

Dr. Stephen L. Percy 

Ms. Lisa C. Peterson 

Ms. Beverley Pickering-Reyna 

Stackner Family Foundation, Inc. 

Teen Challenge-International 

Wisconsin 

Time Warner Cable 

M&I MARSHALL & 

ILSLEY CENTR FOR 

BUSINESS ETHICS 

Marshall & Ilsley Foundation, Inc. 

PROFESSORSHIPS 

Mr. and Mrs. Sheldon B. Lubar 

Storr Family Foundation 

Mr. Hans G. Storr 

Tata America International Corp. 

Trisept Solutions 

SCHOLARSHIPS 

Mr. James N. Aryettey 

Ms. Ardeth M. Ball 

Mr. Christopher Ball 

Mr. Michael E. Ball 

Mr. Robert J. Bast 

Bay Lakes Commercial Realtors 

Ms. Anne M. Bocik 

Mr. Anthony D. Bobos 

Mr. Martin J. Bonneson 

Mr. Jay R. Burnette 

Ms. Mary V. Butler 

Butte Des Morts Country Club, Inc. 

Mr. J. Leonard Caldeira 

Mr. Jerry Cherney 

Christian Stewardship Foundation 

City of Kaukauna 

Commerical Association of Realtors 

Wisconsin, Inc. 

Ms. Margie Courtney 

Mr. Jeffrey A. Davis 

Ms. Elizabeth A. Dedecker 

Ms. Rohini Desai 

Effectek Consulting Corp 

Dr. Tom Elson 

Mr. Clifford G. Engel 

Mr. Stephen M. Evans 

Fidelity Charitable Gift Fund 

Mr. Jeffrey J. Fischer 

Mr. James S. Fleuchaus 

Mr. David M. Foldy 

Fox Cities Realty Exchange 

Mr. Harry F. Franke 

Mr. Jay D. Freyer 

Ms. Corinne Gabel 

Ms. Ellen M. Gardner 

Ms. Vonnie L. Giffi n 

Mr. Alfred J. Gomez 

Greater Milwaukee Foundation, Inc. 

Ms. Jeanne Tomcek Groves


Mr. and Mrs. John C. Heegeman 

Ms. Lynn I. Horvatin 

Dr. C. George Hsi 

IBM Corporation 

J.P. Morgan Chase Foundation 

Mr. James K. Kasum 

Mr. and Ms. Paul J. Klumb 

Mr. James J. Krautkramer 

Mr. and Mrs. Ronald V. Krizek 

Mr. and Mrs. Dennis J. Kuester 

Mr. Thomas W. Larabee 

Mr. Xiang Z. Li 

Ms. Bonnie S. Lilley 

Mr. Karl A. Luebke 

Mr. John A. Madden 

Mr. Paul C. Mason 

Mr. Mark J. McGuire 

Ms. Marilyn A. Mooney 

Ms. Pamela L. Mullins 

Mr. Stan Mullin 

NAI MLG Commercial 


Ms. Sandra L. Ochs 

Ms. Kathleen Perlewitz 

Mr. Ronald K. Phillips 

Dr. V. Kanti Prasad 

Ms. Kathleen Ray Price 

PricewaterhouseCoopers 

Mr. Lorin Patrick Radtke 

Mr. Andrew J. Richards 

Mr. Eric J. Schmidt 

Ms. Michele M. Schnupp 

Mr. Richard J. Seesel 

Dr. Margaret A. Shaffer 

SIOR Educational Foundation 

SIOR Wisconsin, Inc. 

St. Francis Bank Foundation, Inc. 

The Seasons 

Town of Menasha Fire Department 

Mr. Ben Turner 

Mr. and Mrs. Harold J. Van Groll, Jr. 

Ms. Jacqueline E. Verstegen 

Western Lime Corporation 

Wisconsin Prima 

WOW Logistics Company 

REAL TIME 

ENTERPRISES 

Rockwell Automation Charitable 

Corporation 

ROGER L. 

FITZSIMONDS 

SCHOLARLY 

ACHIEVEMENT 

FUND 

Dr. Russell and Mrs. Joanne Fenske 

Mrs. Leona I. Fitzsimonds 

Mr. and Ms. Carl G.A. Grisar 

Ms. Carol L. Hansen 

Mr. Jere D. McGaffey 

Mr. Roger D. Peirce 

Ms. Jill G. Pelisek 

Mr. and Mrs. Blaine E. Rieke 


Mr. and Ms. John R. Underwood 

Mr. and Mrs. Harris B. Weller 

UNRESTRICTED 

Ms. Donna C. Abrahamson 

Mr. Shelby O. Alcott 

Altria Group, Inc. 

American Transmission Company 

Ms. Kathleen M. Anger 

Mr. David L. Armstrong 

Assurant Health Foundation 

AT&T Foundation 

Ms. Olariyike Olubunmi Ayanwale 

Mr. Jeffrey S. Bachmann 

Badger Meter Foundation, Inc. 

Mr. Eric T. Baker 

Mr. Robert J. Bal 

Mr. Michael Balcerowski 

Mr. Richard T. Balge 

Mr. Richard T. Balge 

Mrs. Lori A. Barsness 

Mr. Thomas L. Bartnicki 

Mrs. Karen G. Bauer 

Mr. John B. Beckwith 

Mr. Frederic K. Behn 

Mr. Thomas M. Berdan 

Mr. and Ms. Paul J. Bergeron 

Ms. Kathleen A. Bernaden 

Ms. Jolene R. Birkelo 

Mr. Glen A. Boedecker 

Bostik Inc. 

Mr. Scott L. Boyce 

Ms. Susan D. Braun 

Mr. David J. Brenner 

Bristol-Myers Squibb Foundation 

Ms. Kathleen M. Brooks 

Mr. Kevin J. Burns 

Mr. Matthew J. Bushman 

Butler Group, LLC 

Mr. Flamont Tyrone Butler 

Mr. Steven E. Carlson 

Mr. Norman E. Carmichael 

Mr. Jeffrey G. Carrigan 

Mr. Manas Chakraborty 

Christian Stewardship Foundation 

Mr. Eric L. Christus 

Mr. Thomas H. Claus 

Mrs. Patricia L. Clemens 

Coca-Cola Company Matching Gift 

Program 

Ms. Joan E. Cook 

Mr. Kenneth D. Copp 

Ms. Rachelle Costas 

Dr. Steven Counter and Ms. Mandi 

Stewart Counter 

Mr. Neil J. Crandall 

Mr. Brian J. Cummings 

Mrs. Janaan C. Cunningham 

Mr. Mark J. Curran 

Mr. Philip C. Dallman 

Mrs. Gina L. Daroszewski 

Mr. David S. Dickelman 

Ms. Kathleen M. Dooley 

Mr. Bert A. Duerrmeier 

Mr. Leo A. Dunton 

Mr. Matthew R. Dvorak 

Mr. Richard C. Eastman 

Eaton Charitable Fund 

Mr. Todd D. Eber 

Mr. James E. Engelhuber 

Evan & Marion Helfaer Foundation 

Mr. James A. Ewig 

Mr. Gary L. Exner 

Mr. John A. Fabian 

Mr. James J. Farrell 

Mr. Robert L. Feeley 

Fidelity Charitable Gift Fund 

Mr. Donald R. Flinn 

Mr. Fred A. Forbes, Jr. 

Mr. Jiro Fukuyama 

Mr. Chetan A. Gajria 

Mr. Christopher C. Gaines 

Mr. John T. Galbraith 

Mr. Michael J. Gavin 

Mr. Daniel R. Gavronski 

GE Foundation 

General Apartments 

Mr. Jeffrey S. Germanotta 

Mr. and Mrs. Joseph C. Gibson 

Mr. Edward J. Gilligan 

Mr. David M. Gilson 

Mr. David J. Ginger 

Ms. Catherine M. Girard 

Mr. Jeffrey T. Gleason 

Mr. Thomas C. Goesch 

Mr. Leonard J. Goldstein 

Mr. Gregory S. Goss 

Mr. Richard E. Grade 

Mr. James R. Greenway 

Mr. Matthew M. Groth 

Mr. Robert L. Grunert 

Ms. Carol J. Gustaveson 

Mr. Paul H. Hagerty 

Mr. Roger R. Hahn 

Ms. Deborah M. Hangsterfer 

Mr. Virgil Thomas Hardin 

Harley-Davidson Foundation, Inc. 

Mr. and Mrs. Kim A. Harter 

Mr. Stephen K. Hasbrook 

Mr. James A. Heinzel 

Herbert H. Kohl Charities, Inc. 

Mr. James R. Herzfeld 

Mr. Thomas A. Hipp 

Mr. Thomas J. Hirsch 

Mr. Paul T. Hock 

Mr. Paul V. Hopkins 

Mr. Robert C. Hoyt 

IBM Corporation 


Ms. Terry A. Jelinski 

Mr. Richard F. Jendrzejek 

Mr. Thomas G. Jeske 


FALL 2007 27



Mr. Steven C. Johannes 

Mr. Glenn F. Jonas 

Ms. Sara E. Junio 

Mr. James K. Kasum 

Dr. David W. Kesler 

Kikkoman Foods Foundation, Inc. 

Ms. Natasha L. King 

Mr. Thomas P. Klammer 

Mr. Michael E. Kleist 

Mr. Aaron P. Kluck 

Ms. Mary B. Knich 

Mrs. Kelly L. Knitter 

Mr. Ross M. Kohl 

Mr. and Mrs. Charles A. Konkol 

Mr. Robert J. Kowalsky 

Mrs. Anne H. Kravit 

Ms. Jamie L. Krepsky 

Mr. Gary G. Kubesch 

Mr. and Mrs. Dennis J. Kuester 

Mr. Thomas E. Kvasnicka 

Mr. Frank J. La Pin 

Mr. Joseph D. Landry 

Ms. Tricia A. Lange 

Mr. Richard M. Larsen 

Mr. and Ms. Michael A. Laszkiewicz 

Mr. Brian J. Lavin 

Mrs. Mary P. Le Blanc 

Mr. Theodore M. Lecher 

Mr. Kim E. Lenda 

Ms. Joanne K. Leskowicz 

Mrs. Kathleen A. Levac 

Ms. Kristin L. Lindsey 

Mr. John H. Lindstrom 

Mr. Thomas E. Listwan 

Mr. Darrel L. Luebke 

Marcus Corporation Foundation 

Mr. Charles G. Maris 

Mr. David E. Matasek 

Mr. Peter A. Matthias 

Mr. Daniel J. Melstrand 

Mrs. Peggy J. Merz 

Mrs. Julia E. Meyers 

Ms. Christine V. Miller 

Ms. Joyce L. Miller 

Mr. Keith A. Miller 

Mr. Donald E. Mobley, Jr. 

Dr. Mark A. Mone 

Mr. Alan W. Mooney 

28 OUTLOOK 

Mortgage Guaranty Insurance 

Corporation 

Mr. Joseph G. Mozina 

Ms. Meera Murali 

Mrs. Kathryn M. Murgas 

Mr. David E. Nagy 

Dr. Bijayananda Naik 

Mr. Jason R. Naumann 

Mr. Philip G. Neary 

Ms. Joanne M. Nelson 

Mr. Ronald L. Nett 


Mr. Rick A. Olszewski 

Mr. Gary J. Ott 

Mr. John C. Paulsen 

Mr. Ronald E. Pawasarat 

Mr. David M. Payne 

Ms. Linda Anne Pelc 

Mr. William T. Penkwitz 

Mr. Richard J. Peppey 

Mr. John P. Poehlmann 

Mr. Dennis R. Polsen 

Mr. Theodore J. Poplawski 

Mr. Gary P. Prasser 

Mr. Eric J. Radomski 

Mr. and Mrs. Bruce W. Ramme 

Dr. James Rater 

Raytheon Company 

Mr. Edward J. Ribbens 

Mr. Michael A. Richmond 

Mr. Rick L. Riesterer 

Mr. John M. Rindt 

Mr. Craig A. Risser 

Rockwell International Corporation 

Trust 

Mr. Philip T. Roedel 

Mrs. Janice C. Roloff 

Ms. Cindy A. Rooks 

Mr. Eric M. Rozine 

Mr. Paul J. Ruchalski 

Mr. Richard L. Ruenzel 

Mr. Thomas P. Runnells 

Mr. and Mrs. Brenton H. Rupple, Sr. 

Mr. Jason J. Rychter 

Mr. David R. Sachse 

Mr. Paul A. Sanfelippo 

Mr. John S. Savas and Ms. Sara Jane 

Marlega 


Ms. Rebecca Jane Schaumann 

Mr. James S. Scherer 

Mr. David S. Schief 

Ms. Mary J. Schrimpf 

Ms. Renate Schulz 

Mr. Scott S. Smith 

Mr. Michael J. Sobczak 

Mr. John J. Soboleski 

Mr. Timothy W. Somers 

Ms. Diane M. Sommers 

Mr. Michael P. Sommers 

Southway Supply Co., Inc. 

Mr. Dave J. Spano 

Mr. Jeffrey Stanislawski 

Ms. Roxanne L. Stillman 

Ms. Pamela G. Stokke-Ceci 

Ms. Leda K. Strand 

Mr. Gary D. Strelow 

SYSCO Corporation 

Mr. and Mrs. Michael I. Tarnoff 

Mr. Thomas G. Terry 

We make every effort to ensure accuracy. If your name has been omitted, misspelled, or 

incorrectly listed, please accept our apologies and contact Kristine Piwek at (414) 229-6297 

or kpiwek@uwm.edu so that you can be properly recognized in the next issue. 

The Boston Foundation 

Mr. Steven D. Tholl 

Mr. Kurt J. Thomas 

Mr. Michael B. Thompson 

Thomson Financial 

Mr. David C. Toepel 

Mrs. Lisa K. Toner 

Mr. Gary M. Toth 

Ms. Joy C. Towell 

Mrs. Martha F. Tsuchihashi 

Mr. Bradley M. Tusing 

U.S. Bancorp Foundation 

Mr. Mark Owen Vachalek 

Dr. Marsha Owens Van Egeren 

Mrs. Margie Verhelst 

Ms. Renee B. Vogt 

Mr. Robert J. Wagner 

Mr. Kenneth D. Wegner 

Wellpoint Foundation 

Wells Fargo Foundation 

Ms. Jeanna L. Werbeckes 

Mr. Gregory A. Wernisch 

Ms. Debra Wicker 

Mr. John R. Wilde 

Mr. Jerry G. Wilke 

Wisconsin Energy Corporation 

Foundation, Inc. 

Dr. Robert M. Wiseman 

Mr. Joseph F. Wreschnig 

Dr. Fatemeh Mariam Zahedi 

Dr. Huimin Zhao 


Mr. Orrin M. Zirbel 

Mr. Edward J. Zore 

Ms. Faye H. Zwieg

✁ 

Alumni, we want to hear from you! 

Send us your news by fax, mail or e-mail. 

Name: 

Degree: Year: Major: 

Home Address: 

City, State, Zip: 

Employer: 

Job Title: 

Business Address: 

City, State, Zip: 

Business Phone: Business Email: 

New job, honor, or other news? Please let us know! 

Please return to: Outlook, Attn: Kris Piwek, Sheldon B. Lubar School of Business, University of Wisconsin–Milwaukee, P.O. Box 742, Milwaukee, WI 

53201-0742, fax: (414) 229-5999, email: outlook@uwm.edu 

FALL 2007 29

Let’s talk business. 

Earn your MBA, MS, or 

Executive MBA 

Our graduate business programs provide a quality educational experience supported 

by a dedicated teaching and research faculty, a high-tech facility, flexible scheduling, 

and strong corporate relationships. 

Scholarship opportunities 

are available for full-time 

graduate study 

Contact us for more information. 

Executive MBA Program 

emba@uwm.edu • 414-229-5738 

MBA and MS Programs 

mba-ms@uwm.edu • 414-229-5403 

Christy Peterson 

UWM at Waukesha MBA, December 2006 

Field Implementation Coordinator, 

Merck-Schering Plough Joint Venture 

Merck&Co.,Inc. 

uwm.edu/business 

Nonprofi t Organization 

U.S. Postage 

PAID 

Milwaukee, WI 

Permit No. 864 

Sheldon B. Lubar 

School of Business 

P.O. Box 742 

Milwaukee, WI 53201-0742

Profiles in Leadership - UW-Milwaukee

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