Profiles in Leadership - UW-Milwaukee
Profiles in Leadership - UW-Milwaukee
Profiles in Leadership - UW-Milwaukee
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Outlook<br />
The Lubar School’s magaz<strong>in</strong>e for alumni and friends<br />
Profi les <strong>in</strong> <strong>Leadership</strong><br />
Inside:<br />
Profi les <strong>in</strong> <strong>Leadership</strong><br />
Harley-Davidson’s Jim Ziemer on The American Icon<br />
The BloodCenter’s Jackie Fredrick on Not-for-Profi t <strong>Leadership</strong><br />
Rockwell’s Keith Nosbusch on Innovation<br />
40th Anniversary Gala<br />
New Venture Bus<strong>in</strong>ess Plan Competition Launched<br />
Fall 2007
Our Vision<br />
Our vision is to become a lead<strong>in</strong>g urban bus<strong>in</strong>ess school<br />
recognized for high quality teach<strong>in</strong>g and research that<br />
advances student learn<strong>in</strong>g, managerial careers, and the<br />
frontiers of management knowledge. We will build upon<br />
our <strong>in</strong>ternationally recognized research to contribute to<br />
the economic future of <strong>Milwaukee</strong>, the region and beyond.<br />
For further <strong>in</strong>formation about the<br />
Sheldon B. Lubar School of Bus<strong>in</strong>ess:<br />
BBA Program<br />
(414) 229-5271 uwmbba@uwm.edu<br />
MBA/MS Programs<br />
(414) 229-5403 uwmbusmasters@uwm.edu<br />
PhD Program<br />
(414) 229-4542 uwmbusphd@uwm.edu<br />
Executive MBA Program<br />
(414) 229-5738 emba@uwm.edu<br />
Executive Programs<br />
(414) 229-6519 execprograms@uwm.edu<br />
Career Services<br />
(414) 229-5445 careerserv@uwm.edu<br />
Visit our Web site at:<br />
www.uwm.edu/Bus<strong>in</strong>ess<br />
Published by the Sheldon B. Lubar<br />
School of Bus<strong>in</strong>ess, University of<br />
Wiscons<strong>in</strong>–<strong>Milwaukee</strong> as a source of<br />
<strong>in</strong>formation for alumni and friends.<br />
Dean:<br />
V. Kanti Prasad<br />
Editor:<br />
Krist<strong>in</strong>e Piwek<br />
Contributor:<br />
Richard Priem<br />
Graphic Designer:<br />
Susan McKay<br />
Photos:<br />
Peter Jakubowski<br />
Alan Magayne-Roshak<br />
Comments are welcomed.<br />
Please direct all correspondence to:<br />
<strong>UW</strong>M Sheldon B. Lubar School of Bus<strong>in</strong>ess<br />
P.O.Box 742<br />
<strong>Milwaukee</strong>, WI 53201-0742<br />
or to kpiwek@uwm.edu<br />
Visit our Web site at:<br />
www.uwm.edu/Bus<strong>in</strong>ess<br />
The University of Wiscons<strong>in</strong>–<strong>Milwaukee</strong>, <strong>in</strong><br />
compliance with Titles VI and VII of the Civil<br />
Rights Act of 1964, Title IX of the Education<br />
Amendments for 1972, Sections 503 and 504 of the<br />
Rehabilitation Act of 1973, the Age Discrim<strong>in</strong>ation<br />
<strong>in</strong> Employment Act of 1967 and Section 402 of the<br />
Vietnam Era Veterans Readjustment Act of 1974,<br />
does not discrim<strong>in</strong>ate on the basis of race, color,<br />
national orig<strong>in</strong>, religion, sex, handicap, age or<br />
Vietnam era veteran’s status <strong>in</strong> any of its education<br />
or employment policies, procedures or practices.
In This Issue<br />
Outlook<br />
FALL 2007<br />
2 Message from the Dean<br />
3 Hans Storr Recognized with Honorary Doctorate<br />
4 Lubar School Alumni Celebrate<br />
6 Profi les <strong>in</strong> <strong>Leadership</strong><br />
<strong>Leadership</strong> and Innovation – Keith Nosbusch<br />
Lead<strong>in</strong>g a Not-For-Profi t <strong>in</strong> a For-Profi t World – Jackie Fredrick<br />
Lead<strong>in</strong>g an American Icon – Jim Ziemer<br />
9 Who Killed Health Care?<br />
10 Fiserv’s Yabuki on Differentiat<strong>in</strong>g Yourself as a Leader<br />
11 New Venture Bus<strong>in</strong>ess Plan Competition Launched<br />
12 Ab Nicholas: Do What You Love<br />
13 Conference Features Top Tax Experts<br />
14 Can Large Stock Option Grants Lead to Fraudulent<br />
F<strong>in</strong>ancial Report<strong>in</strong>g?<br />
16 Reiman’s Road to Success Began with a Hard Lesson<br />
17 Alumni Profi le: Osamu Mogi<br />
18 Faculty and Staff Excellence Recognized<br />
19 Research Sem<strong>in</strong>ar Series<br />
20 U.S. Bank’s Bertha: It’s Not a Spr<strong>in</strong>t, It’s a Marathon<br />
21 Faculty Kudos<br />
23 Alumni News<br />
25 Honor Roll of Donors<br />
FALL 2007 1
Message from the Dean<br />
Dean V. Kanti Prasad<br />
2 OUTLOOK<br />
“ Innovation is the central issue <strong>in</strong><br />
economic prosperity,” accord<strong>in</strong>g to<br />
management expert Michael Porter.<br />
As global competition <strong>in</strong>tensifi es, this<br />
message will play an <strong>in</strong>creas<strong>in</strong>gly important<br />
role. And how well we respond to it may<br />
well defi ne the future of American<br />
bus<strong>in</strong>ess. The call for <strong>in</strong>novation as an<br />
economic rally<strong>in</strong>g cry, if you will.<br />
The message was re<strong>in</strong>forced to us earlier<br />
this year at the Lubar School’s 40th<br />
anniversary celebration. Three of our<br />
dist<strong>in</strong>guished alumni — Rockwell<br />
Automation’s Keith Nosbsuch, The<br />
BloodCenter of Wiscons<strong>in</strong>’s Jackie<br />
Fredrick, and Harley-Davidson’s Jim<br />
Ziemer — discussed their perspectives on<br />
leadership at the event. It was strik<strong>in</strong>g to<br />
note that a common thread that ran<br />
through their comments was the<br />
importance of <strong>in</strong>novation to their<br />
companies — three dist<strong>in</strong>ctly different<br />
world-class organizations. As Keith<br />
Nosbusch put it, <strong>in</strong>novation is not just a<br />
buzzword — it’s imperative to their<br />
bus<strong>in</strong>ess. (please see pages 6-8)<br />
This fall, the Lubar School of Bus<strong>in</strong>ess<br />
has launched a formal effort to plant the<br />
seeds of <strong>in</strong>novation with<strong>in</strong> <strong>UW</strong>M students<br />
— the NEW VENTURE BUSINESS PLAN<br />
COMPETITION — supported through<br />
private fund<strong>in</strong>g from La Macchia<br />
Enterprises, the parent company of The<br />
Mark Travel Corporation and Trisept<br />
Solutions. (please see page 11)<br />
Over the course of approximately four<br />
months, entrants will attend workshops<br />
and advisory sessions, obta<strong>in</strong> feedback on<br />
their ideas, and present their fi nal plan to<br />
a panel of judges, who will judge entries<br />
on their bus<strong>in</strong>ess merit.<br />
W<strong>in</strong>n<strong>in</strong>g a cash prize is the ultimate goal<br />
of the entrants. But the value of the<br />
process — refi n<strong>in</strong>g their ideas, fi ness<strong>in</strong>g<br />
their plans, and hopefully one day<br />
br<strong>in</strong>g<strong>in</strong>g them to the market — will be<br />
the real reward of the competition.<br />
As another renowned management<br />
scholar, Peter Drucker, stated: “Innovation<br />
is the specifi c <strong>in</strong>strument of entrepreneurship…the<br />
act that endows resources<br />
with a new capacity to create wealth.”<br />
We can all buy <strong>in</strong>to that.<br />
V. Kanti Prasad<br />
Dean
Honors<br />
Hans G. Storr Recognized<br />
with Honorary Doctorate<br />
Hans G. Storr, Retired Executive<br />
Vice President of Philip Morris<br />
Companies (now Altria Group,<br />
Inc.), was awarded an Honorary<br />
Doctorate <strong>in</strong> Commercial Science from<br />
the University of Wiscons<strong>in</strong>–<strong>Milwaukee</strong> at<br />
its Spr<strong>in</strong>g Commencement ceremony.<br />
<strong>UW</strong>M’s honorary degree recognizes a<br />
career of extraord<strong>in</strong>ary accomplishment,<br />
evidenced by the sum and dist<strong>in</strong>ction of<br />
the <strong>in</strong>dividual’s professional achievements,<br />
extraord<strong>in</strong>ary <strong>in</strong>tellectual merit, and<br />
personal <strong>in</strong>tegrity.<br />
In bestow<strong>in</strong>g the degree, Chancellor<br />
Carlos Santiago said, “Hans Storr, a 1961<br />
graduate of our account<strong>in</strong>g program, is<br />
arguably one of <strong>UW</strong>M’s most prom<strong>in</strong>ent<br />
alumni, hav<strong>in</strong>g atta<strong>in</strong>ed <strong>in</strong>ternational<br />
recognition and acclaim <strong>in</strong> the fi eld of<br />
corporate fi nance.”<br />
Hans Storr left post-war Europe <strong>in</strong> 1954<br />
at the age of 22 with a one-way ticket to<br />
Lubar School Dean V. Kanti Prasad presents Hans G. Storr with his doctoral hood.<br />
<strong>Milwaukee</strong>, <strong>in</strong> search of opportunity and<br />
a better future. He found both at a level<br />
that few people atta<strong>in</strong>.<br />
After earn<strong>in</strong>g his degree, Storr jo<strong>in</strong>ed<br />
Milpr<strong>in</strong>t Company <strong>in</strong> <strong>Milwaukee</strong> as an<br />
accountant. In 1957, Milpr<strong>in</strong>t was acquired<br />
by Philip Morris, and there began Mr.<br />
Storr’s steady rise as a corporate fi nancier.<br />
Mr. Storr was transferred to Philip Morris<br />
International <strong>in</strong> 1966, where he served as<br />
Staff Assistant to the Vice President of<br />
F<strong>in</strong>ance. He was selected as Vice President<br />
of F<strong>in</strong>ance of the company’s European,<br />
Middle Eastern, and African operations<br />
<strong>in</strong> 1974, and became corporate Vice<br />
President of F<strong>in</strong>ance <strong>in</strong> 1978. His ascendancy<br />
<strong>in</strong>to the executive ranks cont<strong>in</strong>ued,<br />
as he was named Chief F<strong>in</strong>ancial Offi cer<br />
<strong>in</strong> 1979, and elected Executive Vice<br />
President and Chief F<strong>in</strong>ancial Offi cer <strong>in</strong><br />
1991. In 1982, he took on the additional<br />
responsibilities of Chairman and CEO<br />
of Philip Morris Capital Corporation.<br />
A member of the Board of Directors of<br />
Philip Morris <strong>in</strong> 1982, Mr. Storr held<br />
these prestigious positions until his<br />
retirement from the company <strong>in</strong> 1996.<br />
Geoffrey C. Bible, Retired Chairman of<br />
Altria Group, Inc., who worked with Storr<br />
for almost 30 years, noted of his<br />
outstand<strong>in</strong>g career: “As the years passed<br />
by, Hans’ reputation <strong>in</strong> the fi nancial<br />
world both here and abroad grew<br />
exponentially, and it is my op<strong>in</strong>ion he was<br />
considered to be the most effective and<br />
impressive CFO of all the large public<br />
companies <strong>in</strong> America.”<br />
“Hans Storr’s career achievements vividly<br />
demonstrate the fruits of hard work, the<br />
value of personal <strong>in</strong>tegrity, the power of<br />
<strong>in</strong>tellect, and the transformative impact<br />
of higher education,” said Lubar School<br />
of Bus<strong>in</strong>ess Dean V. Kanti Prasad. “He<br />
serves as a great role model for younger<br />
generations of our students.”<br />
FALL 2007 3
Cover Story<br />
Lubar School Alumni Celebrate!<br />
4 OUTLOOK
A<br />
beautiful <strong>Milwaukee</strong> spr<strong>in</strong>g even<strong>in</strong>g<br />
greeted over 350 alumni, faculty,<br />
staff, and bus<strong>in</strong>ess leaders as they<br />
celebrated the 40th anniversary of the<br />
Sheldon B. Lubar School of Bus<strong>in</strong>ess at<br />
a gala event at the Italian Community<br />
Center <strong>in</strong> early May.<br />
A network<strong>in</strong>g reception that featured<br />
great conversation and a <strong>UW</strong>M jazz trio<br />
was followed by a warm welome from<br />
Chancellor Carlos Santiago, and d<strong>in</strong>ner<br />
and camaraderie with former classmates<br />
and faculty.<br />
The even<strong>in</strong>g’s emcee, Allan Klotsche<br />
(BBA ‘87, EMBA ’94), Vice President-Asia<br />
Pacifi c at Brady Corporation, provided a<br />
thoughtful backdrop to the even<strong>in</strong>g. “My<br />
grandfather, Joe Klotsche, was <strong>UW</strong>M’s<br />
fi rst chancellor,” he shared. “It gives me<br />
great pleasure that the vision that he had<br />
for an urban university is still the driv<strong>in</strong>g<br />
force for where <strong>UW</strong>M is headed for the<br />
future.”<br />
The bus<strong>in</strong>ess school <strong>in</strong> particular,<br />
Klotsche said, has a strong and proud<br />
record of educat<strong>in</strong>g the best and<br />
brightest leaders. “And with so many of<br />
the Lubar School’s 22,000 graduates<br />
stay<strong>in</strong>g <strong>in</strong> Southeast Wiscons<strong>in</strong>, they are<br />
tak<strong>in</strong>g the region’s companies and<br />
mak<strong>in</strong>g them great,” he noted.<br />
Lubar School Dean V. Kanti Prasad<br />
re<strong>in</strong>forced that theme, shar<strong>in</strong>g the<br />
School’s vision for the future — to<br />
become an urban bus<strong>in</strong>ess school of<br />
national dist<strong>in</strong>ction. “It is by build<strong>in</strong>g<br />
on our core strengths — faculty with a<br />
reputation for research and teach<strong>in</strong>g<br />
excellence, quality students and degree<br />
programs, and our close connections with<br />
the bus<strong>in</strong>ess community — that will<br />
propel us to the next level.”<br />
“It’s wonderful to gather tonight to<br />
celebrate with all of you <strong>in</strong> this room<br />
— you are a testimony to the real<br />
strength and splendor of the Lubar<br />
School and <strong>UW</strong>M, and the quality they<br />
have produced,” Prasad said.<br />
Three dist<strong>in</strong>guished <strong>UW</strong>M bus<strong>in</strong>ess<br />
alumni shared their perspectives on<br />
leadership (please see the Profi les <strong>in</strong><br />
<strong>Leadership</strong> on pages 6-8): Keith<br />
Nosbusch (MBA ’78), Chairman & CEO<br />
of Rockwell Automation; Jackie Fredrick<br />
(EMBA ’88), President and CEO of The<br />
BloodCenter of Wiscons<strong>in</strong>; and Jim<br />
Ziemer (BBA ’75, EMBA ’86), President<br />
& CEO of Harley-Davidson.<br />
Capp<strong>in</strong>g the even<strong>in</strong>g were two award<br />
presentations. On behalf of Lubar<br />
School alumni, Mark Doll (BBA ’71,<br />
MBA ’75), Senior Vice President at<br />
Northwestern Mutual, honored Sheldon B.<br />
Lubar for his longstand<strong>in</strong>g commitment<br />
to <strong>UW</strong>M and the bus<strong>in</strong>ess school. Doll<br />
noted that <strong>UW</strong>M’s bus<strong>in</strong>ess school now<br />
has “the ultimate <strong>in</strong> brand identity” as the<br />
Sheldon B. Lubar School of Bus<strong>in</strong>ess.<br />
The name, he said, stands for commitment,<br />
<strong>in</strong>tegrity, and results-oriented<br />
leadership. “Shel’s example gives us all<br />
someth<strong>in</strong>g to strive for,” Doll said.<br />
Paul Fischer, Jerry Leer Professor of<br />
Account<strong>in</strong>g, received the Dist<strong>in</strong>guished<br />
Faculty Award. Harley-Davidson’s Jim<br />
Ziemer described Fischer’s dedication to<br />
students as “unmatched” for more than<br />
three decades. “In a challeng<strong>in</strong>g fi eld of<br />
study — with exact<strong>in</strong>g requirements,<br />
uncompromis<strong>in</strong>g standards, and<br />
demand<strong>in</strong>g a high level of commitment<br />
from students — Professor Fischer<br />
empowers students to make a major<br />
difference <strong>in</strong> the lives of others, and to<br />
understand the power they have to guide<br />
decision mak<strong>in</strong>g.”<br />
(Opposite page, clockwise from top left) (1) Alum Allan J. Klotsche, Vice President-Asia Pacifi c at Brady Corporation,<br />
emceed the 40th anniversary event; (2) The d<strong>in</strong>ner gala brought together over 350 alumni, faculty, and friends; (3) Alum<br />
Jim Ziemer, President & CEO of Harley-Davidson, presented Jerry Leer Professor of Account<strong>in</strong>g Paul Fischer with the<br />
Dist<strong>in</strong>guished Faculty Award; (4) Lubar School Dean V. Kanti Prasad enjoys a lighter moment with the audience; (5)<br />
Alum Mark Doll, Senior Vice President at Northwestern Mutual, honored Sheldon B. Lubar for his commitment to the<br />
school dur<strong>in</strong>g a special presentation; (6) Bus<strong>in</strong>ess alumni from around the country networked and rem<strong>in</strong>isced about their<br />
days at <strong>UW</strong>M.<br />
FALL 2007 5
Cover Story<br />
Profi les <strong>in</strong> <strong>Leadership</strong><br />
<strong>Leadership</strong> & Innovation<br />
Innovation is not just a buzz word at<br />
Rockwell Automation. “It’s some th<strong>in</strong>g<br />
we need to do to rema<strong>in</strong> a globally<br />
competitive bus<strong>in</strong>ess,” said the company’s<br />
Chairman and CEO, Keith Nosbusch.<br />
Rockwell Automation is a global leader <strong>in</strong><br />
<strong>in</strong>dustrial automation power, control, and<br />
<strong>in</strong>formation solutions with its world<br />
head quarters <strong>in</strong> <strong>Milwaukee</strong>. One of<br />
Wiscons<strong>in</strong>’s largest companies, Rockwell<br />
employs about 21,000 people worldwide,<br />
serves customers <strong>in</strong> more than 80<br />
countries, and boasts annual sales <strong>in</strong><br />
excess of $5 billion.<br />
Nosbusch noted that today’s Rockwell<br />
Automation has evolved from a<br />
historically eng<strong>in</strong>eer<strong>in</strong>g-based bus<strong>in</strong>ess<br />
<strong>in</strong>to a global technology growth company<br />
focused on meet<strong>in</strong>g its customers’<br />
bus<strong>in</strong>ess needs.<br />
“Our bus<strong>in</strong>ess model is based on<br />
<strong>in</strong>tellectual capital, the core of which is<br />
people,” he said. “More importantly, it’s<br />
anchored <strong>in</strong> <strong>in</strong>novation.”<br />
Innovation allows companies to create<br />
differentiation, and it is through<br />
differentiation that Rockwell delivers<br />
value to its customers, stated Nosbusch.<br />
“At Rockwell, we all share a paranoia<br />
about commoditization,” he added.<br />
“ I owe a lot of my success <strong>in</strong> the bus<strong>in</strong>ess world to what I learned <strong>in</strong> the Lubar School’s MBA<br />
program. Com<strong>in</strong>g from an eng<strong>in</strong>eer<strong>in</strong>g background, it broadened my view of the bus<strong>in</strong>ess environment<br />
and showed me that it takes more than great products and great technology to create a successful<br />
bus<strong>in</strong>ess. Many of us take pride <strong>in</strong> the Lubar School’s rich tradition that has allowed us to build worldclass,<br />
<strong>in</strong>novative companies. ”<br />
— Keith Nosbusch, Chairman & CEO, Rockwell Automation<br />
6 OUTLOOK<br />
Though commoditization may lead to low<br />
costs, he said, it has absolutely noth<strong>in</strong>g to<br />
do with add<strong>in</strong>g value for your customers.<br />
Today, Nosbusch noted, <strong>in</strong>novation can’t<br />
just be about eng<strong>in</strong>eer<strong>in</strong>g. “We’ve<br />
broadened our defi nition of <strong>in</strong>novation,”<br />
he said. “Now, we look at it <strong>in</strong> terms of<br />
our products, our services, our bus<strong>in</strong>ess<br />
processes, and our bus<strong>in</strong>ess models,<br />
allow<strong>in</strong>g it to cont<strong>in</strong>ually evolve all aspects<br />
of our bus<strong>in</strong>ess.”<br />
He described that “cont<strong>in</strong>uous evolution”<br />
as the key growth driver <strong>in</strong> the company.<br />
“If Rockwell can deliver value to customers<br />
through <strong>in</strong>novative differentiation, it<br />
builds loyalty. Once we’ve earned that<br />
loyalty, we can achieve susta<strong>in</strong>able,<br />
profi table growth that we can then re<strong>in</strong>vest<br />
<strong>in</strong> leadership technology — and the cycle<br />
starts all over aga<strong>in</strong>.”<br />
At an operational level, Nosbusch said that<br />
Rockwell’s goal is to create an environment<br />
where employees can be open<br />
m<strong>in</strong>ded, will<strong>in</strong>g to embrace new ideas, and<br />
will<strong>in</strong>g to challenge the status quo.<br />
“Innovation — <strong>in</strong> reality — is all about<br />
change. Those who view change as an<br />
opportunity will have the best prospects<br />
for build<strong>in</strong>g and ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a very<br />
prosperous company.”<br />
Keith Nosbusch<br />
(MBA ’78)<br />
Chairman & CEO<br />
Rockwell Automation
Cover Story<br />
Profi les <strong>in</strong> <strong>Leadership</strong><br />
Lead<strong>in</strong>g a Not-for-Profi t <strong>in</strong> a For-Profi t World<br />
Jackie Fredrick<br />
(EMBA ’88)<br />
President & CEO<br />
The BloodCenter of Wiscons<strong>in</strong><br />
Leaders of not-for-profi t organizations<br />
face identical challenges to<br />
their counterparts <strong>in</strong> for-profi t<br />
organizations, said Jackie Fredrick,<br />
Presi dent and CEO of The BloodCenter<br />
of Wiscons<strong>in</strong>. “We require the same skills,<br />
talents, and expectations that are required<br />
<strong>in</strong> any organization that wants to be world<br />
class.”<br />
The BloodCenter of Wiscons<strong>in</strong> is a<br />
nationally respected transfusion medic<strong>in</strong>e<br />
organization that is the sole supplier of<br />
blood and blood products to over 50<br />
Wiscons<strong>in</strong> hospitals. It also provides<br />
diagnostic laboratory services nationally,<br />
transfusion-related medical services, and<br />
<strong>in</strong>ternationally recognized blood research.<br />
The BloodCenter has annual revenues of<br />
approximately $100 million.<br />
“Let me describe the complexities of The<br />
BloodCenter for you,” Fredrick said. “We<br />
are part of the biotechnology <strong>in</strong>dustry, a<br />
pharmaceutical manufacturer, a wholesale<br />
and retail pharmacy, and a national<br />
diagnostic lab. We have a physician group<br />
practice and an academic research<br />
<strong>in</strong>stitute. We are a charity and stewards of<br />
the gift of life. And, we are a grow<strong>in</strong>g<br />
organization, contribut<strong>in</strong>g to the economic<br />
development of our community.”<br />
With<strong>in</strong> that challeng<strong>in</strong>g environment,<br />
Fredrick described four leadership man -<br />
dates that guide her as she manages the<br />
tension between bus<strong>in</strong>ess excellence and<br />
deliver<strong>in</strong>g a charitable, community purpose:<br />
Creat<strong>in</strong>g a tremendous sense of mission<br />
and vision. “Our mission and vision —<br />
advanc<strong>in</strong>g patient care by provid<strong>in</strong>g<br />
life-sav<strong>in</strong>g solutions grounded <strong>in</strong><br />
unparalleled medical and scientifi c<br />
expertise — is what <strong>in</strong>spires our people<br />
and creates their greatest sense of<br />
purpose.” Leaders need to nurture the<br />
mission of their organization.<br />
Engag<strong>in</strong>g employees and build<strong>in</strong>g the real<br />
talent of an organization. To attract the<br />
same talent without the same fi nancial<br />
rewards that for-profi ts can offer, Fredrick<br />
said, not-for-profi ts must focus on provid<strong>in</strong>g<br />
the maximum environment for people to<br />
achieve their potentials — through a<br />
sense of purpose, by creat<strong>in</strong>g challeng<strong>in</strong>g<br />
and excit<strong>in</strong>g opportunities, and by<br />
offer<strong>in</strong>g opportunity for <strong>in</strong>novation.<br />
Cultivat<strong>in</strong>g connections and relationships<br />
with a wide variety of constituencies, both<br />
<strong>in</strong>ternal and external. In not-for-profi ts<br />
especially, it is crucial that these relationships<br />
be built on trust.<br />
Striv<strong>in</strong>g to have the best bus<strong>in</strong>ess and<br />
operat<strong>in</strong>g practices. “At the BloodCenter,<br />
we work very hard to be strong fi nancially,<br />
and to benchmark our practices aga<strong>in</strong>st<br />
such lead<strong>in</strong>g organizations as General<br />
Electric (Six Sigma), Mayo Cl<strong>in</strong>ic (brand<br />
management), and Ritz Carlton (customer<br />
experience).”<br />
“ I learned so much of what I practice as a leader today from <strong>UW</strong>M’s bus<strong>in</strong>ess school. And the<br />
BloodCenter cont<strong>in</strong>ues to send employees to the Lubar School — its EMBA program, PhD program, and<br />
Strategic <strong>Leadership</strong> Series. It helps our people to effectively operate <strong>in</strong> this very broad, complex world. ”<br />
— Jackie Fredrick, President and CEO, The BloodCenter of Wiscons<strong>in</strong><br />
SPRING FALL 2007 7
Cover Story<br />
Profi les <strong>in</strong> <strong>Leadership</strong><br />
Lead<strong>in</strong>g an American Icon<br />
Jim Ziemer<br />
(BBA ’75, EMBA ‘86)<br />
President & CEO<br />
Harley-Davidson, Inc.<br />
8 OUTLOOK<br />
What is it about the Harley-<br />
Davidson culture that allows it<br />
to be one of the world’s most<br />
recognized brands? Harley President &<br />
CEO Jim Ziemer suggested that the<br />
answer to that question resides <strong>in</strong> the four<br />
core attributes of the Harley brand and<br />
how they relate to corporate culture.<br />
Harley-Davidson, Inc. is the parent<br />
com pany for the group of companies<br />
do<strong>in</strong>g bus<strong>in</strong>ess as Harley-Davidson Motor<br />
Company, Buell Motorcycle Company and<br />
Harley-Davidson F<strong>in</strong>ancial Services. The<br />
company achieved $5.8 billion <strong>in</strong> net<br />
2006 revenue.<br />
In many ways, Ziemer said, those four<br />
attributes — Freedom, Adventure, Passion,<br />
and Individuality — serve as metaphors for<br />
what goes on <strong>in</strong>side Harley-Davidson’s walls.<br />
“To be sure, we’re a discipl<strong>in</strong>ed, aligned<br />
organization whose objectives, strategies,<br />
and plans are driven by common values,<br />
our mission and vision, and a shared set of<br />
operat<strong>in</strong>g philosophies,” he clarifi ed. But<br />
that is basic to every successful organization,<br />
he said. “These core attributes are the key<br />
to our success.”<br />
At a corporate level, Freedom means<br />
remov<strong>in</strong>g barriers and obstacles, and<br />
m<strong>in</strong>imiz<strong>in</strong>g bureaucracy, he said, so that<br />
people are empowered to make a difference.<br />
“It should come as no surprise that<br />
another part of susta<strong>in</strong><strong>in</strong>g Harley-<br />
Davidson’s market leadership has to do<br />
with cont<strong>in</strong>ually explor<strong>in</strong>g new roads —<br />
our sense of Adventure,” Ziemer noted.<br />
This was certa<strong>in</strong>ly key to Harley’s<br />
turnaround <strong>in</strong> the 1980s, he said, and its<br />
success s<strong>in</strong>ce then has been due to the<br />
organization’s will<strong>in</strong>gness “to turn left<br />
when others are turn<strong>in</strong>g right.”<br />
“Passion — and our ability to <strong>in</strong>spire it<br />
and to channel it — is another factor <strong>in</strong><br />
Harley-Davidson’s success,” shared<br />
Ziemer. “Many of our employees live and<br />
breathe motorcycles, putt<strong>in</strong>g forth extra<br />
effort for the sheer love of do<strong>in</strong>g it. I call<br />
it ‘psychic <strong>in</strong>come.’”<br />
And just as Individuality is important to<br />
Harley’s customers (it’s often said that no<br />
two Harleys look alike), the company also<br />
prizes the <strong>in</strong>dividuality of its employees.<br />
Ziemer said, “It’s leadership’s job to<br />
br<strong>in</strong>g out each <strong>in</strong>dividual’s capabilities<br />
and talents. We expect all employees to<br />
make a difference.”<br />
“Don’t get me wrong. We highly value<br />
teamwork and collaboration,” he added.<br />
“But a bus<strong>in</strong>ess environment where<br />
everyone th<strong>in</strong>ks alike stifl es new ideas<br />
and is a pretty unexcit<strong>in</strong>g place to work.”<br />
“At Harley-Davidson, our mission is all<br />
about fulfi ll<strong>in</strong>g dreams,” Ziemer<br />
concluded. “One of the s<strong>in</strong>glemost<br />
important traits of a leader <strong>in</strong> bus<strong>in</strong>ess<br />
— or <strong>in</strong> any endeavor — is to dream about<br />
what could be and to fulfi ll that dream.”<br />
“Dream<strong>in</strong>g is a positive, motivat<strong>in</strong>g force.”<br />
“ Over the last 40 years, the Lubar School of Bus<strong>in</strong>ess has established truly outstand<strong>in</strong>g credentials <strong>in</strong><br />
bus<strong>in</strong>ess education. And for me, personally, it has been a key factor <strong>in</strong> my success. ”<br />
— Jim Ziemer, President & CEO, Harley-Davidson, Inc.
Bradley Dist<strong>in</strong>guished Lecture Series<br />
Who Killed Health Care?<br />
The provocative question that titles<br />
Harvard professor Reg<strong>in</strong>a Herzl<strong>in</strong>ger’s<br />
latest book — Who Killed Health Care?<br />
— was a clear signal that her address on<br />
U.S. health care <strong>in</strong> the Bradley Dist<strong>in</strong>guished<br />
Lecture Series would offer a<br />
compell<strong>in</strong>g viewpo<strong>in</strong>t.<br />
Reg<strong>in</strong>a Herzl<strong>in</strong>ger is the Nancy R.<br />
McPherson Professor of Bus<strong>in</strong>ess Adm<strong>in</strong>istration<br />
at the Harvard Bus<strong>in</strong>ess School.<br />
She is widely recognized for her <strong>in</strong>novative<br />
research <strong>in</strong> health care, <strong>in</strong>clud<strong>in</strong>g her early<br />
predictions of the unravel<strong>in</strong>g of managed<br />
care and the rise of consumer-driven health<br />
care and health care focused factories, two<br />
terms that she co<strong>in</strong>ed. Money magaz<strong>in</strong>e has<br />
dubbed her the “Godmother” of consumerdriven<br />
health care.<br />
And the answer to that provocative<br />
question? Herzl<strong>in</strong>ger calls it the “Iron<br />
Triangle,” made up of:<br />
Hospitals, whose oligopolistic or<br />
mono polistic practices mean a lack of<br />
competition, <strong>in</strong>fl ation of cost, and<br />
dim<strong>in</strong>ution of quality for the end<br />
consumer.<br />
The U.S. Congress. “Uncle Sam is<br />
becom<strong>in</strong>g Dr. Sam, tell<strong>in</strong>g physicians how<br />
to practice medic<strong>in</strong>e and suppress<strong>in</strong>g<br />
physician-driven <strong>in</strong>novation,” she said.<br />
Insurers, who represent a trillion dollar<br />
<strong>in</strong>dustry, but provide few competitive<br />
offer<strong>in</strong>gs.<br />
Herzl<strong>in</strong>ger said that the current system is<br />
too centralized, too expensive, and fails to<br />
meet the needs of the population — with<br />
more than 40 million un<strong>in</strong>sured Americans<br />
and millions of additional people who are<br />
under<strong>in</strong>sured.<br />
Reg<strong>in</strong>a Herzl<strong>in</strong>ger<br />
The solution, she argued, ultimately lies<br />
<strong>in</strong> giv<strong>in</strong>g consumers money to let them<br />
shop for their own health care needs —<br />
fi rst under the umbrella of their employers,<br />
but later on their own through<br />
personal, tax-sheltered sav<strong>in</strong>gs accounts.<br />
Offer<strong>in</strong>g consumers more choices would<br />
force the health care <strong>in</strong>dustry to step up<br />
its services to meet consumer demand,<br />
she said, encourag<strong>in</strong>g entrepreneurial<br />
<strong>in</strong>novation among physician groups and<br />
other service providers with<strong>in</strong> a system<br />
that gives them the freedom to organize<br />
their own teams and quote their own prices.<br />
Ultimately, Herzl<strong>in</strong>ger projected, a<br />
consumer-driven health system could lead<br />
to “focused factories,” where health<br />
services are personalized around a<br />
particular health condition. For example,<br />
a breast cancer center might encompass<br />
diagnosis, imag<strong>in</strong>g, drug therapy, surgery,<br />
and emotional care among its offer<strong>in</strong>gs to<br />
clients. Herzl<strong>in</strong>ger ma<strong>in</strong>ta<strong>in</strong>s that such<br />
“focused factories” would be attractive to<br />
consumers not only because they are<br />
completely focused on them and their<br />
disease, but because they offer a better<br />
quality of care, more convenience, and<br />
lower costs.<br />
We don’t have this type of service now,<br />
she said, because the health care <strong>in</strong>dustry<br />
doesn’t <strong>in</strong>centivize entrepreneurs. “You<br />
don’t make money from mak<strong>in</strong>g people<br />
healthier,” she noted. “You get paid for<br />
treat<strong>in</strong>g sick people.”<br />
In conclusion, she said, consumers must<br />
be given choices and <strong>in</strong>formation. Service<br />
providers must be given the freedom to<br />
organize and compete. Technology fi rms<br />
and <strong>in</strong>surers must <strong>in</strong>novate and stop try<strong>in</strong>g<br />
to block progress.<br />
And the government’s role <strong>in</strong> a consumerdriven<br />
system, she advised, is to help the<br />
poor, prosecute the fraudulent, and<br />
enable transparency. But most importantly,<br />
she said, “Government needs to get out<br />
of the way.”<br />
The Bradley Dist<strong>in</strong>guished Lecture Series,<br />
co-sponsored by The Lynde and Harry<br />
Bradley Foundation and <strong>UW</strong>M’s Sheldon B.<br />
Lubar School of Bus<strong>in</strong>ess, br<strong>in</strong>gs nationally<br />
and <strong>in</strong>ternationally respected scholars, policy<br />
experts, and bus<strong>in</strong>ess leaders to speak on<br />
major issues perta<strong>in</strong><strong>in</strong>g to the political<br />
economy of globalization, entrepreneurship,<br />
and global economic competition.<br />
FALL 2007 9
Executive MBA<br />
Fiserv’s Yabuki on Differentiat<strong>in</strong>g<br />
Yourself as a Leader<br />
Jeffery W. Yabuki<br />
“<br />
Truly great leadership is a<br />
comb<strong>in</strong>ation of tangible skills<br />
that blend <strong>in</strong> a way that is really<br />
differentiat<strong>in</strong>g,” Jeffery W. Yabuki,<br />
President & CEO of Fiserv, Inc., told the<br />
Executive MBA Class of 2007 at their<br />
graduation ceremony.<br />
Fiserv, a publicly traded Fortune 500<br />
company, is a market share leader of<br />
<strong>in</strong>formation technology systems and<br />
services to the fi nancial and <strong>in</strong>surance<br />
<strong>in</strong>dustries. The company reported $4.5<br />
billion <strong>in</strong> 2006 revenues, with 23,000<br />
employees serv<strong>in</strong>g more than 17,000<br />
clients worldwide.<br />
Yabuki noted that Fiserv has consistently<br />
grown revenue and earn<strong>in</strong>gs at a doubledigit<br />
clip. “I am particularly proud that we<br />
are one of only a handful of companies <strong>in</strong><br />
10 OUTLOOK<br />
the S&P 500 which have grown revenue<br />
and earn<strong>in</strong>gs for at least 15 straight<br />
years,” he said. “And I th<strong>in</strong>k there is a<br />
direct correlation to the company’s<br />
leadership, because leadership is often<br />
about consistency and stability.”<br />
He challenged graduates to consider<br />
three simple but potent questions that<br />
could “change your trajectory as bus<strong>in</strong>ess<br />
leaders.”<br />
What do you want to do? This is not<br />
necessarily a job title, Yabuki said, but a<br />
defi nition of where your passion lies, how<br />
you want to make an impact. Don’t just<br />
th<strong>in</strong>k about it, he said, but put it down <strong>in</strong><br />
black and white. “Writ<strong>in</strong>g it down not<br />
only changes it from a wish to a goal. It<br />
holds you accountable.”<br />
What is the essence of your personal brand?<br />
Learn to view yourself not just as a person,<br />
but as a brand, he suggested. All of your<br />
actions contribute to how your brand is<br />
perceived. In the bus<strong>in</strong>ess world, we place<br />
great importance on manag<strong>in</strong>g brands,<br />
he said. It shouldn’t be any different with<br />
your personal brand.<br />
What do you want to be famous for?<br />
Everyone gets remembered for<br />
someth<strong>in</strong>g. Tyco’s Dennis Kozlowski,<br />
Enron’s Kenneth Lay — even former<br />
president Bill Cl<strong>in</strong>ton — made poor<br />
short-term decisions rather than look<br />
ahead to manage their legacies. So, <strong>in</strong> all<br />
that you do, he urged, th<strong>in</strong>k about the<br />
impact your actions and decisions will<br />
have on your legacy.<br />
Jeff Yabuki jo<strong>in</strong>ed Fiserv <strong>in</strong> December<br />
2005 after more than six years at H&R<br />
Block, Inc., where he rose to the position<br />
of executive vice president and chief<br />
operat<strong>in</strong>g offi cer, after jo<strong>in</strong><strong>in</strong>g the<br />
company as president of International<br />
Operations <strong>in</strong> 1999. Prior to H&R Block,<br />
Jeff spent 12 years with American<br />
Express, most recently as president and<br />
chief executive offi cer of American<br />
Express Tax and Bus<strong>in</strong>ess Services. He<br />
serves on the Lubar School’s Bus<strong>in</strong>ess<br />
Advisory Council.<br />
<strong>UW</strong>M’s Executive MBA Program is one of<br />
the longest-runn<strong>in</strong>g and most successful<br />
programs of its k<strong>in</strong>d <strong>in</strong> the nation.<br />
Established <strong>in</strong> 1974, the program boasts more<br />
than 850 graduates from over 400 bus<strong>in</strong>esses,<br />
provid<strong>in</strong>g skilled managers with a unique<br />
academic and peer learn<strong>in</strong>g experience <strong>in</strong> an<br />
accelerated format and prepar<strong>in</strong>g them for<br />
positions of executive leadership.
Entrepreneurship<br />
NEW VENTURE BUSINESS PLAN<br />
COMPETITION Launched<br />
What does it take to transform a bus<strong>in</strong>ess idea <strong>in</strong>to reality?<br />
To go from concept to commercialization?<br />
That is what <strong>UW</strong>M students and<br />
recent alumni will have the<br />
opportunity to experience <strong>in</strong> the<br />
<strong>in</strong>augural NEW VENTURE BUSINESS<br />
PLAN COMPETITION, sponsored by the<br />
Lubar School of Bus<strong>in</strong>ess and made<br />
possible by private support from La<br />
Macchia Enterprises, the parent company<br />
of Mark Travel and Trisept Solutions.<br />
The NEW VENTURE BUSINESS PLAN<br />
COMPETITION was launched this fall to<br />
foster entrepreneurial spirit among <strong>UW</strong>M<br />
students and alumni, promote practical<br />
bus<strong>in</strong>ess skills, and encourage the<br />
creation of new, for-profi t ventures.<br />
“It’s another way that we’re help<strong>in</strong>g<br />
students translate entrepreneurship<br />
theory and knowledge <strong>in</strong>to practicable<br />
action,” said Dean V. Kanti Prasad, who<br />
also serves as Bostrom Professor of<br />
Entrepreneurship and Innovation.<br />
A key step to translat<strong>in</strong>g a great idea <strong>in</strong>to<br />
a profi table bus<strong>in</strong>ess is the creation of a<br />
solid bus<strong>in</strong>ess plan. Good bus<strong>in</strong>ess plans<br />
address the variables surround<strong>in</strong>g the many<br />
decisions entrepreneurs must make <strong>in</strong><br />
develop<strong>in</strong>g and launch<strong>in</strong>g their bus<strong>in</strong>esses.<br />
The competition’s structure — with<br />
successive phases of plan development<br />
— will help entrants fi ne-tune their ideas<br />
and polish their presentations. Entrants<br />
will also have the opportunity to attend<br />
workshops on writ<strong>in</strong>g a bus<strong>in</strong>ess plan,<br />
form<strong>in</strong>g a company, and commercializ<strong>in</strong>g<br />
an idea. The workshops are presented<br />
by Bostrom Entrepreneurs-<strong>in</strong>-Residence<br />
James Hunter and John Komives, who<br />
also play key roles <strong>in</strong> the implementation<br />
of the competition.<br />
In addition, the NEW VENTURE<br />
BUSI NESS PLAN COMPETITION offers<br />
signifi cant cash prizes total<strong>in</strong>g $12,000<br />
that can be used to further the successful<br />
commercialization of the w<strong>in</strong>ners’ ideas.<br />
There is no better way to fi nd out how<br />
the process of creat<strong>in</strong>g a bus<strong>in</strong>ess plan<br />
and present<strong>in</strong>g it to potential <strong>in</strong>vestors<br />
works, accord<strong>in</strong>g to Komives. “The<br />
academic payoff of author<strong>in</strong>g and<br />
present<strong>in</strong>g a bus<strong>in</strong>ess plan can be quite<br />
astound<strong>in</strong>g,” he said. “Students who<br />
accomplish this task will ga<strong>in</strong> a newfound<br />
respect for analyz<strong>in</strong>g reality and then<br />
putt<strong>in</strong>g a structure <strong>in</strong> place where none<br />
had existed before.”<br />
More <strong>in</strong>formation on the competition can be<br />
found at www.newventure.uwm.edu.<br />
“ We are happy to contribute to nurtur<strong>in</strong>g the entrepreneurial spirit<br />
and skills of <strong>UW</strong>M students, who are so vital to the economic future<br />
of our region. ” William E. La Macchia, Chairman, La Macchia Enterprises<br />
FALL 2007 11
M&I Marshall & Ilsley Center for Bus<strong>in</strong>ess Ethics<br />
Great Journeys An Inspirational Series<br />
Ab Nicholas Tell Students:<br />
Your Real Goal Should Be To Do What You Love<br />
Ab Nicholas<br />
One of the founders of <strong>Milwaukee</strong>’s<br />
mutual fund community —<br />
Albert “Ab” Nicholas — told<br />
Lubar School students that they aren’t<br />
much different than he was <strong>in</strong> college.<br />
“At your age, you’re wonder<strong>in</strong>g what you’re<br />
go<strong>in</strong>g to do,” he said. “I was the same way.”<br />
Nicholas, Chairman and CEO of Nicholas<br />
Company, shared the story of his career<br />
with bus<strong>in</strong>ess students <strong>in</strong> Great Journeys:<br />
An Inspirational Series this fall. The series,<br />
sponsored by the School’s M&I Marshall<br />
& Ilsley Center for Bus<strong>in</strong>ess Ethics, helps<br />
shape students’ understand<strong>in</strong>g of ethics,<br />
<strong>in</strong>tegrity, and leadership by featur<strong>in</strong>g<br />
exceptional “role model” bus<strong>in</strong>ess leaders.<br />
12 OUTLOOK<br />
Ab Nicholas fully <strong>in</strong>tended to become a<br />
lawyer after earn<strong>in</strong>g his undergraduate<br />
degree <strong>in</strong> bus<strong>in</strong>ess and serv<strong>in</strong>g <strong>in</strong> the<br />
Korean War, but a semester <strong>in</strong> law school<br />
conv<strong>in</strong>ced him otherwise. He decided to<br />
return to <strong>UW</strong>-Madison for his MBA and<br />
to pursue the fi eld of <strong>in</strong>vestments,<br />
sparked by the enthusiasm of a fi nance<br />
professor he had as an undergraduate.<br />
His talents caught the attention of some<br />
solid <strong>Milwaukee</strong> fi rms, and he embarked<br />
on his career — fi rst at Northwestern<br />
National Insurance Company and later with<br />
Marshall and Ilsley Bank. But after ten<br />
years work<strong>in</strong>g for others, he decided that<br />
he wanted to go <strong>in</strong>to bus<strong>in</strong>ess on his own.<br />
“Why? Well, fi rst of all, I don’t work well<br />
for others — just ask my wife,” he said<br />
half-jok<strong>in</strong>gly. “But I also craved the<br />
challenge of it.”<br />
Dur<strong>in</strong>g those years of work<strong>in</strong>g for others,<br />
Nicholas had <strong>in</strong>vested some money and<br />
made a tidy nest egg for himself. “I decided<br />
that I wanted to do for others what I had<br />
done for myself.” Nicholas Company was<br />
born <strong>in</strong> 1967.<br />
Today, the fi rm has earned respect and<br />
trust <strong>in</strong> the mutual fund arena on a<br />
national level. With seven no-load mutual<br />
funds, as well as separate private accounts<br />
managed for <strong>in</strong>dividual and <strong>in</strong>stitutional<br />
<strong>in</strong>vestors, the fi rm concentrates on<br />
<strong>in</strong>de pendent, primary research and<br />
performance, offer<strong>in</strong>g low cost and low<br />
m<strong>in</strong>imum <strong>in</strong>vestments to its clients. It<br />
boasts $3.5 billion <strong>in</strong> assets under management.<br />
The company’s fl agship fund, the<br />
Nicholas Fund, has been on Forbes’<br />
Honor Roll for nearly two of the last<br />
three decades.<br />
How does he expla<strong>in</strong> his success? “First,<br />
you have to have a philosophy and you<br />
have to stick to it — consistently and over<br />
a long period of time.”<br />
“I am also a strong believer <strong>in</strong> contrary<br />
op<strong>in</strong>ion — look<strong>in</strong>g for opportunities<br />
away from the crowd,” Nicholas noted.<br />
“This is an art, not a science.”<br />
“It was never a goal for me to become<br />
rich. That was secondary,” he said. “To do<br />
what you want to do and what you love to<br />
do — that should be your real goal. You<br />
have great, long futures ahead of you.”
Deloitte Center for Multistate Taxation<br />
Lubar School Conference Features<br />
Top Tax Experts<br />
Richard Pomp<br />
Roger M. Erv<strong>in</strong><br />
The 11th Annual Multistate Tax<br />
Institute was held <strong>in</strong> <strong>Milwaukee</strong> <strong>in</strong><br />
June, sponsored by the Lubar<br />
School’s Deloitte Center for Multistate<br />
Taxation. The day-long conference draws<br />
a nationwide audience and features<br />
lead<strong>in</strong>g authorities who address the latest<br />
developments and current issues <strong>in</strong> state<br />
and local taxation.<br />
Noted multistate tax authorities Paul<br />
Frankel and Richard Pomp led a lively<br />
debate on some of the latest hot topics <strong>in</strong><br />
state tax litigation. Frankel is a partner<br />
with Morrison & Foerster and Pomp is<br />
the Alva P. Loiselle Professor of Law at<br />
the University of Connecticut.<br />
Maryann Gall and Laura A. Kulwicki, both<br />
of Jones Day <strong>in</strong> Ohio discussed nexus,<br />
which relates to whether a bus<strong>in</strong>ess has<br />
suffi cient connection with a state to allow<br />
that state to have tax<strong>in</strong>g authority.<br />
James W. Wetzler of Deloitte Tax discussed<br />
the latest publication of <strong>UW</strong>M’s Deloitte<br />
Center for Multistate Taxation entitled<br />
Lawmaker’s Guide: The Un-<strong>in</strong>come Tax,<br />
which exam<strong>in</strong>es how states’ alternative<br />
tax approaches will impact bus<strong>in</strong>esses.<br />
Wiscons<strong>in</strong>’s Secretary of Revenue, Roger<br />
M. Erv<strong>in</strong>, provided the luncheon address.<br />
Mark K. Nachbar of UHY Advisors <strong>in</strong><br />
Chicago moderated a regional update<br />
panel featur<strong>in</strong>g Marilyn Wethekam of<br />
Horwood Marcus & Bert Chartered, and<br />
Rocky Cumm<strong>in</strong>gs of Re<strong>in</strong>hart Consult<strong>in</strong>g<br />
Service.<br />
The day concluded with an update and<br />
discussion of the Streaml<strong>in</strong>ed Sales Tax<br />
Project, moderated by John C. Healy,<br />
Manag<strong>in</strong>g Director of the Deloitte Center<br />
for Multistate Taxation, and featur<strong>in</strong>g<br />
Charles Coll<strong>in</strong>s (Taxware LP), Diane Hardt<br />
(Wiscons<strong>in</strong> Department of Revenue),<br />
Stephen Krantz (Council on State<br />
Taxation), and Rory Rawl<strong>in</strong>gs (Avalara).<br />
Wiscons<strong>in</strong> State and Local Tax, Inc. also<br />
presented scholarships to two students <strong>in</strong><br />
the Lubar School’s MS-Taxation and<br />
State and Local Tax Certifi cate programs<br />
— Andrew Frankl<strong>in</strong> and Tammy Ziolkowski.<br />
The Deloitte Center for Multistate<br />
Taxation at the University of Wiscons<strong>in</strong>–<br />
<strong>Milwaukee</strong> was established <strong>in</strong> 1996 to<br />
serve as a focal po<strong>in</strong>t for research and<br />
education regard<strong>in</strong>g state and local tax<br />
issues. The Center’s mission is to promote<br />
research aimed at mak<strong>in</strong>g state and local<br />
tax systems more responsive to modern<br />
bus<strong>in</strong>ess realities, assist taxpayers <strong>in</strong><br />
develop<strong>in</strong>g practical strategies for<br />
comply<strong>in</strong>g with state and local taxes, and<br />
enhance university and professional<br />
education <strong>in</strong> state and local taxation.<br />
Executive Director James Coll<strong>in</strong>s and<br />
Manag<strong>in</strong>g Director John C. Healy play<br />
central roles <strong>in</strong> organiz<strong>in</strong>g the nationally<br />
recognized conference.<br />
SAVE THE DATE – the Twelfth Annual Multistate Tax Institute will be held on Thursday, June 19, 2008<br />
at the Hilton <strong>Milwaukee</strong> City Center. For <strong>in</strong>formation: (414) 229-3835 or rachelp@uwm.edu.<br />
FALL 2007 13
Faculty Research<br />
Can Large Stock Option Grants Lead to<br />
Fraudulent F<strong>in</strong>ancial Report<strong>in</strong>g?<br />
By: Richard L. Priem, The Robert L. & Sally S. Manegold Professor of Management and Strategic Plann<strong>in</strong>g and Faculty<br />
Director, M&I Marshall & Ilsley Center for Bus<strong>in</strong>ess Ethics<br />
Accurate fi nancial report<strong>in</strong>g by<br />
listed fi rms is essential for viable<br />
equity markets. Yet recently,<br />
scandals at fi rms such as Enron Corp.<br />
and WorldCom Inc. have highlighted the<br />
serious consequences of fraudulent<br />
fi nancial report<strong>in</strong>g, not only for the<br />
companies <strong>in</strong>volved and their employees,<br />
but also for their communities and society<br />
at large. Fraudulent fi nancial report<strong>in</strong>g<br />
by top managers clearly erodes shareholder<br />
value: it is estimated to have contributed<br />
to trillions of dollars <strong>in</strong> losses for U.S.<br />
pension plans and 401(k) sav<strong>in</strong>gs plans<br />
from 2000 to 2002, accord<strong>in</strong>g to a 2002<br />
report published <strong>in</strong> the New York Times.<br />
These losses are caused primarily by a<br />
few “bad apples” at the top. Most CEOs<br />
and top managers are honest and<br />
hard-work<strong>in</strong>g; they do their very best to<br />
maximize shareholder returns and to<br />
simultaneously provide clear benefi ts for<br />
their customers, employees, and<br />
communities. Unfortunately, <strong>in</strong>tense<br />
media attention given to scandal-plagued<br />
companies and their CEOs tends to<br />
tarnish the reputation of the entire<br />
bus<strong>in</strong>ess community.<br />
The umbrella term “corporate governance”<br />
<strong>in</strong>cludes forces and mechanisms<br />
that may limit the ability of “bad apple”<br />
CEOs to engage <strong>in</strong> unethical or illegal<br />
behaviors. Accord<strong>in</strong>g to Michael Jensen<br />
of Harvard University, these forces<br />
<strong>in</strong>clude: legal and regulatory systems,<br />
now re<strong>in</strong>forced by the Sarbanes-Oxley<br />
legislation; external control mechanisms<br />
such as capital markets that allow poorly<br />
run companies to be taken over;<br />
14 OUTLOOK<br />
Richard L. Priem<br />
competition <strong>in</strong> product and factor<br />
markets; and various <strong>in</strong>ternal control<br />
systems headed by boards of directors.<br />
These <strong>in</strong>ternal control systems <strong>in</strong>clude<br />
the board’s various monitor<strong>in</strong>g activities<br />
plus the sett<strong>in</strong>g of executive compensation.<br />
S<strong>in</strong>ce the 1980s, much attention has been<br />
paid to the grant<strong>in</strong>g of executive stock<br />
options as a potentially highly effective<br />
method of corporate governance. The<br />
rationale is that CEOs and other top<br />
managers with large stock-option grants<br />
will ma<strong>in</strong>ta<strong>in</strong> a laser-like focus on<br />
improv<strong>in</strong>g their companies’ stock prices<br />
rather than go<strong>in</strong>g off-track <strong>in</strong> pursu<strong>in</strong>g<br />
other, sometimes self-serv<strong>in</strong>g goals. And<br />
because stock price appreciation is the<br />
shareholders’ goal as well, this aligns the<br />
<strong>in</strong>terests of a company’s managers with<br />
those of its shareholders. Lucian Bebcuk<br />
of Harvard argues that companies are<br />
follow<strong>in</strong>g this logic, and that is one<br />
reason why CEO pay from stock option<br />
grants has soared.<br />
Several colleagues and I became curious<br />
as to whether really large stock option<br />
grants might at times have the perverse<br />
and un<strong>in</strong>tended effect of motivat<strong>in</strong>g “bad<br />
apple” CEOs to <strong>in</strong>fl ate their fi rms’<br />
fi nancial results <strong>in</strong> order to ensure a high<br />
stock price when they exercise their<br />
options. If this occurs, those CEOs would<br />
be trad<strong>in</strong>g near-term personal benefi t for<br />
longer-term stockholder loss. We decided<br />
to exam<strong>in</strong>e these issues <strong>in</strong> a research<br />
project, which was subsequently published<br />
<strong>in</strong> the Academic of Management Journal<br />
(49: 483-500, 2006). My co-<strong>in</strong>vestigators<br />
were Joe O’Connor, a Lubar School Ph.D.<br />
graduate who is currently on the faculty<br />
of the University of Texas at El Paso, Joe<br />
Coombs of Texas A&M University, and<br />
another former Ph.D. student of m<strong>in</strong>e,<br />
Matt Gilley of Oklahoma State University.<br />
We conducted our study by fi rst review<strong>in</strong>g<br />
a database cover<strong>in</strong>g 550 newspapers<br />
articles that appeared from 2001 to 2004<br />
that conta<strong>in</strong>ed variations of the word<br />
“restate,” <strong>in</strong>dicat<strong>in</strong>g possible restatement<br />
of fi nancial results. We considered only<br />
restatements downward that were not the<br />
result of changes <strong>in</strong> account<strong>in</strong>g pr<strong>in</strong>ciples<br />
or various non-fi nancial matters. This<br />
produced about 300 restatements per<br />
year. But because we wanted to make<br />
sure that the restatements resulted from
<strong>in</strong>tentional malfeasance, we only <strong>in</strong>cluded<br />
<strong>in</strong> our sample those fi rms that restated<br />
only after <strong>in</strong>vestigations or orders from<br />
federal or state regulatory agencies. This<br />
reduced our sample to 103 fi rms — a<br />
small percentage of the approximately<br />
9,600 U.S. <strong>in</strong>dependent public fi rms<br />
do<strong>in</strong>g bus<strong>in</strong>ess each year. Firms meet<strong>in</strong>g<br />
our requirements for clearly fraudulent<br />
fi nancial report<strong>in</strong>g <strong>in</strong>cluded such<br />
well-known transgressors as CMS Energy,<br />
Dynegy Inc., Qwest Communications<br />
International, and Rite-Aid Corporation.<br />
We then tried to identify for each<br />
transgressor a closely match<strong>in</strong>g fi rm<br />
— i.e., one <strong>in</strong> the same <strong>in</strong>dustry, with<br />
similar average sales, average net <strong>in</strong>come,<br />
and option vest<strong>in</strong>g periods, all for 1996 to<br />
1999 — that had not later restated results<br />
downward. This resulted <strong>in</strong> a fi nal sample<br />
of 65 companies that later had been<br />
forced to restate their results downward<br />
and 65 that hadn’t. We then calculated<br />
CEO stock option grant valuations from<br />
1996 to 1999. We fi rst controlled for a<br />
number of other factors that might affect<br />
the likelihood of malfeasance, <strong>in</strong>clud<strong>in</strong>g<br />
the average number of audit committee<br />
meet<strong>in</strong>gs each year, CEO stock ownership,<br />
and average annual CEO compensation<br />
received from sources other than stock<br />
options. We also <strong>in</strong>cluded whether the<br />
Board of Directors received stock options,<br />
and whether or not the CEO also held<br />
the position of board chairman (called<br />
“CEO duality”). We then exam<strong>in</strong>ed the<br />
degree to which larger CEO stock option<br />
compensation <strong>in</strong> 1996-1999 resulted <strong>in</strong> a<br />
greater likelihood of fraudulent fi nancial<br />
report<strong>in</strong>g that resulted <strong>in</strong> a fi nancial<br />
restatement <strong>in</strong> 2000-2004 via a “matched<br />
pairs” analysis.<br />
The major fi nd<strong>in</strong>g for our sample is that<br />
when the board holds stock options and<br />
the CEO is not also chairman, high levels<br />
of CEO stock options result <strong>in</strong> a much<br />
higher likelihood of fraudulent fi nancial<br />
report<strong>in</strong>g than do lower levels. The CEO<br />
stock option effects are much smaller for<br />
other possible comb<strong>in</strong>ations of board<br />
options and CEO duality, however. These<br />
results show that there can be perverse<br />
and un<strong>in</strong>tended effects from the use of<br />
CEO stock options as a corporate<br />
governance mechanism, particularly for<br />
large stock option grants. Large stock<br />
option grants, when given to the few “bad<br />
apple” CEOs, can result <strong>in</strong> dramatic losses<br />
<strong>in</strong> shareholder value.<br />
Today, the Sarbanes-Oxley Act makes it<br />
more diffi cult for miscreant executives to<br />
misreport fi nancials and benefi t from<br />
do<strong>in</strong>g so. Still, just as today’s chang<strong>in</strong>g<br />
bus<strong>in</strong>ess environment creates new<br />
opportunities for wealth creation, it also<br />
creates new opportunities for fraud and<br />
self-deal<strong>in</strong>g by a few, highly placed “bad<br />
apple” <strong>in</strong>siders. Such crimes are often<br />
complex <strong>in</strong> design, which makes them<br />
diffi cult to detect <strong>in</strong> the short run and<br />
diffi cult to prosecute when detected.<br />
Henry S. Givray, Chairman and CEO of<br />
SmithBuckl<strong>in</strong> Corp., recently argued <strong>in</strong><br />
Bus<strong>in</strong>essWeek that “CEO” and “leader” are<br />
not synonymous terms, because CEOs<br />
are measured by sales and profi ts while<br />
“leaders are shaped and defi ned by<br />
character.” He believes that corporate<br />
scandals most often occur when CEOs<br />
are not also leaders, and he suggests that<br />
dur<strong>in</strong>g the CEO selection process “the<br />
core values of [potential] CEOs should<br />
be exam<strong>in</strong>ed just as closely as their drive,<br />
<strong>in</strong>tellectual depth, fi nancial acumen, or<br />
track record.” Perhaps that would be the<br />
best corporate governance method of all,<br />
because it would help to weed out the few<br />
“bad apples.” If only we could achieve it.<br />
Dr. Richard L. Priem is Robert L.<br />
& Sally S. Manegold Professor of<br />
Management and Strategic<br />
Plann<strong>in</strong>g at <strong>UW</strong>M’s Sheldon B.<br />
Lubar School of Bus<strong>in</strong>ess. He<br />
also serves as Faculty Director of<br />
the School’s M&I Marshall &<br />
Ilsley Center for Bus<strong>in</strong>ess Ethics.<br />
The M&I Center focuses on<br />
bus<strong>in</strong>ess ethics as a critical<br />
component of management<br />
education, provid<strong>in</strong>g students<br />
with an educational and<br />
experiential framework that<br />
engages them <strong>in</strong> serious<br />
thought about issues of ethics.<br />
FALL 2007 15
Dist<strong>in</strong>guished Entrepreneur Lecture Series<br />
Reiman’s Road to Success Began<br />
with a Hard Lesson<br />
Roy Reiman, Founder of Reiman Publications, told<br />
entrepreneurship students that he would characterize most<br />
entrepreneurs as people who are energetic, positive, fun<br />
to be around — and as people who make mistakes.<br />
“In the beg<strong>in</strong>n<strong>in</strong>g, we lost $10,000 — more than we even had at<br />
the time,” he noted of his fi rst attempt to launch a publication.<br />
“But you learn from your losses and failures. We paid off our<br />
creditors, and the next time around we did our homework.”<br />
Reiman spoke <strong>in</strong> the Lubar School’s Dist<strong>in</strong>guished Entrepreneur<br />
Lecture Series, shar<strong>in</strong>g the personal journey of how he<br />
developed Reiman Publications <strong>in</strong>to an <strong>in</strong>dustry powerhouse.<br />
Reiman Publications (recently renamed RDA <strong>Milwaukee</strong>)<br />
publishes 12 bimonthly magaz<strong>in</strong>es and one quarterly magaz<strong>in</strong>e<br />
<strong>in</strong> the U.S. and Canada, <strong>in</strong>clud<strong>in</strong>g Taste of Home, Country, Light<br />
& Tasty, and Birds & Blooms. The company has been an anomaly<br />
<strong>in</strong> the publish<strong>in</strong>g <strong>in</strong>dustry — build<strong>in</strong>g its bus<strong>in</strong>ess on<br />
subscription revenue rather than advertis<strong>in</strong>g revenue.<br />
Reiman sold a majority stake <strong>in</strong> his company <strong>in</strong> 1998 to Chicago<br />
<strong>in</strong>vestment fi rm Madison Dearborn Partners. Four years later,<br />
Reader’s Digest Association bought the company for $760<br />
million <strong>in</strong> cash. Readers Digest was purchased earlier this year by<br />
the private equity fi rm Ripplewood Hold<strong>in</strong>gs.<br />
One of fi ve sons who grew up on a farm <strong>in</strong> western Iowa, Reiman<br />
said he would have gone <strong>in</strong>to a life of farm<strong>in</strong>g had it not been for<br />
a persistent high school English teacher who spotted his talent<br />
for writ<strong>in</strong>g. “Mrs. Cleaver pursued me for four years until I<br />
enrolled <strong>in</strong> Iowa State University <strong>in</strong> agricultural journalism,” he<br />
said <strong>in</strong> jest.<br />
Upon graduation, he embarked on a writ<strong>in</strong>g career for farm<strong>in</strong>g<br />
publications that landed him fi rst <strong>in</strong> Wyom<strong>in</strong>g and later <strong>in</strong><br />
<strong>Milwaukee</strong>.<br />
Just as his young family was start<strong>in</strong>g to grow, so was Reiman’s<br />
desire to “make a go” of his own publish<strong>in</strong>g bus<strong>in</strong>ess. With his<br />
wife’s encouragement and their entire $6,800 <strong>in</strong> sav<strong>in</strong>gs, he quit<br />
16 OUTLOOK<br />
Roy Reiman<br />
his job and started his company <strong>in</strong> the family’s Hales Corners<br />
basement <strong>in</strong> 1964.<br />
Then came that <strong>in</strong>itial big loss. But failure didn’t dampen his<br />
entrepreneurial drive. It may even have emboldened it. He set<br />
out aga<strong>in</strong>, battle-scarred, but better prepared. And, as they say,<br />
the rest is history.<br />
Not<strong>in</strong>g the importance of people and relationships as key to his<br />
own success, Reiman advised students to nurture those<br />
relationships. “Bus<strong>in</strong>ess is like a marriage, and relationships need<br />
to be built on trust. You’ve got to surround yourself with people<br />
you can trust,” he said. But most importantly, he concluded:<br />
“Keep bus<strong>in</strong>ess fun.”
Alumni Profile<br />
Kikkoman’s<br />
Connection to<br />
Wiscons<strong>in</strong><br />
Osamu Mogi<br />
Manager, Foreign Operations<br />
Kikkoman Corporation<br />
MBA, 1993<br />
As a Manager <strong>in</strong> the Foreign Operations Department of<br />
Kikkoman Corporation <strong>in</strong> Tokyo, Osamu Mogi has two<br />
important ties to Wiscons<strong>in</strong>.<br />
First is Kikkoman’s manufactur<strong>in</strong>g facility <strong>in</strong> Walworth. Kikkoman<br />
was among the fi rst Japanese companies to establish a manufactur<strong>in</strong>g<br />
facility <strong>in</strong> the United States. S<strong>in</strong>ce its grand open<strong>in</strong>g <strong>in</strong><br />
1973, Wiscons<strong>in</strong> has become the soy sauce capital of America,<br />
accord<strong>in</strong>g to Mogi. “For 35 years, Kikkoman has enjoyed<br />
Wiscons<strong>in</strong>’s excellent bus<strong>in</strong>ess environment, as well as friendship<br />
with the people of Wiscons<strong>in</strong>,” he said.<br />
Second is his MBA degree from the Lubar School of Bus<strong>in</strong>ess,<br />
where Mogi said, “I acquired not only ‘book knowledge,’ but<br />
the ability to analyze situations and make logical decisions <strong>in</strong><br />
my career.”<br />
The history of Kikkoman began more than 300 years ago, when<br />
Mogi’s ancestors began brew<strong>in</strong>g soy sauce <strong>in</strong> the small city of<br />
Noda, located 30 miles northeast of Tokyo. In 1917, eight<br />
family-owned companies united to form what is now known as<br />
Kikkoman Corporation.<br />
Today’s Kikkoman is not only the world leader <strong>in</strong> naturally brewed<br />
soy sauce, but represents a diversifi ed product range that <strong>in</strong>cludes<br />
Asian foodstuffs, soy milk, biochemical products and dietary<br />
supplements. The Kikkoman Group also owns the Del Monte<br />
bus<strong>in</strong>ess <strong>in</strong> Asia, Tone Coca Cola Bottl<strong>in</strong>g, Manns W<strong>in</strong>e, among<br />
others. With over $3 billion <strong>in</strong> annual sales, the company has<br />
production facilities <strong>in</strong> Japan, the United States, Europe, S<strong>in</strong>gapore,<br />
Ch<strong>in</strong>a, Taiwan and Thailand and sells its products <strong>in</strong> more than<br />
100 countries.<br />
After earn<strong>in</strong>g his MBA at <strong>UW</strong>M, Mogi jo<strong>in</strong>ed the Chicago offi ce<br />
of Price Waterhouse. “Ga<strong>in</strong><strong>in</strong>g an understand<strong>in</strong>g of U.S. bus<strong>in</strong>ess<br />
culture was critical to me because Kikkoman’s largest market<br />
outside Japan is the United States,” he stated.<br />
He returned to Japan <strong>in</strong> 1996, when he began his career at<br />
Kikkoman as a Product Manager, focus<strong>in</strong>g on new product<br />
development and market<strong>in</strong>g strategy. In 2002, he was promoted<br />
to the Corporate Plann<strong>in</strong>g Department, work<strong>in</strong>g <strong>in</strong> corporate<br />
strategy, <strong>in</strong>clud<strong>in</strong>g the execution of corporate alliances and<br />
mergers and acquisitions.<br />
Last year, Mogi was appo<strong>in</strong>ted Manager <strong>in</strong> charge of develop<strong>in</strong>g<br />
bus<strong>in</strong>ess strategy for the U.S., South American and European<br />
markets. “These markets are critical to the company’s overarch<strong>in</strong>g<br />
goals to further worldwide expansion,” said Mogi.<br />
Though its ma<strong>in</strong> focus is to cont<strong>in</strong>ue penetrat<strong>in</strong>g foreign markets<br />
with its current product l<strong>in</strong>es, the company also seeks<br />
opportunities to diversify its bus<strong>in</strong>ess <strong>in</strong> the U.S., <strong>in</strong>clud<strong>in</strong>g the<br />
<strong>in</strong>troduction of Kikkoman Pearl Soy Milk and the acquisition of<br />
Country Life vitam<strong>in</strong>.<br />
Kikkoman recently celebrated the 50th anniversary of its full<br />
scale sales and market<strong>in</strong>g <strong>in</strong> America. “It was not only a wonderful<br />
gala event, but a true recognition of our commitment to the<br />
global market,” said Mogi.<br />
In the 17th century, his ancestors could hardly have imag<strong>in</strong>ed it.<br />
FALL 2007 17
(left to right) Torsten R<strong>in</strong>gberg, Xiaohang Yue, Rose Czaja, Patrick McKay, Dean Kanti Prasad, Nance Gusavac, Hans Storr, and<br />
Associate Dean Janice Miller<br />
Faculty and Staff Excellence Recognized<br />
Exceptional merit <strong>in</strong> the areas of research, teach<strong>in</strong>g, and performance was recognized last spr<strong>in</strong>g at the<br />
Lubar School’s Bus<strong>in</strong>ess Advisory Council meet<strong>in</strong>g. The follow<strong>in</strong>g awards were presented to Lubar<br />
School faculty and staff:<br />
IZZET SAHIN RESEARCH AWARD<br />
Sanjoy Ghose, Associate Professor of Market<strong>in</strong>g<br />
Dr. Ghose specializes <strong>in</strong> model<strong>in</strong>g consumer perceptions and<br />
consumer choice. His current research focuses on model<strong>in</strong>g<br />
issues <strong>in</strong> areas such as the <strong>in</strong>teractions between Internet market<strong>in</strong>g<br />
strategies and consumer preferences, consumer search behavior<br />
<strong>in</strong> the onl<strong>in</strong>e doma<strong>in</strong>, onl<strong>in</strong>e retail competition dynamics, the<br />
impacts of advertis<strong>in</strong>g on consumer choice, and optimum<br />
product design.<br />
ROGER L. FITZSIMONDS SCHOLARLY ACHIEVEMENT<br />
AWARD FOR JUNIOR FACULTY<br />
Xiaohang Yue, Assistant Professor <strong>in</strong> Production & Operations<br />
Management<br />
Dr. Yue specializes <strong>in</strong> supply cha<strong>in</strong> management and operations<br />
manage ment. His current streams of research focus on<br />
production/<strong>in</strong>ventory models, and <strong>in</strong>formation shar<strong>in</strong>g and<br />
its impact on the performance of a supply cha<strong>in</strong>.<br />
18 OUTLOOK<br />
U.S. BANK RESEARCH FELLOW AWARD<br />
Huim<strong>in</strong> Zhao, Assistant Professor of Account<strong>in</strong>g<br />
Dr. Zhao’s research <strong>in</strong>terests are <strong>in</strong> the areas of data <strong>in</strong>tegration,<br />
data m<strong>in</strong><strong>in</strong>g, and medical <strong>in</strong>formatics. His current research<br />
focuses on identifi cation of semantic correspondences across<br />
hetero geneous databases, cascade generalization of classifi cation<br />
methods, cost-sensitive learn<strong>in</strong>g, and fusion of data m<strong>in</strong><strong>in</strong>g and<br />
doma<strong>in</strong> knowledge.<br />
ASSURANT HEALTH RESEARCH FELLOW AWARD<br />
Patrick McKay, Associate Professor of Organizations &<br />
Strategic Management<br />
Dr. McKay’s research specializes <strong>in</strong> human resources issues,<br />
specifi cally related to under-represented racial and ethnic<br />
m<strong>in</strong>ority employees.<br />
(cont<strong>in</strong>ued on next page)
(cont<strong>in</strong>ued from previous page)<br />
ASSURANT HEALTH RESEARCH FELLOW AWARD<br />
Mark Srite, Associate Professor of Management Information<br />
Systems<br />
Dr. Srite’s research is focused <strong>in</strong> the areas of technology acceptance<br />
across national cultures, the <strong>in</strong>fl uence of emotions on group<br />
decision-mak<strong>in</strong>g, and quantitative issues <strong>in</strong> <strong>in</strong>formation systems.<br />
BUSINESS ADVISORY COUNCIL AWARD FOR<br />
TEACHING EXCELLENCE<br />
Torsten R<strong>in</strong>gberg, Assistant Professor of Market<strong>in</strong>g<br />
Dr. R<strong>in</strong>gberg studies people’s socio-cognitive models and how<br />
these affect <strong>in</strong>dividual <strong>in</strong>terpretations, preferences, and ability to<br />
make sense of <strong>in</strong>com<strong>in</strong>g stimuli. He comb<strong>in</strong>es sophisticated<br />
qualitative research methods with relevant social science and<br />
socio-cognitive theories to identify these mental models.<br />
Research Sem<strong>in</strong>ar Series<br />
A full slate of speakers were featured <strong>in</strong> the<br />
spr<strong>in</strong>g semester’s Research Sem<strong>in</strong>ar Series<br />
— which provides a campus forum for<br />
stimulat<strong>in</strong>g research scholarship through<br />
the shar<strong>in</strong>g of cutt<strong>in</strong>g-edge research:<br />
“Information Conveyed <strong>in</strong> Hir<strong>in</strong>g Announcements<br />
of Senior Executives Oversee<strong>in</strong>g<br />
Enterprise-Wide Risk Management Processes,”<br />
Donald Pagach, Professor of Account<strong>in</strong>g,<br />
College of Management, North Carol<strong>in</strong>a<br />
State University<br />
“Mean Racial-Ethnic Difference <strong>in</strong> Employee<br />
Sales Performance: The Moderat<strong>in</strong>g Role<br />
of Diversity Climate,” Patrick McKay,<br />
Associate Professor, Sheldon B. Lubar<br />
School of Bus<strong>in</strong>ess, University of Wiscons<strong>in</strong>–<br />
<strong>Milwaukee</strong><br />
“Innovation,” Surya Kant, President, Tata<br />
Consult<strong>in</strong>g Services America<br />
“On Hostile Ground with Sparse Common<br />
Ground: Why Some Teams Fracture Under<br />
Stress,” Richard Priem, Robert L. and Sally<br />
S. Manegold Professor of Management and<br />
Strategic Plann<strong>in</strong>g, and Paul Nystrom,<br />
Professor Emeritus, Sheldon B. Lubar<br />
School of Bus<strong>in</strong>ess, University of Wiscons<strong>in</strong>–<br />
<strong>Milwaukee</strong><br />
“The Impact of Creative Ads on Consumer<br />
Ad Process<strong>in</strong>g and Response,” Xiaoj<strong>in</strong>g<br />
Yang, Assistant Professor, Sheldon B.<br />
Lubar School of Bus<strong>in</strong>ess, University of<br />
Wiscons<strong>in</strong>–<strong>Milwaukee</strong><br />
“Model<strong>in</strong>g and Analysis of Call Center<br />
Arrival Data: A Bayesian Perspective,”<br />
Refi k Soyer, Professor of Decision<br />
Sciences and Statistics, School of Bus<strong>in</strong>ess,<br />
George Wash<strong>in</strong>gton University<br />
“Investigat<strong>in</strong>g Standards and Standardization<br />
of Web Services,” Sandeep Purao, Associate<br />
Professor, College of Information Sciences<br />
and Technology, Pennsylvania State<br />
University<br />
BUSINESS ADVISORY COUNCIL OUTSTANDING<br />
PERFORMANCE AWARD<br />
Rose Czaja, Payroll Coord<strong>in</strong>ator<br />
Ms. Czaja, who supports the School’s fi nancial affairs area, recently<br />
took the lead role <strong>in</strong> implement<strong>in</strong>g a new onl<strong>in</strong>e payroll system.<br />
BUSINESS ADVISORY COUNCIL OUTSTANDING<br />
PERFORMANCE AWARD<br />
Nance Gusavac, Adm<strong>in</strong>istrative Affairs and PhD Program<br />
Coord<strong>in</strong>ator<br />
Ms. Gusavac manages course schedul<strong>in</strong>g, accreditation-related<br />
activities, assessment and course evaluations, as well as the<br />
School’s doctoral program.<br />
“Motivat<strong>in</strong>g Retail Market<strong>in</strong>g Effort:<br />
Optimal Contract Design,” Xuemei Su,<br />
Doctoral Candidate, Sheldon B. Lubar<br />
School of Bus<strong>in</strong>ess, University of<br />
Wiscons<strong>in</strong>–<strong>Milwaukee</strong><br />
“Integrat<strong>in</strong>g Bus<strong>in</strong>ess Ethics Throughout the<br />
Curriculum,” Denis Coll<strong>in</strong>s, Professor of<br />
Bus<strong>in</strong>ess, Edgewood College.<br />
“Offshore Development Past, Present, and<br />
Future,” Gary Kroc, Director of Global<br />
Delivery and Sourc<strong>in</strong>g, IBM<br />
“Liquidity and Market Crashes,” Jennifer<br />
Huang, Assistant Professor, University of<br />
Texas at Aust<strong>in</strong><br />
Professor and Roger L. Fitzsimonds<br />
Dist<strong>in</strong>guished Scholar Ehsan Soofi , of the<br />
Production and Operations Management<br />
faculty, serves as the Series Coord<strong>in</strong>ator.<br />
FALL 2007 19
Beta Gamma Sigma<br />
U.S. Bank’s Bertha to Students:<br />
“It’s Not a Spr<strong>in</strong>t, It’s a Marathon”<br />
Utiliz<strong>in</strong>g the classic story of the<br />
tortoise and the hare, Bill Bertha,<br />
Market President of U.S. Bank,<br />
told top bus<strong>in</strong>ess students that they need<br />
to recognize that their career isn’t a spr<strong>in</strong>t,<br />
it’s a marathon.<br />
“When you’re young, you’re always<br />
mov<strong>in</strong>g and geared up, and that’s great,”<br />
he said. “But remember that it’s a long<br />
road — your career will be a body of work,<br />
not just this year. Set your own pace.”<br />
Bertha was the keynote speaker and Beta<br />
Gamma Sigma honoree at the April<br />
<strong>in</strong>duc tion ceremony of the national<br />
bus<strong>in</strong>ess honor society. He addressed an<br />
audience of about 110 people, <strong>in</strong>clud<strong>in</strong>g<br />
<strong>in</strong>ductees, their family members and<br />
friends, and Lubar School faculty and staff.<br />
In addition to look<strong>in</strong>g at the larger picture,<br />
Bertha also stressed the importance of<br />
work<strong>in</strong>g hard.<br />
“The professional world is not 9 to 5, but<br />
it’s not just about the hours you put <strong>in</strong>,”<br />
he shared. “It’s a competitive world out<br />
there. Work smart. Come up with new<br />
approaches, creative ideas. You may th<strong>in</strong>k<br />
that success has a lot to do with luck, but<br />
I’d suggest that there is a high correlation<br />
between luck and hard work.”<br />
He also urged students to understand<br />
and embrace their skill set, but not to be<br />
reluctant to take risks, such as tak<strong>in</strong>g on<br />
additional assignments or accept<strong>in</strong>g a job<br />
<strong>in</strong> a different location. “Tak<strong>in</strong>g <strong>in</strong>telligent<br />
risks at the right time will be rewarded,”<br />
he said.<br />
Last, Bertha said that it is “hugely<br />
important” to treat people well. “As a<br />
manager, it’s <strong>in</strong>cumbent on you to<br />
manage with a human aspect — it’s not<br />
just about dollars and cents.”<br />
Bill Bertha jo<strong>in</strong>ed U.S. Bank <strong>in</strong> 2005 with<br />
more than 20 years of experience <strong>in</strong> the<br />
fi nancial service <strong>in</strong>dustry. Prior to jo<strong>in</strong><strong>in</strong>g<br />
U.S. Bank, he was president of Strategic<br />
Advisors, an <strong>in</strong>vestment bank<strong>in</strong>g boutique<br />
that he founded <strong>in</strong> Chicago. Dur<strong>in</strong>g his<br />
career, he also worked for Deutsche Bank<br />
as manag<strong>in</strong>g director and a global head<br />
<strong>in</strong> its <strong>in</strong>vestment bank<strong>in</strong>g division. In<br />
addition, Bertha worked as a manag<strong>in</strong>g<br />
director of Dean Witter Reynolds’ <strong>in</strong>vestment<br />
bank<strong>in</strong>g group and ran its fi nancial<br />
<strong>in</strong>stitutions group. He is also an active<br />
member of the Lubar School’s Bus<strong>in</strong>ess<br />
Advisory Council.<br />
With assets <strong>in</strong> excess of $221 billion, U.S.<br />
Bancorp is the 6th largest commercial<br />
bank <strong>in</strong> the United States. The company<br />
provides a comprehensive l<strong>in</strong>e of bank<strong>in</strong>g,<br />
brokerage, <strong>in</strong>surance, <strong>in</strong>vestment,<br />
mort gage, trust, and payment services<br />
products to consumers, bus<strong>in</strong>esses and<br />
<strong>in</strong>stitutions.<br />
Thirty-seven students and one faculty member were <strong>in</strong>ducted <strong>in</strong>to Beta Gamma Sigma at the April ceremony:<br />
FACULTY<br />
John C. Healy<br />
MASTERS CLASS<br />
Leah Adeniji<br />
B<strong>in</strong> Chen<br />
William Engerson<br />
Michael Hensler<br />
John Kozlosky<br />
20 OUTLOOK<br />
Bill Bertha<br />
Jason Meier<br />
David Miller<br />
Joel Nagle<br />
Sara Olson<br />
Matthew Radde<br />
Timothy Rob<strong>in</strong>son<br />
Michelle Smith<br />
Tanja Woelfer<br />
SENIOR CLASS<br />
Marc Craig<br />
Jessica Hendricks<br />
L<strong>in</strong>dsay Hierz<br />
Jessica Stanley<br />
Keri Thompson<br />
JUNIOR CLASS<br />
Kathleen Brengosz<br />
Michael Churchill<br />
Col<strong>in</strong> Doyle<br />
Matthew Kiefer<br />
Megan Klaas<br />
Benjamen Kuhl<br />
Hope Lealou<br />
Drew Madelung<br />
Katie Moker<br />
Nicole Phelan<br />
Hannah Reed<br />
Joanna Severson<br />
Leslie Tennie<br />
Mary Trader<br />
Misha Tubic<br />
Alex Vant Hoff<br />
Ryan Waldschmidt<br />
Krista Wichman<br />
David Yugo
Faculty Kudos<br />
Richard Priem, The Robert L.<br />
and Sally S. Manegold Professor<br />
of Management and Strategic<br />
Plann<strong>in</strong>g, has been appo<strong>in</strong>ted<br />
to the editorial board of the<br />
Academy of Management<br />
Journal. AMJ is a lead<strong>in</strong>g<br />
management journal that<br />
presents cutt<strong>in</strong>g edge research<br />
on management theory and<br />
practice. Dr. Priem also serves<br />
on the editorial boards of the<br />
Journal of Management and<br />
the Academy of Management<br />
Review.<br />
Torsten R<strong>in</strong>gberg, Assistant<br />
Professor of Market<strong>in</strong>g,<br />
received the Market<strong>in</strong>g<br />
Management Association’s<br />
2007 Hormel Meritorious<br />
Teach<strong>in</strong>g Award. He was<br />
recognized at an MMA<br />
conference <strong>in</strong> Chicago last<br />
March.<br />
Belle Rose Rag<strong>in</strong>s, Professor<br />
of Organizations and<br />
Strategic Management,<br />
received a Mentor<strong>in</strong>g Best<br />
Practice Award at the<br />
Academy of Management<br />
meet<strong>in</strong>g <strong>in</strong> August. The award<br />
recognizes and encourages<br />
<strong>in</strong>stitutional <strong>in</strong>itiatives that<br />
provide developmental<br />
support to Academy<br />
members. Dr. Rag<strong>in</strong>s is part<br />
of the “Coalition for Faculty<br />
Diversity Research Publish<strong>in</strong>g<br />
Initiative” that also <strong>in</strong>cludes<br />
Rob<strong>in</strong> Ely of Harvard<br />
Bus<strong>in</strong>ess School and<br />
Raymond Trau of Monash<br />
University <strong>in</strong> Australia.<br />
Mariam Zahedi, Trisept<br />
Solutions Professor of<br />
Management Information<br />
Systems, has been appo<strong>in</strong>ted<br />
as Associate Editor of<br />
Information Systems Research,<br />
one of the lead<strong>in</strong>g journals <strong>in</strong><br />
management <strong>in</strong>formation<br />
systems.<br />
FALL 2007 21
New Faculty Jo<strong>in</strong> Lubar School<br />
The Lubar School of Bus<strong>in</strong>ess welcomes the follow<strong>in</strong>g new faculty members, who jo<strong>in</strong>ed us this fall:<br />
22 OUTLOOK<br />
Xiang Fang<br />
Assistant Professor of<br />
Production & Operations<br />
Management<br />
PhD – Case Western Reserve<br />
University<br />
Dr. Fang’s areas of expertise<br />
<strong>in</strong>clude supply cha<strong>in</strong><br />
management, production and<br />
<strong>in</strong>ventory management,<br />
stochastic models, applied<br />
game theory, and operationsmarket<strong>in</strong>g<br />
<strong>in</strong>terfaces.<br />
Maria Goranova<br />
Assistant Professor of<br />
Organizations and Strategic<br />
Management<br />
PhD – Syracuse University<br />
Dr. Goranova focuses on<br />
corporate governance,<br />
ownership, executive<br />
compensation, mergers and<br />
acquisitions and corporate<br />
diversifi cation. She has<br />
exam<strong>in</strong>ed how ownership<br />
portfolios affect mergers and<br />
acquisitions outcomes, as well<br />
as the <strong>in</strong>terrelationship between<br />
corporate governance, executive<br />
compensation and fi rm<br />
diversifi cation.<br />
Scott Hsu<br />
Assistant Professor of F<strong>in</strong>ance<br />
PhD – University of North<br />
Carol<strong>in</strong>a at Chapel Hill<br />
Dr. Hsu’s primary teach<strong>in</strong>g<br />
<strong>in</strong>terest is <strong>in</strong> the area of<br />
corporate fi nance. His current<br />
research is focused on <strong>in</strong>itial<br />
public offer<strong>in</strong>gs, venture<br />
capital and entrepreneurial<br />
fi nance, corporate governance<br />
and <strong>in</strong>dustrial organization.<br />
Sali Li<br />
Assistant Professor of<br />
Organizations & Strategic<br />
Management<br />
PhD – University of Utah<br />
Dr. Li specializes <strong>in</strong> technology<br />
management and mult<strong>in</strong>ational<br />
strategy. His current research<br />
<strong>in</strong>terests <strong>in</strong>clude the phenomenon<br />
of technological resource<br />
abandonment <strong>in</strong> <strong>in</strong>novation<br />
management, the application<br />
of comparative advantage<br />
theory <strong>in</strong> strategic management,<br />
and Ch<strong>in</strong>ese entrepreneurship.<br />
Cathy Poliak<br />
Lecturer <strong>in</strong> Production &<br />
Operations Management<br />
PhD – Northern Ill<strong>in</strong>ois<br />
University<br />
Dr. Poliak specializes <strong>in</strong><br />
statistics. Her area of expertise<br />
is bootstrap techniques and<br />
how these techniques relate to<br />
regression analysis.
Alumni News<br />
Alumni on the Move<br />
James Borchert (BBA ’72) was hired<br />
as Vice President of Commercial Real<br />
Estate by First Bus<strong>in</strong>ess Bank <strong>in</strong> <strong>Milwaukee</strong>.<br />
Jacalyn Brennan (BA-Management<br />
’72) has been promoted to Vice President<br />
& Bus<strong>in</strong>ess Bank<strong>in</strong>g Relationship Manager<br />
at the corporate location of MidAmerica<br />
Bank <strong>in</strong> Brookfi eld.<br />
Scott Hard<strong>in</strong>g (BBA-F<strong>in</strong>ance ‘70,<br />
MBA ‘72) has jo<strong>in</strong>ed AMCORE Bank as<br />
a Money Markets Product Manager and<br />
Vice President. He is establish<strong>in</strong>g and<br />
oversee<strong>in</strong>g the new money market<br />
products department with<strong>in</strong> AMCORE.<br />
Scott’s team provides short-term <strong>in</strong>vestment<br />
products for <strong>in</strong>stitutional clients.<br />
Brenda Matthis (BBA-Industrial<br />
Relations ’74) was appo<strong>in</strong>ted Director of<br />
the Technology <strong>in</strong> Educational Division<br />
at Lesley University <strong>in</strong> Cambridge,<br />
Massachusetts. After 15 years as a<br />
software designer, her <strong>in</strong>terest turned to<br />
educational multimedia. Brenda spent<br />
the 2005-06 year as a Fulbright Scholar <strong>in</strong><br />
Japan, research<strong>in</strong>g and lectur<strong>in</strong>g on<br />
students with learn<strong>in</strong>g disabilities. She<br />
cont<strong>in</strong>ues to divide her research time<br />
between Cambridge and Japan. She<br />
earned both her EdM and EdD from<br />
Harvard University.<br />
Richard Gutierrez (BA-Management<br />
’79) has jo<strong>in</strong>ed La Causa Inc. <strong>in</strong> <strong>Milwaukee</strong><br />
as Chief F<strong>in</strong>ancial Offi cer. La Causa Inc.<br />
is a social services agency that provides<br />
shelter, education and emotional support<br />
for neglected and abused children.<br />
Debbie Sweeney (BBA-Real Estate<br />
& Urban Development ’79) jo<strong>in</strong>ed Hays<br />
Companies of Wiscons<strong>in</strong> as Vice<br />
President. Debbie has more than 25 years<br />
of experience <strong>in</strong> the <strong>in</strong>surance <strong>in</strong>dustry.<br />
Bruce Thomas (BBA-Market<strong>in</strong>g ’79)<br />
is the Owner of Thomas Uniforms. The<br />
company has recently added screen<br />
pr<strong>in</strong>t<strong>in</strong>g and embroidery services.<br />
Robert Balge (BBA-Market<strong>in</strong>g ’82)<br />
has jo<strong>in</strong>ed Clear Channel Radio as the<br />
General Sales Manager. Rob will be the<br />
work<strong>in</strong>g for WQBW-FM Channel 97.3<br />
“The Brew” out of <strong>Milwaukee</strong>.<br />
Jeff Carrigan (BBA-Market<strong>in</strong>g ’82)<br />
is Founder of Big Shoes Network, Inc.<br />
(www.bigshoesnetwork.com) <strong>in</strong> <strong>Milwaukee</strong>.<br />
BSN is an onl<strong>in</strong>e job board that specializes<br />
<strong>in</strong> entry- to senior-level positions with<strong>in</strong><br />
the fi elds of advertis<strong>in</strong>g, communications,<br />
graphic design, market<strong>in</strong>g, public relations,<br />
research, and web design and development.<br />
Jay Magulski (BBA-Bus<strong>in</strong>ess<br />
Adm<strong>in</strong>istration ’82) was promoted to<br />
Chief Operations Offi cer at Landmark<br />
Credit Union <strong>in</strong> New Berl<strong>in</strong>.<br />
L<strong>in</strong>da Mertz (EMBA ’83) of Mertz<br />
Associates was named a w<strong>in</strong>ner of The<br />
Bus<strong>in</strong>ess Journal’s 2007 Women of<br />
Infl uence award. L<strong>in</strong>da was recognized <strong>in</strong><br />
the Family Bus<strong>in</strong>ess category, which<br />
recognizes women who are help<strong>in</strong>g create<br />
a legacy at their family-owned bus<strong>in</strong>ess or<br />
company.<br />
Robert Horowitz (BBA-Account<strong>in</strong>g<br />
’85) was appo<strong>in</strong>ted Chief F<strong>in</strong>ancial<br />
Offi cer at Weimer Bear<strong>in</strong>g & Transmission.<br />
Thomas Baade (BBA-F<strong>in</strong>ance ’87)<br />
has jo<strong>in</strong>ed CG Schmidt Inc. as a Project<br />
Executive.<br />
Stephen L. Mayer (MBA ’87) has<br />
jo<strong>in</strong>ed Promontory Po<strong>in</strong>t Capital as a<br />
Partner. Promontory Po<strong>in</strong>t Capital is a<br />
<strong>Milwaukee</strong>-based fi rm provid<strong>in</strong>g <strong>in</strong>vest-<br />
ment bank<strong>in</strong>g services to privately-held<br />
companies.<br />
Jim Ellsworth (EMBA ’88) was<br />
named Sales and Market<strong>in</strong>g Manager at<br />
Genco Industries <strong>in</strong> Waukesha. Jim has 30<br />
years of experience with Ryerson Steel<br />
and Ralph Marl<strong>in</strong> & Co.<br />
John Trojan (BBA-F<strong>in</strong>ance ’89) has<br />
jo<strong>in</strong>ed CG Schmidt as Project Manager.<br />
Scott Conger (BBA-Account<strong>in</strong>g ‘91)<br />
has jo<strong>in</strong>ed AMCORE Bank as a Vice<br />
President <strong>in</strong> the new money market<br />
products department. Scott is responsible<br />
for provid<strong>in</strong>g short-term <strong>in</strong>vestment and<br />
fund<strong>in</strong>g products for <strong>in</strong>stitutional clients.<br />
Karen Fischer (BBA-Market<strong>in</strong>g ’91)<br />
was hired by M.A. Mortenson as a Project<br />
Adm<strong>in</strong>istrative Assistant. Karen will be<br />
work<strong>in</strong>g <strong>in</strong> the Brookfi eld offi ce of M.A.<br />
Mortenson, out of M<strong>in</strong>neapolis, MN.<br />
V<strong>in</strong>ce Schmidt (BBA-Market<strong>in</strong>g ’91)<br />
is the company president of Lakeland<br />
Supply, which was named one of the Top<br />
10 Small Bus<strong>in</strong>ess of the Year. Lakeland<br />
Supply is a family-owned bus<strong>in</strong>ess that<br />
distributes packag<strong>in</strong>g, paper, and janitorial<br />
supplies.<br />
James Leissner (BBA-Production/<br />
Operations Management ’92) has jo<strong>in</strong>ed<br />
Jannsen & Co., Waukesha as Director of<br />
Operations. Along with his bus<strong>in</strong>ess<br />
degree from <strong>UW</strong>–<strong>Milwaukee</strong>, Leissner<br />
also holds a law degree from <strong>UW</strong>-Madison.<br />
Nelson Soler (MBA ’93, MS-<br />
International Bus<strong>in</strong>ess ’99) received the<br />
2007 M<strong>in</strong>ority Small Bus<strong>in</strong>ess Champion<br />
Award for the State of Wiscons<strong>in</strong> from<br />
(cont<strong>in</strong>ued on next page)<br />
FALL 2007 23
Alumni News<br />
Alumni on the Move<br />
(cont<strong>in</strong>ued from previous page)<br />
the U.S. Small Bus<strong>in</strong>ess Adm<strong>in</strong>istration.<br />
Soler is Founder of the Lat<strong>in</strong>o<br />
Entrepreneurial Network, a professional<br />
organization that provides microenterprises<br />
with strategic network<strong>in</strong>g and<br />
bus<strong>in</strong>ess development opportunities<br />
through alliance formation and bus<strong>in</strong>ess<br />
coach<strong>in</strong>g.<br />
Andrew M. Coleman (BBA-<br />
F<strong>in</strong>ance ’95) has been promoted to<br />
Information Technology/Market<strong>in</strong>g<br />
Director for American International<br />
Mach<strong>in</strong>ery. Based <strong>in</strong> <strong>Milwaukee</strong>, the<br />
<strong>in</strong>ternational company specializes <strong>in</strong> high<br />
production convert<strong>in</strong>g mach<strong>in</strong>ery.<br />
Gregory M. Jehlik (Executive MBA<br />
’95) has been named President & CEO<br />
of Wilk<strong>in</strong>son Industries Inc. <strong>in</strong> Fort<br />
Calhoun, Nebraska. Wilk<strong>in</strong>son is a lead<strong>in</strong>g<br />
manufacturer of alum<strong>in</strong>um and thermoformed<br />
plastic packag<strong>in</strong>g solutions for the<br />
food <strong>in</strong>dustry. The company is owned by<br />
the <strong>in</strong>vestment fi rm Mid Oaks Investment<br />
LLC.<br />
Vladimir M. Gorokhovsky<br />
(BBA-Market<strong>in</strong>g ’97) is the Manag<strong>in</strong>g<br />
Member of Gorokhovsky Law Offi ces,<br />
LLC. He specializes <strong>in</strong> crim<strong>in</strong>al defense,<br />
litigation, and <strong>in</strong>ternational transactional<br />
matters.<br />
Aaron Schmanski (MBA-Bus<strong>in</strong>ess<br />
Adm<strong>in</strong>istration ’97) was promoted to Vice<br />
President of M&I Bank, <strong>Milwaukee</strong>.<br />
24 OUTLOOK<br />
Brad Tus<strong>in</strong>g (BBA-Market<strong>in</strong>g ’97)<br />
jo<strong>in</strong>ed Spacesaver Corporation as<br />
Market<strong>in</strong>g Manager. Brad will be focus<strong>in</strong>g<br />
on the government/justice and health<br />
care markets.<br />
Mark Kuca (BBA-F<strong>in</strong>ance ’98) has<br />
been promoted to the position of Program<br />
Manager-National Accounts <strong>in</strong> the vendor<br />
fi nance group of CIT <strong>in</strong> Jacksonville,<br />
Florida. Mark is responsible for the three<br />
largest vendor accounts on the technology<br />
side of the bus<strong>in</strong>ess and for over $100<br />
million <strong>in</strong> annual volume. CIT is a<br />
Fortune 500 company that provides<br />
fi nancial advice and solutions to major<br />
bus<strong>in</strong>esses and consumers throughout<br />
the world.<br />
Doug Neilson (BBA-F<strong>in</strong>ance ’00) has<br />
been promoted to Assistant Vice President<br />
<strong>in</strong> the Mutual Fund Adm<strong>in</strong>istration and<br />
Compliance Department of US Bancorp<br />
Fund Services LLP <strong>in</strong> <strong>Milwaukee</strong>. He has<br />
been with the company s<strong>in</strong>ce 2001.<br />
Robert Bruemmer (EMBA ’02) was<br />
promoted to Executive Vice President at<br />
Landmark Credit Union <strong>in</strong> New Berl<strong>in</strong>.<br />
Mark L. Bailey (BBA-MIS ’04) is a<br />
Regional Development Director for<br />
Bethesda Lutheran Homes and Services,<br />
Inc. of Watertown. With Bethesda s<strong>in</strong>ce<br />
2004, Mark is responsible for all<br />
fundrais<strong>in</strong>g activity throughout Ill<strong>in</strong>ois<br />
and Indiana.<br />
Stefanie Severson (BBA-Market<strong>in</strong>g<br />
’04) was promoted to Account Executive<br />
at GMR Market<strong>in</strong>g L.L.C.<br />
John T. Zapfel (BBA-Market<strong>in</strong>g ’04)<br />
has jo<strong>in</strong>ed the Offi ce of Governor Jim<br />
Doyle as an External Affairs Coord<strong>in</strong>ator.<br />
Chris Hartley (BBA-Management<br />
Information Systems ’05) has jo<strong>in</strong>ed the<br />
Brookfi eld headquarters of QPS<br />
Companies Inc. as an IT help desk<br />
technician.<br />
Andrew J. Kwiatkowski (BBA-<br />
F<strong>in</strong>ance and BA-Economics ’06) has been<br />
accepted to the University of Delaware’s<br />
MS-Economics program with a full<br />
scholarship and graduate assistantship.<br />
Chad Thome (BBA-Market<strong>in</strong>g ’06)<br />
was hired by Aur Enterprises as an<br />
Account Executive.<br />
Kelly Goodmon (BBA-Account<strong>in</strong>g<br />
’07) has jo<strong>in</strong>ed Ritz, Holman, Butala,<br />
F<strong>in</strong>e L.L.P. as a Staff Accountant. Kelly<br />
will be focus<strong>in</strong>g on nonprofi t audit<strong>in</strong>g.
Honor Roll of Donors<br />
From the Development Director<br />
I am delighted to jo<strong>in</strong> my alma mater as the<br />
new Development Director for the Sheldon B.<br />
Lubar School of Bus<strong>in</strong>ess. Dur<strong>in</strong>g my fi rst few<br />
months on the job, I have enjoyed the<br />
opportunity to meet many of you and learn<br />
fi rst-hand the important role Lubar School<br />
alumni play <strong>in</strong> our community.<br />
My background <strong>in</strong>cludes experience <strong>in</strong> the<br />
<strong>Milwaukee</strong> bus<strong>in</strong>ess community as a professional<br />
<strong>in</strong> the <strong>in</strong>surance <strong>in</strong>dustry. I return to <strong>UW</strong>M with<br />
the fi rm belief <strong>in</strong> the importance of higher<br />
education and life-long learn<strong>in</strong>g — both for<br />
personal and professional growth.<br />
That is why — as an MBA graduate of the Lubar<br />
School — I am very proud of the tremendous<br />
progress that the bus<strong>in</strong>ess school and the<br />
university have made <strong>in</strong> recent years. And I am<br />
excited to now be part of it aga<strong>in</strong> by rais<strong>in</strong>g<br />
funds for the many important programs and<br />
<strong>in</strong>itiatives with<strong>in</strong> the bus<strong>in</strong>ess school.<br />
I encourage you to be part of it, too, by<br />
Honor Roll of Donors<br />
connect<strong>in</strong>g with the Lubar School — by tak<strong>in</strong>g<br />
a class that augments your career, return<strong>in</strong>g for<br />
your MBA, hir<strong>in</strong>g our students, or giv<strong>in</strong>g back<br />
through a charitable gift to support student<br />
scholarships, academic programs, or faculty<br />
excellence.<br />
Thank you for your support and commitment<br />
to the Sheldon B. Lubar School of Bus<strong>in</strong>ess —<br />
and I look forward to meet<strong>in</strong>g you.<br />
Debra Markoff, Development Director<br />
markoff@uwm.edu or (414) 229-3295<br />
<strong>UW</strong>M’s Sheldon B. Lubar School of Bus<strong>in</strong>ess is grateful to the follow<strong>in</strong>g alumni, friends, corporations, and foundations<br />
for their generous gifts and payments received by the <strong>UW</strong>M Foundation from January 1, 2007 through June 30, 2007.<br />
ACCOUNTING<br />
PROGRAM AND<br />
SCHOLARSHIPS<br />
Mr. Jac R. Amerell<br />
Ms. Barbara J. Anderson<br />
Aon Foundation<br />
Mr. Steven J. Appel<br />
Mr. Richard J. Arthur<br />
AT&T Foundation<br />
Mr. Dale M. Barbiaux<br />
Mr. Geoffrey G. Bergauer<br />
Mr. and Ms. Michael J. Berns, CPA<br />
Ms. Lynne M. Bethke<br />
Mr. John J. Blatecky<br />
Ms. Sharon A. Bloom<br />
Mr. William Branta<br />
Mr. Efrem Capetillo, Jr.<br />
Mr. Bruce T. Champion<br />
Dr. Rita Hartung Cheng<br />
Mr. and Mrs. Stephan J. Chevalier<br />
Atty. Richard D. Depka<br />
Ms. Krist<strong>in</strong>e A. Dirkse<br />
Mr. Benjam<strong>in</strong> E. Douglas<br />
Mr. Dennis W. Dreikosen<br />
Mr. John M. Egan<br />
Ms. Krist<strong>in</strong>e A. Elfers<br />
Ms. Margaret L. Fischer<br />
Mr. Stephen P. Fredrichs<br />
Mr. Brian R. Fridl<br />
Mr. Richard I. Frohmader<br />
Mr. Joseph J. Garstecki<br />
Mr. and Mrs. Joseph C. Gibson<br />
To make a gift to the Sheldon B. Lubar School of Bus<strong>in</strong>ess, please make your<br />
checks payable to the <strong>UW</strong>M Foundation. You may send them to <strong>UW</strong>M<br />
Offi ce of Development, 3271 N. Lake Drive, <strong>Milwaukee</strong>, WI 53211,<br />
Attention: Debra Markoff. Or you may make a gift onl<strong>in</strong>e by go<strong>in</strong>g to www.<br />
development.uwm.edu and click<strong>in</strong>g on the l<strong>in</strong>k “Give to <strong>UW</strong>M.”<br />
Ms. Jeanne M. Gramza<br />
Mrs. Rhonda K. Haight<br />
Harley-Davidson Foundation, Inc.<br />
Mr. Kenneth W. Hauser<br />
Mr. John C. Healy<br />
Mr. R. J. He<strong>in</strong>en<br />
Mr. Jeffrey G. Hilber<br />
Ms. Karen M. H<strong>in</strong>es<br />
Mr. James L. H<strong>in</strong>tzke, CPA, S.C.<br />
Mrs. Renate I. Hoehnen<br />
Mr. Kev<strong>in</strong> M. Hoffman<br />
Mr. James P. Injeski<br />
James & Yvonne Ziemer Foundation<br />
Mr. John R. Jensen<br />
Johnson Controls Foundation<br />
Kalmbach Publish<strong>in</strong>g Co.<br />
Mr. Mark W. Karolewicz<br />
Mr. John W. Kersey<br />
Ms. Julie A. Krey<br />
Kimberly-Clark Foundation, Inc.<br />
Mr. Jerome D. K<strong>in</strong>g<br />
Ms. Peggy Jane Kovatovich<br />
Mr. Peter Kresh<br />
Mrs. Diane I. Kretsch<br />
Mrs. Marsha K. Krueger<br />
Ms. Jennifer Lyn Laib<br />
Mr. Jan M. Larson<br />
Mr. Jerry A. Leer<br />
Mr. Raymond J. Lewellyn<br />
Mr. Jeffrey C. Liv<strong>in</strong>gston<br />
Ms. Cheryl A. Marquardt<br />
(cont<strong>in</strong>ued on next page)<br />
FALL 2007 25
Honor Roll of Donors<br />
(cont<strong>in</strong>ued from previous page)<br />
Mr. Glen E. Marquardt<br />
Mr. Jack R. Mason<br />
Ms. Diane L. McDonald<br />
Mrs. Cynthia J. Mestelle<br />
Mr. Steven A. Meyer<br />
Mr. Allan K. Michalski<br />
Mr. Randall J. Mistele<br />
Mr. James J. Monnat<br />
Mr. and Mrs. Walter J. Mundschau<br />
Northwestern Mutual Foundation<br />
Ms. Lynn S. Ohm<br />
Mr. John W. Oleniczak<br />
Ms. Laura L. Olew<strong>in</strong>ski<br />
Mr. John A. Ottenberg<br />
Mr. Ronald E. Pawasarat<br />
Mr. John B. Pittman<br />
Mr. Steven L. Pizur<br />
Mr. Frank J. Poja<br />
Mr. Kenneth and Mrs. Sharon<br />
Poniewaz<br />
Ms. Larissa A. Powell<br />
Mr. Leonard R. Powers<br />
Mr. Robert J. Puls<br />
Ms. Mary E. Repka<br />
Mr. Brian P. Resch<br />
Mr. and Ms. James D. Romnek<br />
Ms. C<strong>in</strong>dy A. Rooks<br />
Mr. Jeffrey J. Rzep<strong>in</strong>ski<br />
Mr. Sirous H. Samy<br />
SC Johnson Fund<br />
Ms. Rene C. Schaefer<br />
Mr. John S. Scheid<br />
Ms. Susan A. Schmidt<br />
Mr. James M. Schneider<br />
Ms. Marilyn J. Schultz<br />
Mr. Myron E. Schulz<br />
Scribner, Cohen & Company, S.C.<br />
Ms. Kathy M. Shaw<br />
Mr. Anthony J. Siebers<br />
Sitzberger, Widmann & Company,<br />
S.C.<br />
Ms. Beje M. Spahiu<br />
Ms. Kim M. Stawski<br />
Mr. John N. Tesensky<br />
Mr. John R. Topczewski<br />
Mr. James T. Tucker<br />
Mr. Jeffrey G. Vogelsang<br />
Mr. Mark T. Waldoch<br />
26 OUTLOOK<br />
Mr. James W. Wallner<br />
Wausau Paper Foundation<br />
Mr. Warren I. Weaver<br />
Mr. Thomas G. Wieland<br />
Mr. Donald J. Williams<br />
Mr. Frank C. W<strong>in</strong>dt<br />
Ms. Theresa J. Wood<br />
Ms. Lori L. Yogerst<br />
Mr. and Mrs. James L. Ziemer<br />
CENTER FOR<br />
TECHNOLOGY<br />
INNOVATION/<br />
MANAGEMENT<br />
INFORMATION<br />
SYSTEMS<br />
Briggs & Stratton Corporation<br />
Dr. William Dave Haseman<br />
Johnson Controls, Inc.<br />
La Macchia Enterprises<br />
Mr. Bruce R. Maas<br />
Metavante Corporation<br />
<strong>Milwaukee</strong> Journal Sent<strong>in</strong>el<br />
Mortgage Guaranty Insurance<br />
Corporation<br />
Rockwell Automation<br />
The Mark Travel Corporation<br />
We Energies<br />
DAVID O. NICHOLAS<br />
APPLIED FINANCE<br />
LAB<br />
Mr. David O. Nicholas<br />
DELOITTE CENTER<br />
FOR MULTISTATE<br />
TAXATION<br />
Mr. and Mrs. Thomas G. Kamasky<br />
ENTREPRENEUR<br />
INTERN PROGRAM<br />
Buyseasons, Inc.<br />
Fivetwelve Group, LTD.<br />
Heartland Information Research, Inc.<br />
Wiscons<strong>in</strong> Bus<strong>in</strong>ess Development<br />
ENTREPRENEURSHIP<br />
EDUCATION<br />
La Macchia Enterprises<br />
The Mark Travel Corporation<br />
EXECUTIVE MBA<br />
EXCELLENCE FUND<br />
Brady Corporation<br />
Mr. Juan M. Carrasquillo<br />
Mr. and Ms. James R. Jacobson<br />
James & Yvonne Ziemer Foundation<br />
Northwestern Mutual Foundation<br />
Mr. David R. Remstad<br />
Robert W. Baird & Co., Inc.<br />
Wellpo<strong>in</strong>t Foundation<br />
Wiscons<strong>in</strong> Energy Corporation<br />
Foundation, Inc.<br />
Mr. and Mrs. James L. Ziemer<br />
HELEN BADER<br />
INSTITUTE FOR<br />
NONPROFIT<br />
MANAGEMENT<br />
Ms. Rob<strong>in</strong> Bieger-Mayrl<br />
CG Schmidt Construction<br />
Daniel M. Soref Charitable Trust<br />
Ms. Barbara J. Duffy<br />
Frieda and William Hunt Memorial<br />
Trust<br />
Greenberg and Hoeschen LLC<br />
Mr. and Mrs. Mart<strong>in</strong> J. Greenberg<br />
Helen Bader Foundation, Inc.<br />
Ms. Kristi A. Luzar<br />
Dr. Deborah L. Padgett<br />
Patrick and Anna M. Cudahy Fund<br />
Dr. Stephen L. Percy<br />
Ms. Lisa C. Peterson<br />
Ms. Beverley Picker<strong>in</strong>g-Reyna<br />
Stackner Family Foundation, Inc.<br />
Teen Challenge-International<br />
Wiscons<strong>in</strong><br />
Time Warner Cable<br />
M&I MARSHALL &<br />
ILSLEY CENTR FOR<br />
BUSINESS ETHICS<br />
Marshall & Ilsley Foundation, Inc.<br />
PROFESSORSHIPS<br />
Mr. and Mrs. Sheldon B. Lubar<br />
Storr Family Foundation<br />
Mr. Hans G. Storr<br />
Tata America International Corp.<br />
Trisept Solutions<br />
SCHOLARSHIPS<br />
Mr. James N. Aryettey<br />
Ms. Ardeth M. Ball<br />
Mr. Christopher Ball<br />
Mr. Michael E. Ball<br />
Mr. Robert J. Bast<br />
Bay Lakes Commercial Realtors<br />
Ms. Anne M. Bocik<br />
Mr. Anthony D. Bobos<br />
Mr. Mart<strong>in</strong> J. Bonneson<br />
Mr. Jay R. Burnette<br />
Ms. Mary V. Butler<br />
Butte Des Morts Country Club, Inc.<br />
Mr. J. Leonard Caldeira<br />
Mr. Jerry Cherney<br />
Christian Stewardship Foundation<br />
City of Kaukauna<br />
Commerical Association of Realtors<br />
Wiscons<strong>in</strong>, Inc.<br />
Ms. Margie Courtney<br />
Mr. Jeffrey A. Davis<br />
Ms. Elizabeth A. Dedecker<br />
Ms. Roh<strong>in</strong>i Desai<br />
Effectek Consult<strong>in</strong>g Corp<br />
Dr. Tom Elson<br />
Mr. Clifford G. Engel<br />
Mr. Stephen M. Evans<br />
Fidelity Charitable Gift Fund<br />
Mr. Jeffrey J. Fischer<br />
Mr. James S. Fleuchaus<br />
Mr. David M. Foldy<br />
Fox Cities Realty Exchange<br />
Mr. Harry F. Franke<br />
Mr. Jay D. Freyer<br />
Ms. Cor<strong>in</strong>ne Gabel<br />
Ms. Ellen M. Gardner<br />
Ms. Vonnie L. Giffi n<br />
Mr. Alfred J. Gomez<br />
Greater <strong>Milwaukee</strong> Foundation, Inc.<br />
Ms. Jeanne Tomcek Groves
Honor Roll of Donors<br />
Mr. and Mrs. John C. Heegeman<br />
Ms. Lynn I. Horvat<strong>in</strong><br />
Dr. C. George Hsi<br />
IBM Corporation<br />
J.P. Morgan Chase Foundation<br />
Mr. James K. Kasum<br />
Mr. and Ms. Paul J. Klumb<br />
Mr. James J. Krautkramer<br />
Mr. and Mrs. Ronald V. Krizek<br />
Mr. and Mrs. Dennis J. Kuester<br />
Mr. Thomas W. Larabee<br />
Mr. Xiang Z. Li<br />
Ms. Bonnie S. Lilley<br />
Mr. Karl A. Luebke<br />
Mr. John A. Madden<br />
Mr. Paul C. Mason<br />
Mr. Mark J. McGuire<br />
Ms. Marilyn A. Mooney<br />
Ms. Pamela L. Mull<strong>in</strong>s<br />
Mr. Stan Mull<strong>in</strong><br />
NAI MLG Commercial<br />
Northwestern Mutual Foundation<br />
Ms. Sandra L. Ochs<br />
Ms. Kathleen Perlewitz<br />
Mr. Ronald K. Phillips<br />
Dr. V. Kanti Prasad<br />
Ms. Kathleen Ray Price<br />
PricewaterhouseCoopers<br />
Mr. Lor<strong>in</strong> Patrick Radtke<br />
Mr. Andrew J. Richards<br />
Mr. Eric J. Schmidt<br />
Ms. Michele M. Schnupp<br />
Mr. Richard J. Seesel<br />
Dr. Margaret A. Shaffer<br />
SIOR Educational Foundation<br />
SIOR Wiscons<strong>in</strong>, Inc.<br />
St. Francis Bank Foundation, Inc.<br />
The Seasons<br />
Town of Menasha Fire Department<br />
Mr. Ben Turner<br />
Mr. and Mrs. Harold J. Van Groll, Jr.<br />
Ms. Jacquel<strong>in</strong>e E. Verstegen<br />
Western Lime Corporation<br />
Wiscons<strong>in</strong> Prima<br />
WOW Logistics Company<br />
REAL TIME<br />
ENTERPRISES<br />
Rockwell Automation Charitable<br />
Corporation<br />
ROGER L.<br />
FITZSIMONDS<br />
SCHOLARLY<br />
ACHIEVEMENT<br />
FUND<br />
Dr. Russell and Mrs. Joanne Fenske<br />
Mrs. Leona I. Fitzsimonds<br />
Mr. and Ms. Carl G.A. Grisar<br />
Ms. Carol L. Hansen<br />
Mr. Jere D. McGaffey<br />
Mr. Roger D. Peirce<br />
Ms. Jill G. Pelisek<br />
Mr. and Mrs. Bla<strong>in</strong>e E. Rieke<br />
SC Johnson Fund<br />
Mr. and Ms. John R. Underwood<br />
Mr. and Mrs. Harris B. Weller<br />
UNRESTRICTED<br />
Ms. Donna C. Abrahamson<br />
Mr. Shelby O. Alcott<br />
Altria Group, Inc.<br />
American Transmission Company<br />
Ms. Kathleen M. Anger<br />
Mr. David L. Armstrong<br />
Assurant Health Foundation<br />
AT&T Foundation<br />
Ms. Olariyike Olubunmi Ayanwale<br />
Mr. Jeffrey S. Bachmann<br />
Badger Meter Foundation, Inc.<br />
Mr. Eric T. Baker<br />
Mr. Robert J. Bal<br />
Mr. Michael Balcerowski<br />
Mr. Richard T. Balge<br />
Mr. Richard T. Balge<br />
Mrs. Lori A. Barsness<br />
Mr. Thomas L. Bartnicki<br />
Mrs. Karen G. Bauer<br />
Mr. John B. Beckwith<br />
Mr. Frederic K. Behn<br />
Mr. Thomas M. Berdan<br />
Mr. and Ms. Paul J. Bergeron<br />
Ms. Kathleen A. Bernaden<br />
Ms. Jolene R. Birkelo<br />
Mr. Glen A. Boedecker<br />
Bostik Inc.<br />
Mr. Scott L. Boyce<br />
Ms. Susan D. Braun<br />
Mr. David J. Brenner<br />
Bristol-Myers Squibb Foundation<br />
Ms. Kathleen M. Brooks<br />
Mr. Kev<strong>in</strong> J. Burns<br />
Mr. Matthew J. Bushman<br />
Butler Group, LLC<br />
Mr. Flamont Tyrone Butler<br />
Mr. Steven E. Carlson<br />
Mr. Norman E. Carmichael<br />
Mr. Jeffrey G. Carrigan<br />
Mr. Manas Chakraborty<br />
Christian Stewardship Foundation<br />
Mr. Eric L. Christus<br />
Mr. Thomas H. Claus<br />
Mrs. Patricia L. Clemens<br />
Coca-Cola Company Match<strong>in</strong>g Gift<br />
Program<br />
Ms. Joan E. Cook<br />
Mr. Kenneth D. Copp<br />
Ms. Rachelle Costas<br />
Dr. Steven Counter and Ms. Mandi<br />
Stewart Counter<br />
Mr. Neil J. Crandall<br />
Mr. Brian J. Cumm<strong>in</strong>gs<br />
Mrs. Janaan C. Cunn<strong>in</strong>gham<br />
Mr. Mark J. Curran<br />
Mr. Philip C. Dallman<br />
Mrs. G<strong>in</strong>a L. Daroszewski<br />
Mr. David S. Dickelman<br />
Ms. Kathleen M. Dooley<br />
Mr. Bert A. Duerrmeier<br />
Mr. Leo A. Dunton<br />
Mr. Matthew R. Dvorak<br />
Mr. Richard C. Eastman<br />
Eaton Charitable Fund<br />
Mr. Todd D. Eber<br />
Mr. James E. Engelhuber<br />
Evan & Marion Helfaer Foundation<br />
Mr. James A. Ewig<br />
Mr. Gary L. Exner<br />
Mr. John A. Fabian<br />
Mr. James J. Farrell<br />
Mr. Robert L. Feeley<br />
Fidelity Charitable Gift Fund<br />
Mr. Donald R. Fl<strong>in</strong>n<br />
Mr. Fred A. Forbes, Jr.<br />
Mr. Jiro Fukuyama<br />
Mr. Chetan A. Gajria<br />
Mr. Christopher C. Ga<strong>in</strong>es<br />
Mr. John T. Galbraith<br />
Mr. Michael J. Gav<strong>in</strong><br />
Mr. Daniel R. Gavronski<br />
GE Foundation<br />
General Apartments<br />
Mr. Jeffrey S. Germanotta<br />
Mr. and Mrs. Joseph C. Gibson<br />
Mr. Edward J. Gilligan<br />
Mr. David M. Gilson<br />
Mr. David J. G<strong>in</strong>ger<br />
Ms. Cather<strong>in</strong>e M. Girard<br />
Mr. Jeffrey T. Gleason<br />
Mr. Thomas C. Goesch<br />
Mr. Leonard J. Goldste<strong>in</strong><br />
Mr. Gregory S. Goss<br />
Mr. Richard E. Grade<br />
Mr. James R. Greenway<br />
Mr. Matthew M. Groth<br />
Mr. Robert L. Grunert<br />
Ms. Carol J. Gustaveson<br />
Mr. Paul H. Hagerty<br />
Mr. Roger R. Hahn<br />
Ms. Deborah M. Hangsterfer<br />
Mr. Virgil Thomas Hard<strong>in</strong><br />
Harley-Davidson Foundation, Inc.<br />
Mr. and Mrs. Kim A. Harter<br />
Mr. Stephen K. Hasbrook<br />
Mr. James A. He<strong>in</strong>zel<br />
Herbert H. Kohl Charities, Inc.<br />
Mr. James R. Herzfeld<br />
Mr. Thomas A. Hipp<br />
Mr. Thomas J. Hirsch<br />
Mr. Paul T. Hock<br />
Mr. Paul V. Hopk<strong>in</strong>s<br />
Mr. Robert C. Hoyt<br />
IBM Corporation<br />
James & Yvonne Ziemer Foundation<br />
Ms. Terry A. Jel<strong>in</strong>ski<br />
Mr. Richard F. Jendrzejek<br />
Mr. Thomas G. Jeske<br />
(cont<strong>in</strong>ued on next page)<br />
FALL 2007 27
Honor Roll of Donors<br />
(cont<strong>in</strong>ued from previous page)<br />
Mr. Steven C. Johannes<br />
Mr. Glenn F. Jonas<br />
Ms. Sara E. Junio<br />
Mr. James K. Kasum<br />
Dr. David W. Kesler<br />
Kikkoman Foods Foundation, Inc.<br />
Ms. Natasha L. K<strong>in</strong>g<br />
Mr. Thomas P. Klammer<br />
Mr. Michael E. Kleist<br />
Mr. Aaron P. Kluck<br />
Ms. Mary B. Knich<br />
Mrs. Kelly L. Knitter<br />
Mr. Ross M. Kohl<br />
Mr. and Mrs. Charles A. Konkol<br />
Mr. Robert J. Kowalsky<br />
Mrs. Anne H. Kravit<br />
Ms. Jamie L. Krepsky<br />
Mr. Gary G. Kubesch<br />
Mr. and Mrs. Dennis J. Kuester<br />
Mr. Thomas E. Kvasnicka<br />
Mr. Frank J. La P<strong>in</strong><br />
Mr. Joseph D. Landry<br />
Ms. Tricia A. Lange<br />
Mr. Richard M. Larsen<br />
Mr. and Ms. Michael A. Laszkiewicz<br />
Mr. Brian J. Lav<strong>in</strong><br />
Mrs. Mary P. Le Blanc<br />
Mr. Theodore M. Lecher<br />
Mr. Kim E. Lenda<br />
Ms. Joanne K. Leskowicz<br />
Mrs. Kathleen A. Levac<br />
Ms. Krist<strong>in</strong> L. L<strong>in</strong>dsey<br />
Mr. John H. L<strong>in</strong>dstrom<br />
Mr. Thomas E. Listwan<br />
Mr. Darrel L. Luebke<br />
Marcus Corporation Foundation<br />
Mr. Charles G. Maris<br />
Mr. David E. Matasek<br />
Mr. Peter A. Matthias<br />
Mr. Daniel J. Melstrand<br />
Mrs. Peggy J. Merz<br />
Mrs. Julia E. Meyers<br />
Ms. Christ<strong>in</strong>e V. Miller<br />
Ms. Joyce L. Miller<br />
Mr. Keith A. Miller<br />
Mr. Donald E. Mobley, Jr.<br />
Dr. Mark A. Mone<br />
Mr. Alan W. Mooney<br />
28 OUTLOOK<br />
Mortgage Guaranty Insurance<br />
Corporation<br />
Mr. Joseph G. Moz<strong>in</strong>a<br />
Ms. Meera Murali<br />
Mrs. Kathryn M. Murgas<br />
Mr. David E. Nagy<br />
Dr. Bijayananda Naik<br />
Mr. Jason R. Naumann<br />
Mr. Philip G. Neary<br />
Ms. Joanne M. Nelson<br />
Mr. Ronald L. Nett<br />
Northwestern Mutual Foundation<br />
Mr. Rick A. Olszewski<br />
Mr. Gary J. Ott<br />
Mr. John C. Paulsen<br />
Mr. Ronald E. Pawasarat<br />
Mr. David M. Payne<br />
Ms. L<strong>in</strong>da Anne Pelc<br />
Mr. William T. Penkwitz<br />
Mr. Richard J. Peppey<br />
Mr. John P. Poehlmann<br />
Mr. Dennis R. Polsen<br />
Mr. Theodore J. Poplawski<br />
Mr. Gary P. Prasser<br />
Mr. Eric J. Radomski<br />
Mr. and Mrs. Bruce W. Ramme<br />
Dr. James Rater<br />
Raytheon Company<br />
Mr. Edward J. Ribbens<br />
Mr. Michael A. Richmond<br />
Mr. Rick L. Riesterer<br />
Mr. John M. R<strong>in</strong>dt<br />
Mr. Craig A. Risser<br />
Rockwell International Corporation<br />
Trust<br />
Mr. Philip T. Roedel<br />
Mrs. Janice C. Roloff<br />
Ms. C<strong>in</strong>dy A. Rooks<br />
Mr. Eric M. Roz<strong>in</strong>e<br />
Mr. Paul J. Ruchalski<br />
Mr. Richard L. Ruenzel<br />
Mr. Thomas P. Runnells<br />
Mr. and Mrs. Brenton H. Rupple, Sr.<br />
Mr. Jason J. Rychter<br />
Mr. David R. Sachse<br />
Mr. Paul A. Sanfelippo<br />
Mr. John S. Savas and Ms. Sara Jane<br />
Marlega<br />
SC Johnson Fund<br />
Ms. Rebecca Jane Schaumann<br />
Mr. James S. Scherer<br />
Mr. David S. Schief<br />
Ms. Mary J. Schrimpf<br />
Ms. Renate Schulz<br />
Mr. Scott S. Smith<br />
Mr. Michael J. Sobczak<br />
Mr. John J. Soboleski<br />
Mr. Timothy W. Somers<br />
Ms. Diane M. Sommers<br />
Mr. Michael P. Sommers<br />
Southway Supply Co., Inc.<br />
Mr. Dave J. Spano<br />
Mr. Jeffrey Stanislawski<br />
Ms. Roxanne L. Stillman<br />
Ms. Pamela G. Stokke-Ceci<br />
Ms. Leda K. Strand<br />
Mr. Gary D. Strelow<br />
SYSCO Corporation<br />
Mr. and Mrs. Michael I. Tarnoff<br />
Mr. Thomas G. Terry<br />
We make every effort to ensure accuracy. If your name has been omitted, misspelled, or<br />
<strong>in</strong>correctly listed, please accept our apologies and contact Krist<strong>in</strong>e Piwek at (414) 229-6297<br />
or kpiwek@uwm.edu so that you can be properly recognized <strong>in</strong> the next issue.<br />
The Boston Foundation<br />
Mr. Steven D. Tholl<br />
Mr. Kurt J. Thomas<br />
Mr. Michael B. Thompson<br />
Thomson F<strong>in</strong>ancial<br />
Mr. David C. Toepel<br />
Mrs. Lisa K. Toner<br />
Mr. Gary M. Toth<br />
Ms. Joy C. Towell<br />
Mrs. Martha F. Tsuchihashi<br />
Mr. Bradley M. Tus<strong>in</strong>g<br />
U.S. Bancorp Foundation<br />
Mr. Mark Owen Vachalek<br />
Dr. Marsha Owens Van Egeren<br />
Mrs. Margie Verhelst<br />
Ms. Renee B. Vogt<br />
Mr. Robert J. Wagner<br />
Mr. Kenneth D. Wegner<br />
Wellpo<strong>in</strong>t Foundation<br />
Wells Fargo Foundation<br />
Ms. Jeanna L. Werbeckes<br />
Mr. Gregory A. Wernisch<br />
Ms. Debra Wicker<br />
Mr. John R. Wilde<br />
Mr. Jerry G. Wilke<br />
Wiscons<strong>in</strong> Energy Corporation<br />
Foundation, Inc.<br />
Dr. Robert M. Wiseman<br />
Mr. Joseph F. Wreschnig<br />
Dr. Fatemeh Mariam Zahedi<br />
Dr. Huim<strong>in</strong> Zhao<br />
Mr. and Mrs. James L. Ziemer<br />
Mr. Orr<strong>in</strong> M. Zirbel<br />
Mr. Edward J. Zore<br />
Ms. Faye H. Zwieg
✁<br />
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Please return to: Outlook, Attn: Kris Piwek, Sheldon B. Lubar School of Bus<strong>in</strong>ess, University of Wiscons<strong>in</strong>–<strong>Milwaukee</strong>, P.O. Box 742, <strong>Milwaukee</strong>, WI<br />
53201-0742, fax: (414) 229-5999, email: outlook@uwm.edu<br />
FALL 2007 29
Let’s talk bus<strong>in</strong>ess.<br />
Earn your MBA, MS, or<br />
Executive MBA<br />
Our graduate bus<strong>in</strong>ess programs provide a quality educational experience supported<br />
by a dedicated teach<strong>in</strong>g and research faculty, a high-tech facility, flexible schedul<strong>in</strong>g,<br />
and strong corporate relationships.<br />
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are available for full-time<br />
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Contact us for more <strong>in</strong>formation.<br />
Executive MBA Program<br />
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mba-ms@uwm.edu • 414-229-5403<br />
Christy Peterson<br />
<strong>UW</strong>M at Waukesha MBA, December 2006<br />
Field Implementation Coord<strong>in</strong>ator,<br />
Merck-Scher<strong>in</strong>g Plough Jo<strong>in</strong>t Venture<br />
Merck&Co.,Inc.<br />
uwm.edu/bus<strong>in</strong>ess<br />
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PAID<br />
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Permit No. 864<br />
Sheldon B. Lubar<br />
School of Bus<strong>in</strong>ess<br />
P.O. Box 742<br />
<strong>Milwaukee</strong>, WI 53201-0742