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FALL 2014
Stories of how the Mendoza
community makes a difference
(and the importance of
being Turtles)
Gerek Meinhardt (MBA ’15, MGTIT ’13),
has his sights set on his third Olympic
Games in Rio de Janeiro in 2016. He is
ranked as the No. 1 male foil fencer in the
world, the first American foil fencer to
Photography by Barbara Johnston
ever earn the top ranking. | 22
Impact Investing
We’re Mobile Friendly
Celebrating 60 Years
Meet Charlice Hurst
10 New Gigot Director
14 A Matter of Trust
What Rwanda taught Professor Bill Nichols | 46
17 YALI!
20 8 a.m. with the Coffee Man
22 Gerek Meinhardt: On and Off the Fence
26 Takashi Yagani: A Poignant Journey
28 The Changing Landscape of Higher Education
31 Salt & Light
41 Alumni News
Professor John Halloran cultivating more than plants | 12
46 Back to School
48 Everyday Grace: On Stories
[email protected]
Mendoza Business
204 Mendoza College of Business
University of Notre Dame
Notre Dame, IN 46556-5646
(574) 631-9590
Roger D. Huang
Carol Elliott
Peggy Bolstetter
Christine Cox
Gwen Frederickson
Just Gwen Designs
[email protected]
© 2014 University of Notre Dame, Mendoza College of Business
All rights reserved.
The Mendoza community making a difference | 31
Mendoza Business • Fall 2014
A few months ago, the following plea appeared in my email inbox via our College listserv:
I am in need of someone that can play the keyboard/piano who can work with a song that was in the movie Dirty
Dancing. The Kellerman’s Anthem. I can find it online, but it is not the right version. It needs to sound like the
An email like this begs all kinds of questions. Kellerman’s Anthem? I had to look it up. It’s that sentimental
farewell to summer, to camp, to a way of life perhaps, sung interminably by guests and staff toward the end
of the movie.
Join hands and hearts and voices
Voices, hearts and hands
At Kellerman’s, the friendships last long
As the mountains stand
(It’s probably best known, frankly, for being dramatically interrupted by a leather-clad Patrick Swayze who
stalks into the room, yanks Jennifer Grey out of her chair and utters the cult-classic line, “Nobody puts
Baby in a corner.”)
Even for a faculty/staff listserv devoted to all kinds of random messages about football tickets for sale,
plumber recommendations and free food in the boardroom—this note stood out as odd.
Until you read the rest of the email.
I need someone to play it so I can either record it to play at our ‘Fight Back Ceremony’ or someone to play live at 4
pm on May 17th. I had someone lined up and they just backed out… ☹
Ah. Over the years, Patti Reinhardt, a staff member with the Gigot Center for Entrepreneurship, has sent
out notes looking for anything from empty pretzel containers to super hero action figures, all for Relay for
Life, a cancer fundraising cause she works on tirelessly. This was another such effort. I honestly don’t know
how Kellerman’s Anthem fit in, but what I learned is that Patti has a whole other side than what I knew of
her at work.
Her note got me thinking about the very many people I’m privileged to work with at Mendoza who live
dual lives in a sense. So often, I strike up a conversation with a colleague and learn about this amazing
cause/passion/project/group they’re involve with in their “other” life. And often the cause is born out of a
tragedy that would shake the faith of Job.
If there is a part B to this realization, it’s that you really don’t know what people are dealing with behind the
professional façade.
Patti’s email sparked the idea for “Salt & Light,” a series of profiles of Mendoza folks describing their
“other” lives and the stories behind them. Really, that could be considered the unintentional theme for
the magazine, as you’ll discover in reading about Takashi Yanagi, who lost his only parent while still in
high school, but persevered toward his dream of attending Notre Dame; in Gerek Meinhardt’s profile,
who exemplifies the steel it takes to become an elite athlete; and even in the story about Chris Stevens, a
generous, open-hearted teacher who actually spent much of his childhood bouncing among foster homes.
And if there’s a part C to this, it’s that the vast majority of us can’t go it alone. Not everyone gets a happy
ending. Not everyone survives cancer, or wins the competition, or gets into their dream school. Life is hard,
and sometimes the triumph is found in what you did to pull the other guy up.
Join hands and hearts and voices; voices, hearts and hands.
Carol Elliott
Managing Editor
A meeting of minds to help the poor
The timing of the Investing for the Poor Conference might have seemed less than optimal. After all, just six months before the
June 2014 event, Pope Francis had delivered a strong public message that news media largely described as “anti-capitalism.”
Yet here sat more than 100 global business and faith leaders—including private equity investors—who traveled to the
Vatican to discuss the very hot-button issue the pope had singled out: the large and growing income gap between the world’s
rich and poor.
The coalition of business, finance, academia, humanitarian causes and faith-based communities represented by the attendees underscored the central focus of the conference, which was to learn about an emerging paradigm called impact investing.
Impact investing is investing to generate social and environmental impact alongside financial returns. As simple as it may
sound, many believe it holds out new hope for affecting intractable social problems such as poverty, violence and disease on a
global scale.
The conference, held June 16-17, was jointly convened by Mendoza College of Business, the Pontifical Council for Justice
and Peace and Catholic Relief Services. Roger Huang, the Martin J. Gillen Dean of the Mendoza College of Business, provided
opening remarks.
The first day included a private audience with the pope, who blessed and expressed his appreciation for the symposium.
“It is important that ethics once again play its due part in the world of finance and that markets serve the interests of
peoples and the common good of humanity,” Pope Francis said in an address to conference participants. “It is increasingly
intolerable that financial markets are shaping the destiny of peoples rather than serving their needs, or that the few derive immense wealth from financial speculation while the many are deeply burdened by the consequences.”
Huang said the goals and concepts of impact investing align with Mendoza’s mission to Ask More of Business™. “Historically,
financial investment and helping the poor have been considered two separate functions: You make money through financial
investing, and help the poor by giving away money,” he said.
“Impact investing merges the two in a very powerful way, so that an investor’s value system and business knowledge align
toward a shared goal of creating wealth while also achieving social and environmental objectives. This is a transformational
approach to affecting world poverty, and one that fits perfectly with Mendoza’s mission,” Huang added.
To learn more about the conference and impact investing:
Investing for the Poor website:
Pope Francis’ address to conference participants:
Catholic Relief Services Impact Investing Briefing Note (Summer 2014):
Mendoza Business • Fall 2014
Gianna Bern became the
In October, Mendoza launched a dramatically redesigned College website that not only
makes navigation more intuitive, but also mobile-friendly. The last point is especially
important, as people rely more and more on their phones and notebooks to access
websites. Mendoza saw a 46 percent increase in Web traffic from mobile users in
2013 alone.
“The new site has a bold, clean look, new brand messaging and simpler navigation,”
said Peter Ashley, director of Mendoza College Marketing Communications. “As our
primary marketing tool, it’s critical that our website attract prospective students to our
programs. We’re confident this new site will significantly enhance these efforts.”
Other features of the site include scroll-navigation; a “program picker” that allows
a prospective student to quickly sort through program offerings; and easy-to-scan
graphics. The web address also was changed to to better
highlight the College name.
Executive MBA #15
Poets & Quants
Notre Dame Executive MBA jumped 11 spots to rank No. 15 in the Poets & Quants ranking
of global EMBA programs released in May. Poets & Quants, a resource website for individuals
interested in graduate business school education, ranked 48 programs using a composite
score based on the four latest ratings on EMBA programs from Bloomberg Businessweek, The Economist, The Financial Times and U.S. News & World Report. A school must
be ranked on at least two of the four lists to be included. Bloomberg Businessweek and
The Economist both ranked ND EMBA as 15th in their most recent respective surveys.
Accounting #4
Public Accounting Report
The undergraduate and graduate accountancy programs both ranked No. 4 in the nation
in the most recent Public Accounting Report Annual Professors Survey, published in August.
The PAR ranking is based entirely on the peer assessment of hundreds of accountancy
faculty from nearly 200 U.S. institutions.
Alumni Network #3
4 “20 Best
Business Schools for Networking” survey
A strong alumni network is an increasingly critical factor that prospective students
consider when choosing a graduate business program, and Notre Dame’s legendary
network pushed Mendoza to the top of a recent ranking. The College ranked No. 3 on “20 Best Business Schools for Networking” survey released in
September. The website allows students to score their schools in a variety of categories.
The ranking was determined by scores for “Value of Network.”
director of the Notre Dame
Master of Science in Finance, a
new graduate degree program
launching in January in Chicago.
Bern, who also is an associate
teaching professor of finance at
Mendoza, is a founding principal
of Chicago-based Brookshire
Advisory and Research Inc., a research
and consulting firm focused on the energy
sector. She formerly served as a senior
director of Fitch Ratings’ Corporate
Finance Latin America Group, a division of
the global ratings agency that focuses on
oil, gas and utilities research in emerging
markets of Central and South America.
Bern also has held managerial positions at BP Plc. and Amoco Oil in energy
economics, market analytics and risk
management. She earned a bachelor’s
degree in accounting from the Illinois
Institute of Technology and an MBA in
finance from The University of Chicago
Booth School of Business. A frequent
media commentator on energy markets,
Bern authored Investing in Energy: A
Primer on the Economics of the Energy
Industry, (Wiley & Sons) in June 2011.
Don N. Kleinmuntz was
named director of the Notre
Dame Master of Science in
Business Analytics, also a new
graduate degree offered in
Chicago starting in 2015.
Kleinmuntz is a widely
recognized industry expert
in decision and risk analysis,
business analytics and leveraging
information technology to improve organizational decision making. He founded
and previously served as senior executive
at Strata Decision Technology, a provider
of financial analytics software to the
health care industry.
Kleinmuntz, who earned his bachelor’s,
MBA and doctoral degrees from the
University of Chicago, also has held
tenure-track or tenured faculty positions
at the University of Texas at Austin, the
MIT Sloan School of Management and the
University of Illinois at Urbana-Champaign,
as well as a part-time research appointment
at the University of Southern California.
The Master of Nonprofit Administration has
used the tagline “Servant Heart. Business
Mind.” in recent years to describe the program’s signature mission to provide nonprofit
leaders with a solid business education to
create a greater social impact.
During the program’s 60th anniversary
celebration, held Sept. 26 in Purcell Pavilion’s
Club Naimoli, it clearly was the “heart” on display. More than 200 MNA alums, faculty and
program leaders were on hand to celebrate the
program’s legacy. Moyer Foundation founder
Karen Moyer and UN Foundation’s NothingButNets spokeswoman and former Irish women’s
basketball standout Ruth Riley served as keynote speakers, both
recounting deeply personal and faith-centered stories about
their respective charitable foundations and endeavors.
Each guest was given a copy of Alumni Reflections, a collection
of MNA alumni letters created especially for the anniversary event,
as well as the book 27 Seconds by MNA alum Jack W. Rolfe. The
title refers to the amount of time it took Rolfe to walk across the
stage to receive his diploma when he graduated in 2013.
Father Theodore Hesburgh, C.S.C., created the program originally for the vowed religious of the Catholic Church. First called
the Master of Business Administration, it went through several
name changes and broadened its scope as lay people increasingly
began managing nonprofits sponsored by religious congregations.
About 1,800 people have earned the degree to date.
Emil Brolick, CEO of Wendy’s, started his talk with an explanation of brand relevance in a changing world, and ended with a
quote from Michelangelo. Brolick, a top executive with more than
30 years leadership experience in the quick-serve food industry,
spoke on Sept. 19 in Mendoza’s Jordan Auditorium as part of the
College’s annual lecture series, Boardroom Insights.
In his wide-ranging talk, Brolick discussed why certain brands
were able to stay relevant, while others went by the wayside. He tied
a brand’s “journey of growth” into a personal challenge to students.
“Have as many fabulous experiences as you can in your life
and your career,” he said. “All the time when someone says ‘Emil,
we’re thinking about this for you,’ I say, ‘I am in.’ It is a new experience; I can get excited about this; I want to do this; I want to
demonstrate that I can make a difference. I am in.”
Brolick closed the lecture with a Michelangelo quote: “The
greater danger for most of us lies not in setting our aim too high and
falling short, but in setting our aim too low and achieving our mark.”
Boardroom Insights is a signature series of the Mendoza
College that presents top executives discussing issues and
trends in their industries and companies, which range from
banking and financial services, to mining, retail food and
products, and philanthropy.
In addition to Brolick, other speakers include Mary Dillon,
CEO of Ulta Beauty; Jean Case, CEO of the Case Foundation;
Wayne Murdy, former CEO of Newmont Mining Corp.; Michael
O’Neill, chairman of Citigroup; Richard Lenny, former CEO of The
Hershey Co.; and Paul Purcell, CEO of Baird Financial Group.
His story arc included Thoreau, a mountain in remote Alaska, a
blind 7-year-old boy, cat-eye glasses, George Soros, the TransSiberian Railroad and an estimated 700 million people worldwide who suffer from poor vision.
A crazy-sounding mix of people and places to be sure. But
for optometrist Jordan Kassalow, they represent just a few of the
milemarkers on the deeply personal journey that led him to found
VisionSpring, a not-for-profit based on a market-based model
that provides affordable eye care to the world’s poor.
Kassalow, a noted social entrepreneur recently named to
Forbes Impact 30 list, was the keynote speaker for the third annual Irish Impact Social Entrepreneurship Conference. The conference, held Sept. 17-19, gathered social entrepreneurs from
around the globe to network and learn from top thought leaders.
Other participants included Rick Klau, a product partner at
Google Ventures; Greg Van Kirk, co-founder of Community
Enterprise Solutions and director of social ventures of
SmartVision Labs; Jonathan Ng, global legal director and inhouse counsel for Ashoka Global; and Gary Gigot, benefactor
and CEO and co-founder of marketing strategy startup Vennli.
The Zielsdorf Family Pitch Competition, part of the Irish
Impact event, awarded two prizes:
• Crisp! Mobile Grocer, an affordable server with more than 300
items available for delivery right to a customer’s door, won
the grand prize of $8,000. The primary initiative is to provide
Chicago residents access to fresh, healthy, local food.
• Jubilee Initiative For Financial Inclusion (JIFFI) won the “Coffeehouse Favorite” prize of $2,000. JIFFI is a nonprofit financial
services provider based in South Bend. Run exclusively by
ND students, JIFFI provides micro-loans in the form of cash
advances to replace predatory payday lending.
The program also gave the 2014 Irish Impact Award to
Fr. Tom Streit C.S.C., the founder of the Notre Dame Haiti
Program (NDHP). The program has specifically targeted
elimination of lymphatic filariasis (LF), a disease that affects
roughly one-third of the Haitian population, by the year 2020.
With assistance from multinational firm Cargill, NDHP has set
forth a commercially viable plan to manufacture and distribute
fortified food-grade salt products from Port-au-Prince.
Irish Impact is organized by the Gigot Center for Entrepreneurship in partnership with Fellow Irish Social Hub (FISH), an
independent, nonprofit organization that invites Notre Dame
students, faculty, alumni and local community members to help
develop socially innovative ideas into for-purpose enterprises.
Mendoza Business • Fall 2014
Thomas Bullock, a Mendoza
College staff accountant who
works with the Tax Assistance
Program (TAP), received the
Notre Dame Presidential
Values Award during the 2014 Service
Recognition Dinner in May. The Presidential Values Award is given to employees
whose performance reflects the
University’s core values of integrity,
accountability, teamwork, leadership in
mission and leadership in excellence.
TAP was launched in 1972 by
Accountancy Professor Ken Milani to
provide tax preparation assistance to
low-income people in the local community.
The program has grown exponentially
over the years, preparing more than
4,000 tax returns for 2013. Bullock
works especially with international
students—a complex task requiring
knowledge of the peculiarities of tax
law for aliens who are obliged to file
U.S. tax returns.
In bestowing the award, the University
lauded Bullock for serving as an excellent
role model to the student volunteers, and
for providing essential logistics support
to the program, which operates nine help
centers and organizes “SWAT” teams to
visit homebound or hospitalized residents.
On the last day of the spring semester, Mendoza undergraduates dressed up in their
finest for an evening of fun for a worthy cause. About 250 students, faculty and staff
members turned out for the Mendoza Undergraduate Gala, held April 30 in the Morris
Inn ballroom. Band du Jour, a student band featuring accountancy student Elizabeth
Curtin (’15) as one of the singers, provided the music.
The inaugural event was sponsored by the Mendoza Student Leadership Association and underwritten by a donation from the Mastrovich family, which allowed all the
proceeds to go to the Declan Drumm Sullivan Fund and Horizons for Youth.
“The MSLA wanted to create a signature event for the college that celebrated the
hard work done throughout the year and build on the sense of community within the
college,” said Alison Levey (FIN ’84), Undergraduate Studies academic and MSA adviser.
“It was very important to them that it have a charitable aspect as well, and honoring a
Notre Dame student who had been part of the college seemed a perfect fit.” Sullivan’s
sister Win, an ND senior, and his brother Mac attended the gala.
Sullivan was a junior at Notre Dame when he died in October 2010 after the tower
he stood on to videotape football practice collapsed in high winds. The Declan Drumm
Sullivan Fund and Horizons for Youth offer mentoring and college preparation to
low-income children.
In the past year, Notre Dame MBA students have racked up an impressive list of case
competition wins against some of the top-ranked b-schools on a range of topics from
marketing the Ironman triathlon to promoting diversity. Here’s a select list of results:
• 1st Place BYU Social Entrepreneurship Case Competition
• 1st Place University of Louisville Business Plan Competition
• 1st Place Key Bank Ohio State Diversity Case Competition
• 1st Place San Diego State University Sports Case Competition
• 2nd Place EY Diversity Case Competition
• 2nd Place Association for Corporate Growth Indiana M&A Case Competition
• 2nd and 3rd Place Arthur Page Case Writing Competition
• 2nd Place Leeds Net Impact Case Competition
• 2nd Place Regional VC Investment Competition
Elizabeth Tucker (ACCT ’14) was named the 2014 NCAA Woman of the Year, the
first Notre Dame student-athlete in history to be selected for the prestigious honor.
The award honors graduating female student-athletes who participated in NCAAsanctioned sports and distinguished themselves throughout their collegiate careers
in the areas of academic achievement, athletics excellence, service and leadership.
She was the first soccer player ever to be chosen.
Tucker, who currently works as a consultant at McKinsey & Company in Chicago,
emerged as the 2014 NCAA Woman of the Year recipient following a rigorous selection process that began in June when NCAA colleges and universities nominated
446 student-athletes for the award. Her athletic prowess, academic achievements
and commitment to service were cited in the award announcement.
“This is a landmark day for Notre Dame and Fighting Irish athletics,” said Jack Swarbrick, Notre Dame vice president and director
of athletics. “Elizabeth has been a tremendous ambassador for our University and our women’s soccer program during the past four
years. The contributions she has made are almost endless and will live on well after her graduation from Notre Dame. She is selfless, caring, intelligent, competitive and compassionate. In short, Elizabeth is everything we could ever hope to find in a Notre Dame
student-athlete, and we could not be more proud to celebrate Elizabeth’s selection as the 2014 NCAA Woman of the Year.”
“The primary
of commerce
is service
to mankind.”
—Rev. John O’Hara, C.S.C.
The O’Hara Society impacts every aspect of the graduate business experience at
Notre Dame. Last year, $700,000 in gifts
from more than 500 members provided:
• fellowships to attract outstanding
students who will enhance the
Notre Dame alumni network
• enhancements to curricula
and technology to deliver an
unparalleled learning experience
• resources for recruitment of
faculty who are leaders in their
respective fields
• special contributor status in the
football ticket lottery
• discounts at campus venues
• invitations to exclusive events
• semi-annual newsletter and annual
impact report
Alumni and friends of all graduate
business programs (MBA, EMBA, MNA,
MSA, and MSM) are invited. Take on
a leadership role in shaping your
program’s future. Join the John
Cardinal O’Hara Society today.
Visit to learn more.
New Faculty Profile: Meet Charlice Hurst
From her own research on interpersonal dynamics in the workplace,
Charlice Hurst, assistant professor of management, knows about
the cringeworthy norm violations that new employees often commit: engaging in inappropriate humor, unintentionally questioning a
co-worker’s competence, asking too many questions, asking too few
questions, coming across as critical, coming across as inexperienced.
The pitfalls are endless.
Hurst joined Mendoza on July 1 from Ivey Business School at
Western University in London, Ontario, Canada. In this Q&A, she
explains some of the implications of workplace relationships.
Q: Why are so you interested in workplace dynamics and relationships?
A: Work is a big part of who we are. We all have a need for life to
be meaningful, and work needs to be meaningful as well. We need a
sense of belonging and we need a sense of belonging at work.
Q: What’s at stake when people have trouble adapting to a
new work environment? What should be done to help them?
There are so many little things you have to learn in
a new environment. Is it really OK to say no to lunch?
Do you linger after meetings? Who do you take advice
from? Violating norms can affect people’s adaptation to a new job. If they become too uncomfortable
or lose confidence, they might leave, take longer to
reach full productivity or develop ongoing difficulties
with performance. Employers invest a lot of time and
money in hiring new employees, and they need it to pay off.
So it’s important what colleagues do when new employees
violate the norms. Do they try to help without being critical? Do they want new employees to succeed? Is there
a culture of psychological safety, meaning that people
can take interpersonal risks without being made to feel
Q: You’re also researching how transitioning to a virtual
work environment affects team member relationships. What
have you learned?
A: Virtual workplaces don’t negatively affect team
performance. But workers benefit when leaders support
the transition to virtual workplaces. Employees have more
autonomy in a virtual workplace. Psychological
safety within teams was higher with people
who are home-based or mobile than with
teams working onsite. There can be more
diverse perspectives, and people aren’t as
afraid to share information. When you think
about it, it makes sense—people may be
braver communicating by email.
Q: In light of your research insights,
what’s it like being the new kid on the
block at Mendoza?
Notre Dame is like its own
little solar system, and I’m having fun
exploring it. I’m still learning the norms
here, but my colleagues seem nice
enough not to hold it against me if I make
a misstep from time to time. It’s pretty
psychologically safe here!
Q: This topic is related to another area of your re-
search, employee voice. Do leaders want employees to
speak up?
want employees to speak up, but there isn’t much
research on the impact of speaking up, which
we call voice. Some research shows that managers can be defensive toward voice, often because
they may not feel up to the task of making changes.
In a field experiment I did with a doctoral student
at my former institution, we had employees make
suggestions, and then had the manager choose which
suggestion to adopt. We found managers listened more
to employees with whom they had strong relationships.
Managers didn’t listen all that much to warnings about
risks, even if they had a close relationship with the employee. Managers were much more interested in suggestions about company growth. The downside
of that is, who are they listening to about risk?
Photography by Barbara Johnston
A: Prior research shows that leaders say they
James L. Fuehrmeyer Jr. is the new director of
the Master of Science in Accountancy program. He
replaces accounting professor Michael Morris, who returned to teaching and research as a faculty member.
Fuehrmeyer joined Mendoza in 2007. He teaches
undergraduate financial accounting and auditing
courses, as well as an advanced financial reporting
course in the MSA program. Prior to joining Notre
Dame, Fuehrmeyer spent 27 years with Deloitte &
Touche, including 18 years as a partner. Before his retirement
from Deloitte, he was the partner responsible for audit quality
assurance in the Chicago and Eastern Iowa practices.
His prior experience includes five years with the U.S. Army
infantry where he attained the rank of captain. Fuehrmeyer
earned a bachelor of science in National Security and Public
Affairs from the U.S. Military Academy at West Point, NY, and an
MBA from the University of Chicago.
Professor Shankar Ganesan took over as chair
of Mendoza’s Department of Marketing as of July 1.
He is the John Cardinal O’Hara, C.S.C., Professor of
Business. He replaces John Sherry Jr., the Raymond
W. & Kenneth G. Herrick Professor of Marketing, who
returned to the marketing faculty.
The current editor-in-chief of the Journal of
Retailing, Ganesan focuses his research on product
recalls, interorganizational relationships, customer
relationship management, buyer-seller negotiations, service
failure and recovery and new product innovation. His articles
have appeared in top-tier marketing and business journals such
as the Journal of Marketing Research, Journal of Marketing,
Journal of Retailing, Journal of Personal Selling and Sales
Management, Journal of the Academy of Marketing Science,
Journal of Applied Psychology, Organizational Behavior and
Human Decision Processes, and MIT Sloan Management
Review. He also edited the Handbook of Marketing and Finance
(Edward Elgar Publishing, 2012).
Ganesan joined Notre Dame in 2013. Previously, he was the
Karl Eller Professor of Marketing at the University of Arizona.
He earned a Ph.D. from the University of Florida, an MBA from
the Indian Institute of Management in Bangalore and a B.E. from
Visvesvaraya Regional College of Engineering, Nagpur, India.
Each year, Mendoza’s academic departments and centers
sponsor numerous conferences that gather some of the leading
professors, researchers, corporate leaders and professionals
from across the globe. Their purpose is to foster focused
discussions about emerging trends among experts with diverse
perspectives. They promote the research work being done
at Mendoza, and help establish the College’s scholarship and
influence. Just a few examples include:
• The Notre Dame Deloitte Center for Ethical Leadership held
its third annual forum in March 2014 at Deloitte University in
Dallas-Fort Worth on “Cultivating Character at Your Company.”
The day-and-a-half event considered topics such as what
character means and how it can be measured in the workplace,
what difference it makes for a business, and how to create a
work context that fosters character.
• “Understanding China’s Capital Markets,” the 10th annual
Center for Accounting Education and Research (CARE) conference, was held in Hong Kong in June 2014, with nearly 150
delegates attending. The conference brought together leading
experts, regulators, capital market participants and academics
to discuss the valuation of Chinese companies, and the current
state and future of China’s equity markets.
• The Eighth Annual Transatlantic Business Ethics Conference
(TABEC), held on the Notre Dame campus in October 2014,
explored “Business Ethics and Creativity: Facing Globalization
and Struggling With Sustainability.” TABEC is a biennial event
that has been hosted by some of the top global business
schools for the purpose of encouraging dialogue between
leading North American and European scholars in business
ethics on topics of current interest and debate.
K.J. Martijn Cremers, finance professor, won
second place in the S&P Dow Jones Indices’ third
annual SPIVA Awards for a study he co-authored
on the topic of explicit indexing. “The Mutual Fund
Industry Worldwide: Explicitly and Closet Indexing,
Fee, and Performance” examines the relationship
between indexing and active management in the
mutual fund industry worldwide. The findings suggest
that the growth of explicitly indexed funds improves
the efficiency of the asset management industry.
The S&P Dow Jones Indices’ SPIVA Awards recognize
excellence in research on the topic of index-related applications,
acknowledging researchers from around the world for exploring
innovative techniques that enhance the use of indices in the
financial markets. Winners are selected by a jury of academics
and industry experts.
Mendoza Business • Fall 2014
Timothy A. Judge, the Franklin D. Schurz Professor of Management, recently received the 2014 Scholarly Achievement Award, given by the Human Resource
Division of the Academy of Management for the most
significant article in human resource management
published during 2013.
Judge and co-authors were honored for their paper,
“Hierarchical Representations of the Five-Factor
Model of Personality in Predicting Job Performance:
Integrating Three Organizing Frameworks with Two Theoretical
Perspectives,” published in the Journal of Applied Psychology.
The winning research paper is selected by a committee of
leading scholars in human resources. Criteria for the Scholarly
Achievement Award includes the significance and importance
of the problem to human resources; the extent to which the
findings advance research or theory; and the likelihood that the
paper will be widely cited in future published works.
The research, said Judge, shows that while our personalities
are often described in broad terms (someone is introverted or
extroverted), the more specific nuances are often more meaningful. “Most of us show some features of being extraverted at the
same time—for example, the same person might be talkative
and ambitious, but also cool and aloof. We found that these more
specific nuances better predicted behavior at work, including job
performance, than the broad-brush traits.”
John F. Sherry Jr. has been named as a recipient
of the 2013 Sheth Foundation/Journal of Marketing
Award for his research examining how organizations
change to become more market-oriented.
Sherry, the Raymond W. & Kenneth G. Herrick Professor of Marketing at the Mendoza College of Business, co-authored the article with Gary F. Gebhardt of
HEC Montréal and Gregory S. Carpenter of Northwestern University. “Creating a Market Orientation: A
Longitudinal, Multifirm, Grounded Analysis of Cultural Transformation” appeared in the October 2006 (Volume 70, Number 4)
issue of the Journal of Marketing.
The Sheth Award honors articles that have made long-term
contributions to the discipline of marketing. It recognizes scholarship based on the benefits of time and hindsight, and acknowledges contributions and outcomes made to marketing theory
and practice.
Ken Kelley, the Viola D. Hank Associate Professor
of Management, received three significant research
recognitions during the summer. Kelley was awarded
a “best paper” award from The European Society of
Methodology for his co-authored paper, “Estimation
and Confidence Interval Formation for Reliability Coefficients of Homogeneous Measurement Instruments,”
published in the Journal Methodology in 2012-2013.
The award recipient is selected by a jury as the best
paper published in the journal’s last two volumes.
Kelley also was chosen as the Anastasi Early Career Award
winner from the Measurement, Evaluation, and Statistics Section
of the American Psychological Association, and as a fellow of
the American Psychological Association, within the division of
Measurement, Evaluation, and Statistics Section. Both of these
honors are given in recognition of his body of research work.
Kelley’s research is in the area of quantitative methodology,
where he focuses on the development, improvement and evaluation of statistical methods. His specialties are in the areas of
research design, longitudinal data analysis, effect size estimation
and confidence interval formation and statistical computing.
Samuel Miller took over as the director of the
Gigot Center for Entrepreneurship in July after
previous director, Jeff Bernel, retired. Miller, who
joined Mendoza in 2008, helped develop the College’s
signature undergraduate research course, “Foresight
in Business and Society.” He currently serves as
a concurrent associate professional specialist in
management, teaching courses in strategic foresight
at the undergraduate and graduate levels.
Prior to joining the Mendoza faculty, Miller served as vice
president of strategy for JFNew, a leading ecological consulting
firm where he led innovation and strategic initiatives. In his
25-year career, he has held strategic management roles in
Fortune 500 companies and has been a successful entrepreneur. In 2009, BusinessWeek magazine recognized Miller as one
of “21 People Who Will Change Business.” He holds a Master of
Science in Product Development Engineering from Northwestern
University, an MBA from the University of Michigan, and a BA in
Economics from the University of Illinois.
“Scent affects mood and scent affects emotion.
It works without you having the opportunity
to filter it. To me, that is extremely unethical.”
Kevin Bradford, marketing associate professional
specialist, on the use of scents as a marketing strategy
(The Globe and Mail, Sept. 10, 2014)
“Potential liability is now
in the stratosphere and
that limits the number of
players that can engage
in this type of activity.”
Gianna Bern, Master of Science in Finance
director, on the ruling of negligence in the BP oil spill case
(Reuters News Service, Sept. 4, 2014)
“Dark pools have existed forever.
You can shut down these dark
pools and just new forms will arise
somewhere else.”
Robert Battalio, finance professor, on
Barclay’s alleged use of dark pools to hide high-frequency
trades (Bloomberg Businessweek, June 30, 2014).
“It has to do with the scope of the recall
and the impact it can have on consumers.
In the Jack in the Box [case], children
died from that recall. That is devastating.”
Kaitlin Wowak,
“If he wants to, he could tie
it up for a very long time.
But I bet that he wouldn’t.
The cost of him doing so
would be very extreme.”
Richard Sheehan,
finance professor, on the legal chal-
management professor, on the recall
lenges involved in the sale of the LA
of beef and the long-term damage
Clippers after owner Donald Sterling
to Michigan meatpacker Wolverine’s
made racially disparaging remarks (The
business (Detroit Free Press, May 20,
Los Angeles Times, May 6, 2014)
Mendoza Business • Fall 2014
Beautiful Results
After a rewarding teaching career,
John Halloran moves from
cultivating students to cultivating
his garden
Photography by Barbara Johnston
By Christine Cox
It was Friday on a football weekend in 1976 and John Halloran, a newly hired assistant professor of finance, was
headed to the library. “I’m just walking along and these four
older gentlemen stop me, and they want to talk to me about
[Irish football coach] Frank Leahy,” he recalls, laughing. “They
want me to tell them inside stories. You know, Frank Leahy
was here in the 40s and 50s! And this was the 70s, and I’m
brand new to Notre Dame. So I say, ‘Guys, Frank was a little
before my time. I’m really sorry.’”
Halloran, who retired as an associate professor on Dec.
31 after 37 years, offers up this anecdote to illustrate what
it means to join the Notre Dame community. “I learned early
on that Notre Dame takes over your life, it’s not just a place
where you work,” he says. “All of a sudden it becomes, in a
sense, your identity. As soon as people hear you’re from Notre
Dame, they want to give you their opinion or they want stories
about Notre Dame. And I’ve learned to accept this and enjoy it
for the most part.”
Good thing. Because, as those four football fans might
have sensed, Halloran is extremely approachable. In his 37
years, he has built a reputation for being the kind of person
who will stop and chat in the hallway and never seems rushed.
His patience and investment in others have served him
and his students well, especially as Halloran became the
person who introduced the complicated world of finance to
master’s students by teaching the introductory finance class
to all but the college’s three new graduate programs. With
very few exceptions, he has taught every graduate student in
the past decade, says Bill Nichols, associate dean for faculty
and research at Mendoza.
“His classes lay the groundwork for all the elective
courses and future finance courses,” Nichols says. “Therefore,
it’s very important they understand the fundamentals, and
that he transfers the excitement of wanting to take upper
level courses. And he’s done a good job. It’s a difficult job
because some of the students have degrees in education or
nursing or other areas outside business. He brings them a
level of comfort so they can succeed.”
Though records aren’t kept on the hours faculty spend
teaching certain courses, Nichols believes Halloran may have
logged more hours teaching executive education than any other
Mendoza professor, in both degree and non-degree programs.
His excellence in this area also reflects a delicate balance.
“You have to gain the respect of the audience by showing
you are current in understanding the trends and challenges
in a business environment,” Nichols says. “You have to show
you’re anchored to what’s going on in business. John can take
the theory of finance and bring it into a classroom or non-degreed experience in a way that it can be applied and add value
to a businessperson’s career.”
But execs from IBM or Office Max or Lockheed Martin,
companies for which Halloran was charged to form relationships, also benefited from his kind patience. “Some folks
come in saying, ‘Oh, man, I just don’t know if I’m up for this
quantitative material. I don’t know if I can do it,” Halloran says.
“They can shut down on you. Coming across hard to those
people is a sure way to turn them off. You have to find a way
to meet them where they are.”
His students have appreciated this. “From time to time
they email me with questions or they just want to talk about
how they use something they encountered in class,” he says.
“That’s probably the most gratifying email you can get as an
instructor. A student says, ‘You know that topic we talked
about? I’m actually using this stuff!’ It’s very nice.”
Even though Halloran is officially a professor emeritus,
he’s still teaching a few finance classes for the Executive
MBA and Master of Nonprofit Administration. And he’s happy
for the opportunity to transition gradually into retirement.
But Notre Dame will always be a presence in his life. An
Irish Catholic who grew up following Irish football, Halloran
feels especially blessed that all three of his children, Brian
’96, Brendan ’02 (who works as a technical and process
analyst with Mendoza IT) and Mary Brigid ’10, are Domers.
“This is rare in and of itself given how challenging it is to get
into this university,” he says. “They all went through Arts and
Letters—there are no business students in the bunch. But
this was an opportunity my children never would have gotten
“So I’m so thankful. The opportunity to work at this University has been challenging for me, it’s been intellectually
stimulating and it has been rewarding to be in an environment
where you’re not just treated like a number, but people care
about you,” he says. “The experience has turned out to be
more positive than what I could have hoped.”
As he shifts the balance of his life from career to retirement, Halloran is looking forward to traveling with his wife of
44 years, Suzy, especially to escape the cold Indiana winters.
And he’ll shift his patience from the classroom to his passion for landscape gardening in the Japanese style. The Hallorans’ home sits near a picturesque lake, the perfect backdrop for Halloran’s Zen garden and other natural features that
he carefully cultivates. He also grows orchids and maintains
bonsai trees, a hobby that summons forth all his patience.
“It is really hard to take when you have a bonsai tree that
you worked on for a long time and, boy, it just goes belly up on
you,” he says. “You just want to kick yourself.”
Still, gardening is a deep part of who he is. “I’ve been interested in gardening of one sort or another probably since I was
20,” he says. “I think it’s part of my Irish roots — I’ve always been
interested in digging into the earth, even as a child.”
And just as with teaching, his patient care and determination with gardening yield beautiful results.
“It’s an ongoing process I really enjoy,” he says. “I like being
out there with nature—it’s very relaxing and stimulating at the
same time. And it’s not really what you do, it’s the intensity
of how you approach it and the care that you give it that are
Mendoza Business • Fall 2014
A Matter of Trust
New research by Finance Professors Robert Battalio and Shane Corwin
exposes potential conflicts of interest in the way brokers execute customers’ orders
By Michael Hardy
On June 17, Finance Professor Robert Battalio took a seat
before a microphone in a stately, marble-paneled Senate hearing
room across from Sens. Carl Levin and John McCain, the ranking
members of the Homeland Security and Governmental Committee’s Permanent Subcommittee on Investigations.
The subcommittee had called Battalio to testify at a hearing
on potential conflicts of interest between low-cost stock brokerages and the ordinary investors who use them. Using proprietary
market data, Battalio and his two co-authors—Shane Corwin, finance professor at the Mendoza College of Business, and Robert
Jennings of Indiana University—had recently circulated a widely
read research paper arguing that there is indeed such a conflict,
and suggesting ways to resolve it.
The idea for the research project came in 2010, when the
authors read a news article that quoted Christopher Nagy, then
the head of order routing at the low-cost broker TD Ameritrade,
explaining how the company executed its customers’ orders. According to Nagy, Ameritrade routed its market orders—orders to
buy or sell a stock at the best prevailing price—to market makers
who were willing to pay Ameritrade for the honor of executing
the orders.
However, the broker routed limit orders—orders to buy or
sell a stock only at a predetermined price—to the exchange
that offered the largest rebates for limit orders. There are now
about a dozen public exchanges, including the New York Stock
Exchange and Nasdaq, but also lesser-known ones with names
like BATS and DirectEdge. These exchanges all compete for the
brokerages’ business, using these rebates as a major incentive.
In other words, Ameritrade was executing its customers’
trades on the venue that paid it the most money. That was clearly
good for Ameritrade, which was pocketing millions of dollars’
worth of liquidity rebates each year. The question was whether it
was good for Ameritrade’s customers.
“We weren’t aware that anyone was
really doing this, so when we came across
[Nagy’s quote], we found it very interesting,” Corwin said. “The hard part about this,
as with so many of the topics we work on
in market microstructure, is having the appropriate data to analyze the questions.”
For the next two years, the researchers went from brokerage to brokerage asking to view their order routing data. No one
was willing to hand it over. Finally, a major investment bank that
also served as a broker-dealer stepped forward, offering to give
them information about all the orders it executed in October and
November of 2012—more than 28 million orders—as long as the
researchers promised not to name the bank publicly.
Why would the bank do such a thing? Corwin speculates that
the bank was questioning how its orders were being routed to
the various trading venues and the impact of those routing decisions. It was likely hoping that the scholars could use the data to
figure it out. “They were nice enough to give us the data, so we
were happy to analyze it,” he said.
When the researchers began sifting through public disclosures from other brokers, they quickly discovered that
Ameritrade wasn’t the only discount broker routing its trades
to the highest bidder—E-Trade, Fidelity and Scottrade were all
doing the same thing. More importantly, from the order data
they learned that there was an inverse relationship between
the exchanges’ rebates and the execution quality provided to
orders; the exchanges that paid the most to brokers also offered
the lowest likelihood of limit order execution (or fill rate) to the
brokers’ customers. In other words, there was a conflict of interest between the stockbrokers and the customers whose interest
they were supposed to be looking out for.
To understand why high-rebate exchanges may be bad for investors, you have to understand that every stock exchange both
pays rebates to brokers and charges fees, depending on the type
of trade. The authors discovered that during those two months in
2012, Nasdaq BX, to take one example, was paying brokerages
up to 14 cents (per hundred shares) for executing market orders,
while charging up to 18 cents to execute limit orders. EDGX was
doing just the opposite, paying brokerages up to 32 cents to
“We weren’t aware that anyone was really doing
this, so when we came across [Nagy’s quote],
we found it very interesting,” Corwin said.
want at $50, you’re probably going to place another order to buy
at the higher price. Providing that the second order gets filled,
the brokerage still pockets its same commission, but you lose
$100 worth of potential profit.
Does the order routing decision matter in the real world? For
actively traded, low-priced stocks including Sirius XM Radio and
Microsoft, routing orders to the low-fee venue can improve the
probability that limit orders execute by up to 25 percent. For
higher priced stocks, such as Google, the routing decision is less
While the payments seem miniscule, these rebates are a
major source of revenue for both brokerages and exchanges—
given enough trades, 30 cents per 100 shares can quickly add
up. Indeed, prior to the June 17 subcommittee hearing, Ameritrade revealed that it earned revenues of $236 million from order
I sell my shares, the stock ticks up to $51 and your order goes
True, the brokerage only gets paid for executed trades, but
the firm is betting on the fact that if you can’t get the shares you
routing in 2013.
But for the average investor, isn’t 30 cents a small price to
pay for the $9.99 trading fees that Ameritrade and other lowcost brokers offer? In response to this, Professor Battalio says,
Photography by Matt Cashore (ND ’94)
execute their limit orders and charging 30 cents to execute their
market orders.
If a low-cost broker such as Ameritrade routes all its orders
to the highest-paying venue—sending all its limit orders to EDGX
and all its market orders to either wholesalers or BX—that means
its limit orders may not get executed. Imagine that Microsoft
shares are trading at $55. You place a limit order to buy 100
shares if the stock falls to $50, and your brokerage routes that
order to EDGX, because they pay the most for limit orders.
In a couple of hours, the price dips to $50 and I tell my own
broker (who might be the same as yours) to place a market order
to immediately sell my 100 shares of Microsoft. But instead of
routing the order to EDGX, where I could sell my shares to you,
my brokerage directs it to BX (in order to minimize fees), where
it finds a different buyer, leaving you high and dry because after
Mendoza Business • Fall 2014
“The point is, what’s small? It’s a matter
of trust—you’re supposed to be able to
trust your broker, and if they’re going to
do things to their advantage when they
know you’re not looking, is that OK?”
“The point is, what’s small? It’s a matter of trust—you’re supposed
to be able to trust your broker, and if they’re going to do things to
their advantage when they know you’re not looking, is that OK?”
Despite the conflict of interest he and his colleagues have
identified, Battalio doesn’t believe the market is rigged, as Michael
Lewis argued in his recent bestselling book Flash Boys. The
problem can be solved by requiring brokerages to pass along their
rebates to their customers, which would make sure everyone’s
interests are aligned, or by simply requiring brokerages to make
their order-routing data public. If investors knew more about how
different brokers route trades, they could make a more informed
decision about which broker to choose.
Toward the end of his Senate testimony, Battalio was asked by
Senator McCain whether this conflict of interest between brokers
and investors was really “a serious issue.”
“We think it is,” Battalio said, lowering his head to speak directly
into the microphone. “But we also think it’s an easy one to fix.”
Editor’s Note: Battalio and Corwin’s research has been widely
cited in regulatory and legislative forums as well as by the media,
including The Wall Street Journal, Bloomberg, Reuters and Traders
Magazine. Most notably, subsequent to Battalio’s Senate testimony,
Carl Levin released a letter to SEC Chairwoman Mary Jo White calling for the elimination of the “maker-taker” system where exchanges
pay market participants for some kinds of orders and charge fees
for others. Referencing the Battalio-Corwin study, Levin called the
practices conflicts of interest that “erode public confidence.”
The research also became a focal point of a recent TD Ameritrade update meeting with Wall Street analysts, when one of the
analysts pointedly asked CEO Fred Tomczyk to address the issues
highlighted in the paper., a resource site for financial
advisors, subsequently published a lengthy article presenting
Tomczyk’s comments and Battalio’s responses.
Also, the Financial Industry Regulatory Authority sent “sweep
letters” to 10 retail brokers in July, asking for details about how
they route customer orders. According to The Wall Street Journal,
Tom Gira, executive vice president of FINRA’s market regulation
department, said the regulator’s concerns about brokerage routing
practices were sparked by Corwin and Battalio’s research.
Battalio and Corwin were awarded a prestigious Q-Group
Research Grant in November 2013 for their study. Q-Group
awards are given annually to a select group of researchers for
superior academic research projects with potential applications
in the field of investment management.
Photo provided
-Robert Battalio
On June 17, Finance Professor Robert Battalio testified before the U.S. Senate Permanent Subcommittee on
Investigations of the Committee on Homeland Security and
Governmental Affairs on “Conflicts of Interest in the U.S.
Equity Markets.”
Battalio’s testimony addressed three areas of interest:
(1) The conflicts of interest faced by retail brokers in
determining how to route customer orders, as identified in his
paper (co-authored with Shane Corwin and Robert Jennings)
titled, “Can Brokers have it All? On the Relation between
Make-Take Fees and Limit Order Execution Quality”
(2) Other market conditions that may create conflicts
of interest affecting brokers deciding where to route
institutional and retail customer orders; and
(3) Any recommendations for policies that could reduce
or eliminate those conflicts of interest and enhance public
confidence in U.S. equity markets
Read or watch Battalio’s full testimony on the Senate
subcommittee website at
or by clicking this link:
Twenty-five students from sub-Saharan Africa traveled
to Notre Dame for help in building a new economic vision
By Christine Cox
Takunda Chingonzo was wearing a shirt with an ND logo as he stood in line at the Indianapolis Black Expo
in July. You might guess what happens next: The guy in front of him is a Domer and strikes up a conversation. Chingonzo tells the alum he’s from Zimbabwe on his first trip to the U.S. That he’s studying at
Mendoza for six weeks through the Young Africa Leaders Initiative (YALI) Mandela Washington Fellows
program. That he’s an entrepreneur with two successful technology startups under his belt and one in
development. And that he’s 21 and still in college.
Intrigued, the alum invites him to dinner. A few hours later, Chingonzo has an investor for his startup,
Saisai, and another connection to the Notre Dame network.
If Chingonzo has an uncanny energy that attracts unexpected opportunities, the YALI program was
the right place at the right time. Less than a month after meeting the alum in Indianapolis, Chingonzo
was the YALI participant chosen out of 500 to interview President Barack Obama in Washington, D.C. In
front of leaders from 50 African countries at the U.S.-Africa Leaders Summit, Chingonzo respectfully but
firmly questioned Obama about targeted sanctions against Zimbabwe that are unintentionally hurting
entrepreneurs there.
In the end, Obama promised to address the matter and even gave Chingonzo a plug: “If any of you are
interested in investing in this young man, let him know,” the president said before hugging Chingonzo.
Of course, investing in Chingonzo, in YALI and, ultimately, in Africa makes tremendous sense. As
Africa expands on a global economic stage, much is at stake regarding health, human rights, security and
other areas. In particular, the need for business leadership and entrepreneurship training is paramount,
especially on a continent where 60 percent of the population is under 35.
YALI, a signature program launched this year, seeks to strengthen young leaders as they address
these issues in sub-Saharan Africa.
The fellowship enlists top U.S. educational institutions, including the University of Notre Dame, to
provide immersive training in business and entrepreneurship, civic engagement and public administration
to 500 fellows. This year’s program ran from June 16 to July 25, after which participants attended the
summit in Washington.
The 500 fellows, selected from 50,000 applicants nationwide, wielded significant experience: 75
percent hold an executive or mid-level position; 39 percent operate their own business; 48 percent have
graduate degrees; and 25 percent work for a nongovernmental organization, according to a White House
fact sheet.
Entrepreneurship is critically important on a continent where 72 percent of young people make less
than $2 a day according to the Rockefeller Foundation. Without new startups, there simply isn’t enough
existing commerce to provide jobs to a vast population suffering food scarcity and dire poverty. In an
interview with National Public Radio, Notre Dame fellow Enitan Kuku of Nigeria explained the desperation
Mendoza Business • Fall 2014
Photography by Matt Cashore (ND ’94)
for employment she sees every day.
“On Third Mainland Bridge, driving in the rain, I see people
offering to sell me gala—[which are] like, sausage rolls—on the
street of Lagos,” she says in the interview. “It’s raining. The bridge
is like 30 minutes long by driving … and you see these guys
walking from the edge of the bridge to the other in the rain, in
the sun. Sometimes I feel like crying because I say how do these
guys survive every day? There is hunger in people to actually
earn a living. They don’t have a job. So we just have to structure
the old business model around entrepreneurship to say that is
the next future for Africa.”
A part-time entrepreneur, Kuku holds a full-time job as a
finance coordinator for British American Tobacco Nigeria. In her
free time, she runs a business that helps young artisans from
rural areas sell their work. She and the other 24 fellows from
17 countries see entrepreneurship, not industrialization or big
business, as the key to transforming Africa.
With this in mind, the YALI fellows dove into lessons
about business and entrepreneurship from Mendoza business
professors and industry experts, exploring such topics as
developing leadership skills for social change, funding new
ventures, understanding markets, nonprofit management and
dealing with corruption. They tasted life off campus through field
trips to businesses in South Bend, Indianapolis and Chicago and
community service projects on weekends.
Marc Hardy, director of nonprofit executive programs
at Mendoza, organized Mendoza’s program. “In reviewing
applications, I noticed two recurring concerns: unemployment/
underemployment and corruption,” Hardy says. “These problems
are leading young Africans to create their own businesses. Our
fellows believe in Africa and they believe the way to raise the
standard of living is through business and entrepreneurship.”
With YALI training up to 4,500 fellows during its 5-year
lifespan (the number of participants is increasing to 1,000 in
2016. the potential for a multiplication effect across Africa is
great, Hardy adds. “I think they are going to be the generation
that ignites change for Africa,” he says. “Our fellows went from
thinking they could make a difference to thinking they could
inspire a generation. To be clear, this program was not about
them getting a job, it’s about these young leaders creating
opportunities for others.”
Bill Brennan, senior associate for Mendoza, mentored the
fellows individually. “I saw a common theme of Ask More of
Business™ with them,” he says, mentioning the Mendoza tagline.
“Many of them started businesses to tackle education, health care
and other issues that are important to developing their countries,”
he says. “Their vision was powerful and it was touching to be
around them. You want to root for them and help them succeed.”
Especially when their business efforts are going to improve
their communities, as is the case with Chingonzo and his current
startup. Saisai, which means “wave” or “signal” in Zimbabwe’s
Shona language, will offer free Internet access to people riding
commuter buses in the country’s busiest cities. “Zimbabwe has
one of the highest mobile data charges in the world,” he explains.
“That’s the reason why most of your medium- to low-income earning people cannot access the Internet and participate fully in their communities or the world. Saisai will make
this technology accessible to everyone and revolutionize and liberate Zimbabwe.”
His time at Mendoza and connections he’s made have inspired other ideas, and he
has immediate plans to partner with ND students to create intercontinental startups.
And he wants to return someday for a master’s. “The Mendoza professors taught me
how to create a more sustainable business,” he says. “I’ve gotten a better understanding
of how the funding ecosystem for startups actually works. I now understand the role of
the venture capitalist function and other important concepts. It’s information I would not
have been able to learn if I had not come here. I find the environment and atmosphere
here to be very conducive and the material and professors to be very insightful.”
Like Chingozo, Candice Potgieter of South Africa also discovered unexpected
connections through YALI. She was especially surprised at a field trip to Amish country
in Shipshewana, Ind., where the fellows wandered through quilt shops and open food
markets, getting a glimpse of their simple lifestyle.
“It’s nice to be immersed in this culture,” she said. “Places like this really help you see
similarities from country to country—that we’re all humans and that there’s a shared
humanity among us.”
These observations certainly reflect Potgieter’s mission as CEO of the KZN Science
Centre in KwaZulu-Natal, South Africa—to respect, not diminish, the lives of children
who mostly live in rural areas by enriching their lives through science.
“Science should not only be for those who can afford it, it needs to be for everyone,”
she says. “Providing access to a science lab is a way of saying, ‘You can be who you want
to be.’”
Potgieter, a 30-year-old astrophysicist, is wholly invested in this idea. She took the
top post at the museum in 2012 while it was undergoing a name change, a funding
crisis and a major reorganization. Not only did she stabilize the museum, which serves
180,000 visitors each year, but she also implemented new initiatives: mobile laboratories that bring science to rural areas; a program that introduces science to children ages
2-5; and a program that provides science equipment at low cost to schools, many of
which have no equipment of any kind.
After six weeks at Mendoza, she couldn’t wait to get back home to implement the
ideas she learned.
“[YALI] allows you to take a step back and look at improving your organization,” she
says. “For our science center, we need to look at our funding models to see how to
improve them. That’s how nonprofit organizations can end up being sustainable, and how
we can introduce our model to other African countries. The professors at Mendoza have
given me great ideas to explore when I return home. They were really interested in my
organization and improving it.”
Beyond strategies for her own organization, YALI helped Potgieter form connections
with colleagues from other African countries that have illuminated possibilities on a
continental scale.
“These relationships and networks are incredible,” she says. “Specifically, I plan to go
forward with our science center model to introduce to other countries. But in general, we
share a vision to improve lives in Africa, and the YALI program will help us move forward.”
Learn more about the YALI Mandela Washington Fellows program:
NPR Story: U.S. Program Helps Africans Learn Entrepreneurial Skills:
Voice of America video profile of Mildred Apenyo:
Young African Leaders Initiative Website:
Notre Dame YALI Website:
Mendoza Business • Fall 2014
8 a.m. with the
Coffee MaN
By Christine Cox
To say a college class changed your life is one thing. To say an
8 a.m. class that you couldn’t get out of ended up changing your
life is completely different. And in page after page of thank-you
letters to Chris Stevens (’74), adjunct management professor,
students want to make sure he understands this difference.
Dear Professor Stevens,
… Being put into your 8 a.m. class is one of the best things that
has happened to me here at ND.
Dear Professor Stevens,
… I do not think I will ever again be able to say I was excited to
wake up on Mondays for an 8 a.m. class.
Dear Professor Stevens,
… I tried my best to go every morning but it’s rough sometimes
at 8 a.m., so I apologize for any absences. … Your class did not
just teach me the principles of management, but also life itself.
Dear Professor Stevens,
… You serve as a daily inspiration and reminder of what is good
and right in this world. Through your teaching I believe I have
already become a better person.
Dear Professor Stevens,
… I will cherish the memories and miss those early 8 a.m.s with
the Coffee Man.
The return of the Coffee Man
A.K.A. Hawk
This early morning gratitude seems as unlikely as the Coffee
Man teaching at Notre Dame in the first place.
He left a business career that was beyond successful.
Stevens helped develop and launch Keurig Premium Coffee
Systems, a pioneer in what has become an industry of singleserve coffee options. In the first day or two of his classes,
Stevens shares the story of how he downsized the comfortable
life of his family near Boston to invest in Keurig. He had already
built a successful career with such corporate giants as Procter
& Gamble and Anheuser-Busch.
Of course, the Keurig risk paid off. Since launching in
1998, it has become a $5 billion corporation and a ubiquitous
household brand.
Yet, Stevens decided to retire in May 2013 as vice president
of corporate relations in order to focus exclusively on teaching.
He had started teaching an MBA course in the Interterm Intensive graduate sessions at Mendoza College in 2009, traveling to
campus for the break weeks in fall and winter. He loved it.
In 2012, he accepted a full-time adjunct position and commuted that year from Massachusetts to teach. His courses
included Business Problem Solving and Change Management
for MBA students, and Business Problem Solving and Principles
of Management for undergraduates. With such a demanding
schedule, Stevens eventually decided he needed to live in South
Bend full time to devote the time he wanted to his students. So
he and his wife, Trice, moved from Boston before the start of the
2013-14 academic year. Stevens had already owned a townhouse that’s about a 10-minute walk from the stadium.
“Hey, I’m not a greedy guy,” he says. “I’ve got enough to be
able to support my family. And I once heard you should have two
careers in life: one until age 60 and one from 60 on. Last year, at
the age of 61, it seemed perfect to change direction.”
Big guy, big heart
Stevens is a big guy. Not just tall—he stands 6-foot, 6-inches—
but big-voiced like a broadcast announcer. When he first started
appearing around Mendoza as a faculty member instead of a
guest speaker, most people knew him as the Keurig executive.
Some may have known Stevens from his basketball career at
Notre Dame. Nicknamed Hawk, he earned two monograms under
coach Digger Phelps from 1971 to 1974.
All of that adds up to a significant intimidation factor, until,
that is, you actually meet him. Stevens, like so many, found a
stability and support at Notre Dame that was sorely missing
from his home life. He spent his early childhood in foster homes
from Texas to upstate New York to Washington, D.C. area—an
experience that seems to have deepened his appreciation and
his determination to make a difference.
At Notre Dame, he not only earned an economics degree, but
also converted to Catholicism.
On the first day of any class, Stevens tells students, “I
don’t know everything, but I’ll give you everything I’ve got.” This
includes, on top of the regular curriculum, small but critical
Photography by Matt Cashore (ND ’94)
details for a business career such as writing thank-you notes,
developing great sales skills and drafting compelling job search
Madeleine Witt (’16), a management consulting and peace
studies major, mastered the skill of writing a business plan in
Stevens’ class, which helped her land a summer internship with
SoDE, a nonprofit that assists victims of human trafficking
through business solutions. She wrote a sample business plan
for the interview process that won her the internship. Witt later
sent Stevens a business plan she was working on for his opinion.
“He gave me some excellent pointers,” she says. “He just can’t do
enough for his students.”
An ardent supporter of many nonprofits in his personal life,
Stevens connects his MBA classes with local nonprofit leaders
to assist with areas they’re looking to improve.
Nancy Owsianowski, director of development for RiverBend
Cancer Services of South Bend, worked with some of his student
groups, who provided marketing ideas and strategies to effectively
incorporate volunteers. RiverBend has provided free counseling,
education, programs, financial assistance and more to cancer
patients and survivors and their loved ones for more than 70 years.
Owsianowski at first figured that students would approach
this as an academic exercise. But she was soon impressed
with the level of attention from the students, from the thorough
examination of the organization and its challenges, to the formal
presentation of potential solutions. She says the organization
has incorporated some of the steps already, and plans to
implement even more of them in the future.
“The level of detail they went into with their solutions and
their thoroughness was probably from getting direction from
Chris,” she says. “He’s a fantastic listener and is able to distill issues by listening very carefully. And he has such a caring spirit.”
Invested all the way
ND MBA student Jordan Karcher (’15) was looking to start an online coffee business when he first heard about Stevens last fall.
Though he hadn’t taken classes from the Coffee Man, Karcher’s
friends urged him to get in touch with Stevens for advice.
“He told me, ‘I love your idea. You should definitely do it,’”
Karcher says. “He gave me contacts in the coffee industry, too,
that have been invaluable. The fact that he came forward with his
expertise and helped me push my business forward meant everything. Professor Stevens was the last catalyst we needed to get
this company off the ground.” Grounds & Hounds, which donates
20 percent of sales to no-kill animal shelters, launched in March
and is seeing greater success than expected (see back cover).
Malik Zaire, a sophomore quarterback on the Irish football
team, also never took a class from Stevens, but met with him last
fall to discuss his dream to launch a nonprofit to help disadvantaged
middle school students explore career pathways. “I explained my
idea to him and he helped me clean it up and understand what
I need to do in my next steps,” he says. “He even put the foundation
proposal on his final exams for students to brainstorm. I came to
him with this urgent passion for this foundation to help kids and
he was on board from day one. ”
Zaire was not expecting the level of support he got from
Stevens. “He knows what it’s like to take risks, to be in a secure
place and step out of that comfort zone. He knows how to gauge
an idea and how to take that next step. And he’s not afraid to
fail,” Zaire says.
During Mendoza’s undergraduate commencement ceremony
in May, student after student stepped out of line to throw
Stevens a quick hug before heading across the platform to
receive their diploma. “I love my kids. For them to want to hug the
old man is something that really warms me,” he says.
Stevens received the University’s Frank O’Malley Award
and Mendoza’s 2014 Blessed Basil Anthony Moreau, C.S.C.,
Outstanding Undergraduate Teaching Award. “The mission of
Mendoza is to Ask More of Business, and it’s something I take to
heart,” he says. “I want it to be part of my students’ DNA.”
Though Stevens has guest lectured at several institutions,
he’s clear that Notre Dame is the only place he’d teach.
“Half the world’s population goes to bed hungry every night,
and 50 percent of the U.S. population will live in poverty by age
65. So business has got to do more, share more, drive more.
My goal is to help students not only learn to solve business
problems, but also to help prepare them for life and to help
others. That’s the Notre Dame way, and that’s why this is the
only place I’d ever want to teach.”
Mendoza Business • Fall 2014
He seems as laid-back as a California surfer, but
MBA student Gerek Meinhardt is really a fierce
fencing champ. How discipline has taken him to
the Olympics and an NCAA championship—and
back from crippling injury.
By Lynn Freehill Maye
He skipped the Olympic closing ceremonies
for college freshman orientation. Gerek
Meinhardt had been the youngest fencer
ever on Team USA. But he moved on before
the 2008 Games were even over. His focus
would be on Notre Dame.
His future roommate, Jamie O’Brien, had
been Facebook messaging with Meinhardt
for weeks. They talked about their favorite
TV shows and who would bring a futon. A
San Francisco Bay Area guy, Meinhardt
basketball and planned to stream every
possible Golden State Warriors game.
Finally Meinhardt mentioned that he’d be an
athlete at Notre Dame. O’Brien got curious.
He was starstruck at what he learned. “He
told me he was a fencer but never hinted
at the caliber he was,” O’Brien says. “It took
me Googlesearching his name to find out he
was going to Beijing.”
Still at Notre Dame six years later, now as
an MBA student, Meinhardt remains as
humble as he was while a freshman. Since
then, he has won an NCAA championship
in foil fencing, helped make Notre Dame a
fencing powerhouse, and started gunning
for the 2016 Olympics in Rio de Janeiro.
“Gerek will be remembered as the best
male foil fencer here ever. The rise and
dominance of Notre Dame foil starts with
him,” says his coach, Gia Kvaratskhelia. “If
he gets to Rio in the shape he wants to be
in, he has a legitimate shot at the gold.”
But injuries have made it a hard road—
and it’s not over yet. Only Meinhardt’s
extraordinary self discipline can see him
Photography by Barbara Johnston
Mendoza Business • Fall 2014
Fencers run at each other hard down an aluminum strip with frightening weapons in hand. Each
match has the classic look of swordplay. This is a sport that was developed in the 15th century, after
all, as training for duels. Today, fencers score with touches, not stabs, but the effect is still daunting.
Modern fencing has three events—foil, saber and épée—and they differ slightly in weapon weight
and shape. Across each event, the movements are small and efficient. But the way fencers lunge forward, with their back foot pointing to the side, is repetitive. That’s why fencers are prone to overuse
injuries in their legs and arms.
Meinhardt had used his legs and arms plenty. He had been fencing since age 9. Back home in
San Francisco, three-time Olympian Greg Massialas had started a kids’ fencing program. Meinhardt’s
parents signed him up. By the time he was a teen, he wanted to go to the Olympics. At 18, he did.
At age 16, Meinhardt became the youngest men’s national foil champion when he won the 2007
U.S. Fencing National Championships. He was the youngest U.S. Olympic fencer of all time and the
youngest fencer overall in Bejing.
After taking the gold at the 2012 U.S. National Championships, he was selected as an
alternate fencer for the 2012 London Olympics.
Outside the sport, Meinhardt still liked playing basketball for variety. Since this risked injuries,
that terrified his coaches. “When he sees a hoop, his eyes start twinkling, and it scares me to death,”
Kvaratskhelia says.
Meinhardt would also often do cardio exercise to get his heart rate up. His junior year, he was
working out one day. Stumbling, he tore his meniscus.
The star fencer had to use a motorized scooter, then crutches, around campus for weeks. O’Brien
remembers what his roommate went through. Meinhardt had to watch their dorm room be rearranged
for clearer pathways. He also had to strap a loud blood recirculation machine on his knee daily.
Since this was the dead of winter at Notre Dame, Meinhardt even had to be freed once when his
scooter got stuck on ice. “We as friends all had to pitch in to help him out,” O’Brien says. “When a big
lake effect snowstorm would come in and the sidewalks wouldn’t be adequately shoveled, it was very
Meinhardt by nature is a humble guy—but this helplessness was humbling in the worst sense of
the word. Yet as his coaches hoped, he fought through the pain and physical therapy to make the 2012
Olympic team. “I felt like Gerek’s destiny was not to get injured and stop his career,” Kvaratskhelia says.
“I felt his destiny was to be the greatest.” Back onto the fencing strip he went.
Meinhardt took a year off for his injury and a year off to train for the Olympics. So six years after he
entered Notre Dame, he could still compete in collegiate fencing as an MBA student. In early 2014,
he found himself ranked #1 in the world in men’s foil fencing—the first U.S. men’s foil fencer to
achieve the top ranking. So the pressure was on to win an NCAA championship.
His girlfriend, Lee Kiefer, is also a Notre Dame fencer. She, too, found herself contending for an
NCAA national championship. Both competed in Columbus, Ohio, at the end of March. Kiefer won her
final match, narrowly beating her teammate and close friend Madison Zeiss to win her
second straight championship.
“Gerek can go as far as he wants to go,” Kvaratskhelia says.
“He’s said his goal is Rio. If he’s healthy, he will be there.”
The pressure ratcheted up for Meinhardt. Intensifying it even more, his competitors included defending NCAA champ Alex Massialas of Stanford and 2013 runner-up David Willette of Penn State.
They knew each others’ weaknesses expertly. All three had long been coached by Greg Massialas,
Alex’s dad, at the same gym back in San Francisco.
In fencing, points are scored by touching opponents with the weapon. Electronic sensors in their
clothing beep for touches too fast and light to be seen. Battling Willette in the final match, Meinhardt
got down by several touches. He channeled his discipline. “That kept me calm and determined to keep
coming back touch by touch,” he says.
The triumph ended with a bus ride from Columbus back to South Bend. Meinhardt was glad to
have won, but swiftly got back to business. “It was a great feeling to finish off my NCAA career—a
long career, since I came in 2008,” he says. “I think I celebrated by not doing that much homework
that night.”
More than a month later, Meinhardt and Kiefer still hadn’t done anything special to commemorate
their twin wins. As a pre-med student, Kiefer works hard, too—they often study together, and often
travel to tournaments around the globe. “I don’t think we know how to celebrate very well,” Kiefer
says. “We’re always on the move.”
His collegiate competition days are over, but Meinhardt still has a year left for his MBA. He’ll
volunteer as a Notre Dame fencing coach next year while training for the 2016 Rio Olympics.
To this day, the only time he brings up being a fencer without being Googled or asked about
the sport is with potential employers. Deloitte has already signed him to a post-graduation business
analytics position, with a part-time schedule to allow for training back in San Francisco.
Even with a job locked down, Meinhardt still feels driven to get high grades. The night after his
national championship win, he slept only four hours. It was a combination of preparation and nervousness for a speech in his Management Speaking class the next day. “The presentations take a lot of
effort for me,” he says.
His professor, James S. O’Rourke IV, director of the Fanning Center for Business Communication,
says he’d never know it, since Meinhardt seems self-assured. “He’s very low key, quiet, smiles a lot,
and has a command of the room,” O’Rourke says. “I’ve heard him say that he’s nervous, but there’s no
evidence of that.”
Yet what really strikes the professor is the way Meinhardt follows up outside class to make sure
he’s on target. “Only a fraction of my students will do that,” O’Rourke says. “This fellow is humble
enough to say, ‘Do I have it right?’”
Meinhardt may always be less comfortable speaking in a suit than running down a fencing strip in
full mask, weapon in hand. Will he make it to his third Olympics? His coaches know he’s injury-prone,
but they’ve seen him steel himself to come back before.
“Gerek can go as far as he wants to go,” Kvaratskhelia says. “He’s said his goal is Rio. If he’s
healthy, he will be there.”
Mendoza Business • Fall 2014
Takashi Yanagi lost his mother, his house and his security while still in high school. From this
unimaginable tragedy, he forged a determination to continue his dream to attend Notre Dame.
By Alison Damast
Photography by Barbara Johnston
At first glance, Takashi Yanagi didn’t seem all that different from
all the other high school students at Valley High School in West
Des Moines, Iowa. A model student, he attended classes, took
piano lessons and volunteered at the local hospital.
Unbeknownst to his fellow students and teachers, his home
life was in shambles. His mother, Emi Yanagi, who was raising her
son alone, had been diagnosed with late-stage ovarian cancer
midway through his junior year of high school. As her condition
worsened, he became her sole caretaker, assuming all the household responsibilities she had previously handled, from shopping
for groceries to paying the bills. It was several months before his
teachers and guidance counselor learned of his predicament.
“I didn’t really want to talk about it,” said Yanagi. “I just went
through the motions of going to school and doing my homework.
I felt like a robot back then. I couldn’t wrap my head around what
was happening and how my life was going to be afterwards.”
Yanagi is now a junior studying finance at Mendoza College. He’s soft-spoken, smart and driven, like so many of his
classmates. People who do know about his story of facing down
heartache, loss and financial challenges at such a young age—so
unlike many of his classmates—usually haven’t heard it from
him. But it’s clear that the lessons he learned during that time
have proved invaluable as he’s navigated Notre Dame, fulfilling
his mother’s dreams of her only son attending college at a topranked university.
He credits his success in life to his mother, a software developer at John Deere and a single mother who raised him by herself
for 13 years. “She was the strongest woman I knew,” he said.
“She struggled every week to provide for us.”
The two were a small but tight-knit family; they’d immigrated to
America together from Tokyo when he was a little boy. The pair
settled down in West Des Moines, buying a house and putting
down roots in the community and local church. She was involved
in every aspect of his life, encouraging him to do his homework,
taking him to piano lessons and bringing him to church with her
every Sunday, he said.
In the evenings, he would play piano for her in their living
room, helping her relax at the end of a long day at work. “When
I played piano, she could just sit there and forget about all the
stress in her life,” he said. “Those were magical moments for us.”
When she became ill, Yanagi was at first able to handle the
household chores and duties on his own. But as her illness progressed and she required operations and hospitalization, eventually at the Mayo Clinic in Rochester, Minn., he finally reached
out to the community that his mother had worked so hard to
cultivate during her time in America, especially their friends at
the Westchester Evangelical Free Church, where the two were
He also reached out to his guidance counselor, Larry Mandernach, who gave him advice on how not to just succeed in school,
but how to be a homeowner and take on financial responsibilities.
A member of Yanagi’s church soon became his financial advisor,
and the church’s pastor agreed to become the executor of his
mother’s estate.
“Many, many people began to rally around him and his support system began to include some very connected people,”
Mandernach said.
Yanagi had no choice but to sell the family’s house and car to
meet living expenses, medical bills and save money for college. A
family from his church took him in, and he lived with them during
the rest of his senior year of high school. In the midst of all this,
Yanagi was preparing his college applications and trying to make
plans for his future. He talked to his mother about college plans,
but shielded her from getting too involved.
“I didn’t want to bother her with small stuff when she was
dealing with such big life issues,” he said. “I took it upon myself to
complete it successfully because I had to.”
His mother passed away the fall of his senior year of high
school, after a long and drawn out fight with cancer. One of the
few bright spots that year was when he received his acceptance
letter from the University of Notre Dame.
“It felt like all my hard work had paid off when I got the acceptance letter,” he said. “I could actually see myself going there, and
I know my mom would have been so proud that I’d gotten in.”
Once the euphoria of getting into his dream school wore off,
Yanagi got hard to work at his next project: finding the funds
to pay for his tuition and housing. He applied for hundreds of
scholarships, bookmarking them on his computer and noting the
month each application was due. In this fashion, he has been
able to secure enough funds to pay for about 60 to 70 percent
of his college expenses.
“I keep applying for scholarships and hopefully I’ll be able to
get 100 percent paid with just scholarship money,” Yanagi said.
“That is my goal.”
Perhaps his biggest scholarship coup came when he received
notice that he was a semi-finalist in Scholarship America’s
Dream Award, and was invited to appear on Katie Couric’s talk
show in New York this past May. He walked away with a selfie
cell phone photo of himself and Katie Couric, plus a generous
$15,000 scholarship.
At Notre Dame, he’s proven to be a top student, making the
Dean’s List and becoming involved in numerous campus organizations, including the Wall Street Club, the Investment Club, the
Student International Business Council and the Building Bridges
Mentoring Program. Some of his favorite moments at school
have been traveling to New York City to make a presentation
for Morgan Stanley, creating stock pitches in the investment
club, and, of course, attending football games. He’s also found
the time to do community service while at school, most recently
helping organize a bone marrow donor drive.
Yanagi’s work ethic and drive have impressed the staff and
faculty at Notre Dame, including his advisor Zhi Da, an associate professor of finance, who calls him “an unassumingly bright
and driven young person.” When he first met him freshman year,
Yanagi did not share any information about his challenging background and home life, Da said.
“His privacy is part of his character; his premature shouldering of burdens is the source of his modesty and thoughtfulness,”
Da said. “Because of his background, Takashi meets people on
entirely adult terms.”
Notre Dame’s close-knit community has turned out to be the
perfect fit for Yanagi as he struggled to move past the passing of his mother and look to the future, said Da, who has taken
Yanagi out to dinner several times over the years. “The family feel
environment at Notre Dame is truly nurturing to Takashi, and he
has flourished,” Da said.
Yanagi is already starting to think about life beyond Notre
Dame’s bucolic campus. He interned for a hedge fund in New
York City this summer, and hopes to eventually become an
investment banker, doing work in the biotechnology sector. He
thinks about his mother often, and likes to imagine that she’d be
proud of the path that he’s carving out for himself.
“Sometimes the memories pop back up and it makes me tear
up because they are just powerful moments,” he said. “The feelings and emotions are there, but they help me stay grounded and
pursuing the path I’m on. “
Mendoza Business • Fall 2014
Will ‘disruptive innovation’ spell the end of business
schools as we know them?
By Carol Elliott
A few short years ago, universities were buying up virtual campuses with real money in Second Life (SL), a three-dimensional
online platform that some educators believed promised a brave
new world in higher education.
Borrowing heavily from gaming culture, SL proponents envisioned students teleporting around campus “islands,” selecting
from a virtual automat of classes, even socializing with fellow
avatars on the campus quad. If you wanted to recreate your vir-
impact ultimately will technology have on the field? Not only as
a force for market destruction, but also as a force to improve the
efficiency of the education and improve the learning outcome.
“And you know there’s widespread fear, but little agreement
over how all that will play out.”
And there are myriad factors in play. The Economist, which
has published a series of articles in the past year that examine
the future of universities, pointed to three major “disruptive
tual self as a blue-skinned, three-eyed, mohawked avatar named
Snark the Destroyer, fine. The point of SL was not to replace the
traditional campus, but to offer possibilities for expanding higher
education in ways that physical universities couldn’t by making
learning flexible, accessible, global and cheap.
And then … none of that happened. Second Life still exists,
but it’s a virtual ghost town, like one of those sprawling abandoned subdivisions disintegrating in the desert outside Vegas,
where the reality never lived up to the hype.
Today, the same media outlets that heralded Second Life
as the Next Big Thing are talking about developments such as
MOOCs (Massively Open Online Course), flipped classrooms and
specialty degrees as the New Next Big Things in higher education.
In this age of disruptive innovation, where we’ve seen seismic
changes in bedrock industries such as newspapers, publishing,
music and telecommunications, just to name a very few, what is
the future of the b-school?
waves” speeding to shore: a faltering business model, changing
demands of the workplace and—looming over all—a technological revolution.
None of these forces is discrete, with clear analytic frameworks attached that render bulleted action plans. It’s more accurate to think of them as intertwined and evolving.
In his “doomsday” blog post, Byrne spins out perhaps the
most dramatic of scenarios, where lectures, discussions and
homework assignments are all delivered online; professors will
be more like free-agent athletes seeking to capitalize on their
personal brands rather than university affiliations; curricula will
be unbundled so that students take classes from any number
of providers (think automat); and degrees will be quaint notions
instead of recognized and valued authentications of knowledge.
But for all of the end-of-higher-ed-as-we-know-it headlines
and quotes regularly published on P&Q, Byrne himself has a
fairly nuanced view. For starters, he doesn’t think that online
education will cause traditional on-campus programs to go the
way of Second Life—or at least not all.
“My sense is that the best schools with the great brands, like
Notre Dame, the Vanderbilts, the Emorys and the Georgetowns,
and then further up the chain on the public education side—
UNC, Michigan or Virginia—are going to be fine,” said Byrne.
“First off, most of these schools have incredible tentacles into
the business community, and those connections and relationships are going to work to protect those brands.”
Plus there’s a premium value to an on-campus educational
experience, not the least of which is access to a loyal alumni
network and the opportunity for internships.
The Economist agreed with Byrne’s assessment that the
disruptive innovations will not affect all schools—or even all programs—in the same ways. In a story published in June, the magazine looked at the potential impact of digital degree programs
and concluded “the universities least likely to lose out to online
competitors are elite institutions with established reputations
and low student-to-tutor ratios.”
So where does doomsday come in?
Doomsday, but not for everyone
On September 17, John Byrne, founder of the highly popular
website Poets & Quants, wrote a blog post about the future
of the MBA degree that included the subtitle, “A Doomsday
Scenario?” The post presented some informed musings about
what the impact of innovations in technology might mean to the
traditional MBA program.
Byrne will tell you up front that he’s a big believer in higher
ed, especially business schools. In fact, as part of his long career
as a journalist covering b-schools, he was the one who originally
created the BusinessWeek ranking of MBA programs in 1988.
He later introduced BW’s ranking of Executive MBA programs,
and then undergraduate. His current site is devoted to profiling schools and in-depth analysis of industry trends, as well as
publishing its own set of rankings.
“It’s a rare week when I’m not on the phone or in person
interviewing several deans of business schools, directors of
MBA programs or several admissions people,” said Byrne. “And
I’m asking them the questions that are on everyone’s mind. What
“It’s bad if you’re running a local or regional MBA or executive education program,” said Byrne, commenting on b-schools
specifically. “Really bad, and scary.”
Students who might have settled for a local program for
logistics’ sake can now seek out superior coursework online, essentially stitching together a better quality and maybe cheaper
education. Small private colleges—who already are having
problems making their business models work as student debt
A year ago, Wharton added three business fundamentals
MOOCs to its existing offerings on platform Coursera, essentially offering up its first-year MBA courses for free. There are also
well-ranked b-schools, including University of North Carolina’s
Kenan Flagler and IU’s Kelley School of Business, that have
launched wholly online MBA degree programs.
Visconsi views online learning as being primarily about the
benefit, not as a driver. “We don’t want to make MOOCs just
and loan defaults climb, and their graduates’ career ROIs are
uncertain or downright awful—are expected to face bankruptcy
in record numbers.
Clayton Christensen of Harvard Business School predicted
that fate for more than 50 percent of U.S. universities in the
next 15 years; Richard Lyons, dean of University of California
at Berkeley’s Haas School of Business likewise posited that
technology could close half of the U.S. b-schools in as little as
five years.
to make MOOCs,” he said. “We want to use the occasion of the
platform and its afforded benefits to build great on-campus
Put another way, Visconsi describes the value of online
courses as augmentative to the campus experience, not as a
substitute. He paints a very positive picture of the possibilities of
digital learning to enrich the Notre Dame learning experience.
“There is a lot of research that tells us we can help different
styles of learners, and we can help students thrive if we give
them resources that they can then access repeatedly or remotely,” he said. Online platforms also present the possibility of
a “virtuous circle” of learning feedback, because they can deliver
a lot of information about how a particular student is learning.
Faculty can better help students address weak areas or find better study habits.
The likely digital education model in the near future for Notre
Dame will be the “flipped” classroom, where a professor puts
some of the more basic or foundational material online so class
time can be devoted to debate and lively interaction. Another
option that takes advantage of both online and on-campus
resources are blended degrees, where some significant portion
of the coursework is completed online. This allows a student
to complete a degree more quickly, which means less time—if
any—out of the workforce.
Visconsi also noted the swelling international demand for
higher education, particularly from China and India. Whereas
universities previously had to make significant investments and
face formidable logistics in delivering education internationally
To MOOC, or not to MOOC
However. Just as about any sizable upheaval results in winners
and losers, the digital revolution certainly offers some distinct
opportunities to universities with the vision and resources to
take advantage of them.
Elliott Visconsi, Notre Dame Chief Academic Digital Officer,
also spends a fair amount of time talking to deans of peer
schools, as well as some of the leading vendors in digital
education services, such as Pearson Vue and edX. In the current
higher education digital landscape, he points to Harvard and
Wharton as the most aggressive players.
Through its digital learning platform HBX, Harvard Business
School recently launched CORe (Credential of Readiness), a “preprogram” for college juniors and seniors, non-business graduate
students and those in their early careers designed to introduce
business fundamentals through three interlinked courses. Mendoza Business • Fall 2014
with bricks-and-mortar locations, online platforms allow schools
to deliver programs in a vast geographic area to a burgeoning
global audience.
Notre Dame has gone through a few iterations with its digital
offerings. Two for-credit undergraduate courses were available
through SemesterOnline until about a year ago. The University
also has maintained an iTunesU channel for at least eight years,
where the various colleges and centers can post full-length
lectures, podcasts and other material.
In June, Notre Dame announced an agreement with edX, a
$60 million MIT-Harvard platform that offers MOOCs for free.
Visconsi said edX shares ND’s “commitment to open education in the service of the global public good.” His office recently
announced four initial MOOCs with launch set for spring 2015.
“Whatever we do in an online or hybrid online degree program, there’s going to be an on-campus, in South Bend, component,” Visconsi said. “And a serious one, so that those students
feel like they’re members of the community, not that they’re
getting a paper credential.”
Home base
As the associate dean for Graduate Business Programs, a significant part of Jeff Bergstrand’s role is to consider the disruptive
forces shaping the future of higher education—b-schools, in
particular—and evaluate what they might mean for Mendoza.
His starting point is always home base: Notre Dame. “This is
an institution that’s steeped in tradition, and those traditions are
partly based upon faith, partly upon community, which includes
our physical campus,” he said. “Our faith, our community and our
broader network are the pillars that we’ll always look at when
defining where we are in education.”
The question becomes how Mendoza embraces digital learning and other emerging trends in ways that are consistent with
the three pillars, said Bergstrand.
A recent response to a growing demographic trend has been
Mendoza’s launch of three one-year specialty degree programs:
the Master of Science in Management, which graduated its first
class in May; and two Chicago-based part-time programs, the
Master of Science in Business Analytics and the Master of Science in Finance, set to start in early 2015 (see box).
Colleges are ramping up one-year graduate specialty degree
programs at a brisk rate nationwide. In part, they answer the
“need for speed” for students who can’t exit the workforce for the
two years needed for a traditional degree. The “specialty” aspect
also addresses another emerging trend: Our work skills are
becoming obsolete at a rapid rate. The Economist’s June article
on the future of higher education cited a recent study by three
Oxford researchers predicted that 47 percent of occupations
could be automated in the next few decades. However, they also
found that the odds of displacement drop sharply as educational
attainment rises.
This suggests that gainful lifetime employment will increasingly mean lifetime education. For the past 50 years, most
people checked off “education” after college; now, shifts in the
workforce, technology and global marketplace are likely to necessitate a “learn as you go” mindset across a person’s career.
Paul Velasco is the director of the Stayer Center for Executive Education, which includes the Notre Dame Executive MBA
degree, as well as custom and open-enrollment programs. He
noted a shift in student expectations about a decade ago, when
companies largely quit subsidizing executive degree programs
and students had to shoulder more if not all of the tuition.
Students became much more focused on knowledge and skills
that they could take back to their office on Monday morning and
apply it to their jobs, he said.
This development suggests significant opportunity for colleges and universities to provide working professionals with continuing education offerings—especially to their alumni—either in
blended formats or online, said Velasco.
Some higher ed experts also think the demand for continuing professional development might create a risk for brick-andmortar programs, given that the executive consumer is timecrunched by definition of the position, and therefore more likely
to look online.
The Stayer Center for Executive Education has offered certificate programs online for nearly a decade through Mendoza’s Nonprofit Professional Development
department began offering online courses about a year ago.
Velasco noted a couple of bottom-line facts that he keeps
in mind when weighing the trends and what makes sense for
Mendoza. One: “In the end, you still have to be respectful of the
fact that it’s not only time away from work participants are considering but also people only have so much time, period,” he said,
which applies to both classroom and online learning.
And two:
“I still remember very vividly [Marketing Professor] John
Sherry looking at me in a curriculum committee meeting and
saying, ‘Paul, the Notre Dame experience is special. We teach our
students to care about things differently, to think about things
differently.’ And he continued, ‘Be careful that you protect that.’
John’s admonition has stuck with me.”
Two new degree programs
The Mendoza College of Business is introducing two new graduate specialty
degrees in early 2015. Both are intended for working professionals, with
classes meeting on alternating weekends at Notre Dame’s Chicago campus
on Michigan Avenue.
Master of Science in Business Analytics: a 30-credit-hour program that
provides a rigorous education in applying analytical techniques to massive
data sets to solve business problems. The program will follow a blended
learning format, with about 25 percent of the material delivered online.
Master of Science in Finance: a comprehensive 32-credit-hour program
for students with diverse backgrounds seeking to advance in their current
careers or to switch careers.
For more information, visit or
By Sally Anne Flecker
You are the salt of the earth ... You are the light of the world. A city set on
a hill cannot be hid ... so let your light shine before men, that they may see
your good works, and glorify your Father who is in heaven.
-Matthew 5:13-16
Salt and light are seemingly incongruous entities.
One is a common mineral, the other an electromagnetic wave.
One from the earth, the other from the sun.
Yet in the Sermon on the Mount, Jesus Christ brought the two together into a
powerful, ineluctable message that tells us what we are to be about: making a
difference, and serving as rays of hope in a dark world.
A few months ago, we sent a note to Mendoza faculty and staff, asking for
their stories about the causes they support and why. Their personal missions
to live out the charge of Christ to take the earthly and make it divine.
We received far more stories than we can feature here. Some were funny;
many were not. All were inspiring.
Following are just a few examples of how members of the Mendoza community,
in ways large and small, live out becoming salt and light.
Mendoza Business • Fall 2014
The email stood out on the Klatch last September
from the usual notices about football tickets
and fundraisers. On the informal Mendoza
listserv, someone had forwarded an email from
a woman, Rebecca, who had been living with
kidney disease for 24 years. The disease had
progressed. She needed a kidney donor.
Karen Hildebrandt was immediately struck. “I’m
healthy,” she thought. “I could do this.” In fact, the Stayer Center
facilities manager is so healthy she jokes about getting a cold
just to get a day off. “I just can’t lie and take a sick day,” she says.
She forwarded the email to her husband, Larry. That night
they talked, and later Hildebrandt prayed about it. She would
make the phone call, she decided.
It was because of her husband that Hildebrandt considered
donating a kidney. She knew the toll a devastating illness takes
on a family. In May 2012, Larry had been diagnosed with stage
four cancer at the base of his tongue. In the weeks leading up to
the final diagnosis, the waiting for specialist appointments and
then test results were hard on everyone. Meanwhile, the tumor
grew so rapidly the doctors weren’t able to even intubate Larry to
put in a feeding tube to sustain him should his throat swell from
chemo. Fortunately, the tumor responded quickly to the treatments.
Within a week and a half, Larry could feel a difference. He’s been
in remission since January 2013.
The support that Hildebrandt and her husband received from
friends and co-workers at both Mendoza and Phoenix Stamping,
where Larry is employed, still brings Hildebrandt to the point of
tears. “It was this blessing from friends and family, this outpouring
of love that we received, that inspired me to give,” she says.
“Most people would not think of having cancer as a blessing, but
that is truly how Larry and I feel.”
In the meantime, several days passed after Hildebrandt made
the decision to explore kidney donation. She hadn’t yet picked
up the phone, but she had been thinking about it as she was out
running work errands. Then, as she drove down Grape Road, she
saw a larger-than-life Rebecca on a billboard: “One kidney could
save my life. Will you consider being my donor?”
“I thought, ‘Okay, God, I got it,’” says Hildebrandt. “It was a
sign—literally. I came back to work and called Loyola Hospital in
The first step was to have blood work done. She was a match.
Could she come to Loyola for a full day of testing, including a
psychological evaluation to make sure Hildebrandt was doing this
of her own free will and understood the risks? It was December
by the time the donation board at Loyola called and said she had
been accepted as a donor.
“I was in the kitchen when I got the call. My stomach did a
little flip,” she remembers. “I couldn’t stop smiling.” She thought
about Rebecca, guessing she would be excited, but also nervous
that her anonymous donor might back out. She wished she could
reach out and reassure her.
Hildebrandt was about to take some of her many accrued
sick days. Before then, though, she would need to talk to her two
teenaged daughters. She wanted to approach the topic of her
kidney donation very delicately. She understood how vulnerable
the girls still felt after having gone through the possibility of losing their father to cancer. How could she ask them to understand
that she was voluntarily putting herself in a situation that might
cause them more grief?
“At first they asked, why would you do this?” Hildebrandt
remembers. She explained that she felt called to do it. “I really
felt like it was a gift I was giving back to Jesus,” she says. “It was
a way for me to thank God for the blessings of Larry’s renewed
health.” She assured them of the safety of the procedure, sharing
statistics from the Loyola website and the National Kidney
Foundation. “Once the idea settled in, they supported me a
hundred percent and shared my excitement,” she says.
The surgery was scheduled for February. Hildebrandt and her
husband arrived bright and early at 5 a.m. As they were at the
counter checking in, they noticed a woman and her husband in
the waiting room already. “Karen, I think that’s Rebecca,” Larry
whispered. Hildebrandt knew Rebecca’s name and face from
the email and billboard. She had also looked at her blog, But Rebecca didn’t know anything
about her donor yet. The hospital prefers the donation to be
anonymous until after the surgery. Then the pair was welcome to
exchange letters if they chose, and even make arrangements to
meet. In the meantime, Hildebrandt says she felt a little like she
was spying as they watched her across the waiting room.
The surgery was done laparoscopically without incident.
Hildebrandt actually left the hospital the next day, and has been
fine ever since. She cashed in on a week’s worth of sick days,
then worked from home for another three to limit the risk of doing any heavy lifting at Stayer.
She and Rebecca did finally meet. In fact, Hildebrandt was
present at Rebecca’s celebration of life party. She isn’t in the
habit of telling too many people that she donated a kidney to a
stranger. She doesn’t want to make herself out a hero. On the
other hand, she says, if telling her story encourages someone
just even to give blood, she’d be happy. In the end, the donation
was easy, she says: “I say that cautiously, understanding that
each person and surgery is different. When you know that it’s in
God’s hands, the worries go away.”
Photography by Matt Cashore (ND ’94)
uiet Hero
Mendoza Business • Fall 2014
he Importance of Being Turtles
John Weber, emeritus professor of marketing, knows a useful metaphor when he sees one.
One summer his grandchildren presented him with the charter for their newly formed “Turtle Club,”
with its three rules: Have fun. Be nice to everyone. Think about turtles once in awhile. It didn’t take
long before Weber, called ‘Weebs’ by family, friends and students alike, saw the way the sweetness of
their vision dovetailed with important principals he tries to impress upon his Notre Dame students.
This was in 2009 up at the lake house Weebs and his wife Hannelore, a member of the Notre Dame
German faculty, built 25 miles northeast of the university. Hunting for
turtles is one of the classic activities there. The couple has the run
of a 300-acre lake connected to another, smaller one. The channel between the two bodies of water is a perfect place for turtles to hang out.
For a turtle hunt, Weebs will take the boat and go floating through the
channel. “I manipulate the boat, and the kids catch the turtles,” he says.
“If we catch a lot, we let them go. If we catch a few, we bring ’em back.
The kids give them names and play with them. After day or two, we take
them back to the creek and let them go to be caught another time.”
Weebs may be “emeritus,” but he’s not quite retired. He has tried—
and failed—to retire three times. His compromise is to teach one course
each semester. Lately he’s been teaching social media, but no matter the
subject, he always tries to impress upon his students the importance of
social skills to their business life. So the following spring, when seven
students visiting Weebs saw the Turtle Club charter, it didn’t seem that
much of a stretch to induct them into the club. The induction ceremony
involves the wearing of colorful turtle hats, a minute or two of “turtle
talk” where everybody utters a cacophony of nonsense sounds and
words at the same time, and the swearing of the Turtle Club oath.
From there, the Turtle Club has done nothing but grow.
It now numbers more than a thousand members, many of
which are Weebs current and former Notre Dame students. And the reach of the Turtle Club is extensive.
Some Notre Dame ACE graduates have inducted entire
classrooms of their students as a way to encourage
bonding. Over time, the traditions of the Turtle Club
have grown as well. There are social get-togethers
drawing 40 to 80 local members just about every
month—golf outings, bowling, snow tubing and,
of course, tailgating. Most of the Turtle Club
social gatherings involve the sharing of stories as a way of people getting to know one
another—and as a source of inspiration for
the requisite Turtle Club nickname. (Wouldn’t you
love to know the stories behind “Father Goldfish,”
“Pickle-Head” and “Unfair Disadvantage?”) Weebs
always finds a way to remind members that the
promise to “think about turtles once in awhile” is
a call to respect and make a point of acknowledging the many support and service people
behind the scenes who help us do our jobs better
and make our lives run more smoothly. “I’m a big
believer in building relationships through shared
experiences. It’s a lesson in social skills,” he says.
“It’s about breaking out of your shell.
ew Hope for Down Syndrome
The week or so between learning that his
second child might have Down syndrome and
the actual prenatal diagnosis was one of the
most difficult times in Mike Mannor’s
life. He struggled with “massive uncertainty,”
he says. But once he and his wife had a definitive diagnosis, he felt tremendous peace.
“This was going to be the path for our family, and I felt very confident that we would be able to handle it and be the best parents
we could be,” he says. He got right to work, learning everything
he could. Happily, the assistant professor of management found,
in contrast to earlier times when children with Down syndrome
were often institutionalized, he could expect his daughter Sophia
to grow up at home and be educated in a mainstream classroom
with support to help her succeed. As Mannor dug deeper, he
caught wind of huge advances on the horizon.
In the past, the cognitive limitations caused by Down
syndrome had been considered too complex for research. “At
a genomic level, Down syndrome is the presence of an extra
copy of the 21st chromosome.” Mannor says. But several years
before Sophia’s birth in 2008, the research climate became
more promising. For one thing, the human genome had been fully
mapped. Second, a new mouse model for Down syndrome gave
scientists a way to study basic dynamics. The third development
was a better understanding of neuroplasticity—the ability of the
brain to change over time. That combination led to new research
for the development of drug interventions with the potential to
improve memory, learning, and social awareness for people with
Down syndrome.
“I started poking around to see who was doing this work and
how families of Down syndrome could help,” says Mannor. He
connected with Research Down Syndrome (RDS), a private
foundation based in Chicago supporting Down syndrome
research. As it happened, RDS was founded by venture
capitalist Dan Flatley (ND ’75) and headed up by genetics
researcher Robert Schoen (ND ’75).
Here’s where Mannor, who teaches business strategy in the
MBA program, was uniquely equipped to be of service. “With the
mission of Mendoza being Ask More of Business™, we look for
opportunities to help out different kinds of organizations,” says
Mannor. Each year, RDS presents Mannor’s students with a set
of research questions on important strategic initiatives. Mannor
assigns groups of students to work on the questions. “And then
Dr. Schoen comes to campus each year and gets the students’
‘A’ game,” Mannor says. “This is an important way to learn about
real-world problems and apply the tools from the strategy class
to provide value to an organization.”
Three years ago, Mannor found another way to contribute—
with a big fundraiser called A Night of Art & Blues. The annual
event includes a live blues band, raffles, premium bar and an
artist creating works of art on the spot. One year it was huge
paintings, another year chainsaw ice sculpting. Mannor and
his crew of about 15 volunteers, mostly from the Notre Dame
community, have been quite successful. To date, they’ve raised
more than $120,000 for Down syndrome research.
In the meantime, Sophia is a happy little girl. She’s just
turned 6 and has entered first grade—one of many milestones to
come. It’s her father’s hope that the work he’s doing to support
research will pay off in terms of a future that includes more
opportunity and the ability to live productively and independently
for Sophia and all people with Down syndrome.
Mendoza Business • Fall 2014
orn to Run
Maggie Neenan-Michel (MNA ’01) laughs that she and her husband, John had a “pup” pre-
nup before they got married. Two dogs max—although she could take in one additional, just for overnight, in
an emergency situation since Neenan-Michel did greyhound rescue work. But then Breeze joined Bex and
Peyton for a one-night stay—four years ago. Her husband says he’s not falling for that again.
A documentary about the greyhound racing industry that Neenan-Michel saw in the 1980s laid the
foundation for her involvement. Back then, racing greyhounds weren’t believed to make good pets. Racing
careers, even now, start at 18 months and end at age 21/2 - 5, if they’re fantastic. But at the peak, 20,000
greyhounds a year were euthanized.
Today, that number may be as low as 2,000, thanks, in part, to rescue groups that have formed around the country.
Neenan-Michel, manager of faculty support at Mendoza, coordinates adoptions as area representative for Lafayette,
Indiana’s All Star Greyhounds. “The applications come through me, and I will do home visits and then match a dog with a
family,” she says. For the past 13 years, she and other All Star Greyhounds volunteers have manned a concession stand
at Notre Dame hockey games as a major fundraising effort.
The intelligence and gentle temperament of greyhounds, who have a life expectancy of 10 to 12 years, make them great
pets. “We call them ‘potato-chip’ dogs,” Neenan-Michel says. “You can’t have just one.”
As a local representative, Neenan-Michel has placed 57 dogs since 2007 with 27 families in the South Bend area.
“Fifteen of those families have adopted multiple dogs,” she says. “Either by adding one in the family or welcoming another
after they have lost one.” When Neenan-Michel is standing with foster families, waiting for dogs to arrive from Daytona, her
eyes are dry. She’s still okay when the truck pulls in. But when the door opens and the dogs jump out, she can’t help crying.
“They’re safe,” she says. “And it’s a whole new world for them.”
o Honor Mackenzie
Seven weeks before her identical twin girls were due to be born, Kristen CollettSchmitt went to her doctor for a routine check-up that turned out to be anything but.
One of the babies, Mackenzie, had no heartbeat. Collett-Schmitt was whisked away to
the hospital where the medical staff delivered the babies immediately. The surviving twin,
Harper, was taken to the neonatal intensive care unit (NICU). All she could wear at first,
because of all the wires and tubes she was attached to, were a hat and a diaper. She was so
tiny that the diaper wrapped around her twice.
Harper is a healthy, happy 4-year-old now, the spitting image of her mother, an associate
professional specialist in finance. Remembering how she was unprepared the day Harper
could finally wear clothes, Collett-Schmitt now collects new and used preemie clothes
(with snap fronts to accommodate wires) for donation to Memorial Hospital’s NICU. She
and her husband, David have also created the Mackenzie Taylor Schmitt Memorial Fund at
Memorial Hospital South Bend, Ind., to purchase necessities for premature babies. Since
2011, Collett-Schmitt, originally from the Cincinnati/Northern Kentucky area, has been
joined by her extended family and friends for the annual March of Dimes March for Babies
in Cincinnati. Each year, Team Heaven and Earth raises between $2,000 and $4,000 in
honor of Mackenzie.
The Schmitt family chose the
name Team Heaven and Earth
because their participation
in the March of Dimes March
for Babies both honors
Mackenzie and celebrates
Harper’s recovery from
prematurity. Collett-Schmitt
holds the team’s t-shirt,
designed by her husband,
David Schmitt.
Mendoza Business • Fall 2014
ultivating Children
Jamie O’Brien has never set foot in Honduras. Still, that’s
where his heart is—specifically, with Finca del Nino, or Farm of the
Child, and the children who reside there. Farm of the Child is on the
Honduran northern coast. Missionaries there care for children who
have been orphaned or abandoned, providing for their physical,
medical, educational and spiritual needs. “It’s an island of safety for
about 40 children,” says O’Brien (BBA ’88, Law ’93), s
Mendoza accountancy professor. Honduras, with the world’s highest murder
rate, is beset by poverty, malnutrition, lawlessness and violence. “Honduras is
not a safe place,” says O’Brien. “But Farm of the Child is.”
O’Brien’s initial involvement with Farm of the Child began when he taught a
class for the Master of Nonprofit Administration program on the nonprofit legal
environment. “During and after the class, situations arise, and students often
bounce questions off me,” says O’Brien. “To the extent that I have time to assist,
I do.” Farm of the Child Executive Director Andrea McMerty-Brummer (MNA ’10,
’01) was one such student. “I found myself assisting with more and more matters
for the Finca,” O’Brien says. “About three years ago, Andrea asked if I would be
interested in playing a bigger role by joining the board.”
Recently, O’Brien became chair of development for Farm of the Child.
He’s hoping to bring some extra energy to bear on fundraising. “I am a very
enthusiastic pro-life advocate,” he says. “I really like the idea of helping the
folks who are helping these children whose parents aren’t able to raise them.”
Jerry Langley is involved in several organizations, but the
What time is it? John
Gaski, marketing professor
and founding member of
grassroots Central Time
Coalition, has spent the last
five years advocating for
restoring eastern Indiana
to CTS.
Sandra Collins, associate teaching professor of
management, has watched
over the plight of neglected
and abused children as a
long-term Court Appointed
Special Advocate (CASA)
Domestic violence can happen to anyone, anywhere, at any age,
and its lifelong effects are devastating. An estimated one in
four women experience domestic violence in her lifetime. The
3.3 million children who witness violence in their homes each
year are 15 times more likely to be victims of child abuse.
Wendy Angst, management associate professional specialist,
became a volunteer with YWCA of North Central Indiana to
let women know they’re not alone, and there is a way out. “Our
YWCA stands by the commitment to turn no one away,” says
Angst who now serves on the board of directors. “They served
1,415 women and children in the past year alone.”
one he especially takes pride in helping is the South Bend Civic
Theater, where he serves as a board member and is active in other
ways, all in an effort to promote arts in the local community.
Langley, a finance professional specialist, also works with
Volunteers of America, a billion-dollar national nonprofit that
helps the elderly, veterans and former prisoners with medical issues, housing and other needs. Tom Harvey, director of
Nonprofit Professional Development, also supports VOA, both
personally and professionally as a partnering organization.
Since 2002, Mike Vogel, entrepreneur-in-residence with the
Gigot Center for Entrepreneurship, has had a passion for helping
children with special needs. He’s been involved with a range of
organizations, but today, his main focus is the CASIE Center,
a child advocacy center in South Bend, Ind. CASIE provides a
comprehensive and coordinated multidisciplinary team approach
to the problem of child abuse by establishing a safe, supportive,
child-friendly environment for child victims, their families and professionals who investigate and address these problems. In 2013,
CASIE conducted 1,610 interviews of children at the center.
uffer the Little Children
The Tapachula prison in southern Mexico is communal—open dormitories where families join
incarcerated husbands and fathers if there is nowhere else to go. “These children are in the midst
of rapists, killers, prostitutes, drug dealers. Men sell their children as prostitutes to get money for
food,” says Karen Slaggert, associate director of the Gigot Center for Entrepreneurship.
But it’s not entirely hopeless, thanks to Mission on the Move. Founded by an American
couple who go into the prison and convince parents to let them care for their children, the
mission has three homes in Tapachula where they raise as many as 60 children. “They have
no schools in the prison,” Slaggert says. “These children would have no chance but to follow
in the footsteps of their parents.”
Slaggert has been an enthusiastic volunteer for Mission on the Move since her first trip 10
years ago when she and other women from her South Bend church provided respite for the house
parents—cooking, cleaning and spending time with the children. “These are precious children,
no different from my kids or yours,” she says.
The cooking and cleaning that she and her team do is grueling—cooking for 60 people on
industrial stoves in a kitchen where there’s no AC and temps outside hover around 100 degrees.
Oh, and convenience foods aren’t an option. Everything they cook is from scratch. Then there’s
the laundry. The huge industrial washing machines are great but laundry lines crisscross the
back yard and all the wash is hung out to dry. “We are wimps compared to the workers there,”
says Slaggert. “It takes an army of us to replace the two house parents.”
Slaggert and her husband Paul (BBA ‘74), Mendoza’s director of non-degree programs, have
three children with Notre Dame degrees thanks to the university’s educational benefit program.
Now they’re paying it forward, helping with college tuition for the children of the mission.
“These boys were living in a prison and had no hope,” she says. “Now they are going
to make a difference.”
For 24 years, James O’Rourke IV has helped countless people take a seat. The director of the Fanning Center for Business
Communication serves as the captain of the ushers in the Basilica of the Sacred Heart, coordinating a small group of students
and retired businesspeople to help worshippers find seats, assist the handicapped and manage communion and the collection,
as well as the occasional medical emergency during the Sunday 10 a.m. solemn high Mass.
Julie Phillips has made education her career and the focus
of her service work. The associate program director of the Master of Science in Accountancy serves on the Baugo Community
School’s Board of Trustees. Some of her efforts include saving
a historic gym, establishing an endowed scholarship and
recruiting MSA international students to staff a seventh grade
Junior Achievement program.
Every spring during Lent, the posters go up in Mendoza like
clockwork, encouraging folks to donate boxes of mac and
cheese, cans of vegetables, boxes of cereal and other foodstuffs
to the 40 Boxes in 40 Days campaign. Tamara Springer,
an editorial assistant in the Faculty Support Department, has
coordinated the food drive for nine years. “Every year, we’ve
surpassed our goal with food and cash donations from the
College,” says Springer. “This is one way that we Ask More of
Business™ and reach out into the community to do good.”
Peggy Bolstetter’s service opportunities came to her in a
very personal fashion. In 2006, her only brother, Anthony,
was diagnosed with AML leukemia. Although his best hope for
survival was a bone marrow transplant, a match wasn’t found.
Other treatments proved unsuccessful. Following his death in
2009, Bolstetter and her sister began sponsoring the annual
Christopher’s Challenge Walk, an event that raises funds to pay
for the typing of samples for individuals willing to become potential donors through the National Marrow Donor Program.
Today, Bolstetter, a marketing communications program
manager, also supports the Cystic Fibrosis Foundation in honor
of her 3-year-old grandson, Vincenzo, who was diagnosed
with the disease at 6-weeks old. “Great strides have been made
and the life expectancy of CF patients has increased,” she
says. “But our prayer is that Enzo and all who suffer from CF will
benefit from continued research and effective treatment, and
live a full, fruitful, long life.”
Mendoza Business • Fall 2014
urvivor’s Tale
It was Thanksgiving when
Patti Reinhardt’s brother-in-law
asked her to feel a lump on his throat.
It was the funniest thing, he told her.
Sometimes it’s big; sometimes it’s small.
Reinhardt’s heart sank. She had just
been to a cancer conference through her
work with Relay for Life where she had
seen a videotape of a cancer patient describing the exact same
thing. She begged her brother-in-law to go get it checked. It was
stage four throat cancer. “He’s in remission now,” Reinhardt says.
“When he tells that story, he always says he wouldn’t be here
without me.”
Making a difference was one of the reasons Reinhardt,
program assistant for the Gigot Center for Entrepreneurship had
become active with Relay for Life—although she hadn’t expected
to make a difference in exactly this way. Reinhardt was in a terrible
car accident in 2002. She had significant trauma—several damaged vertebrae, facial wounds, a broken nose. She even suffered
a stroke. She shouldn’t have survived, she says. The fact that she
did left her feeling there was a reason she was still here. When
she recovered, she went back to school, found a more satisfying
job and got involved with a meaningful cause.
Reinhardt is currently the event lead for the Mishawaka/
South Bend Relay for Life and is the Indiana Territory Lead for the
Relay Leadership Team. But in the past 8 years, you name it, she’s
done it—she’s been the survivorship chair, mentored event chairs,
led her own team and now supervises her daughter’s team.
In 2012, cancer struck a member of Reinhardt’s family once
again—this time her dad, who was diagnosed with esophageal
cancer. Again, because of her involvement in Relay for Life, she
knew how to find the right doctors and what questions to ask.
Her father went through chemo and radiation, but the cancer
returned. In May 2013, he underwent surgery to remove his
esophagus, returning home after 10 days in the hospital. The
homecoming was a scant two days before that year’s relay, which
he very much intended to participate in. He wanted to walk the
very first lap—the one reserved for survivors.
In the end, he wasn’t able to walk the course. But Reinhardt’s
daughter Kaylee pushed him in a wheelchair, flanked by Reinhardt
and her mother. He wore a white survivor’s sash across his chest
and a Notre Dame ball cap on his head. As he crossed the finish
line, he raised both arms in triumph. No matter how many times
she tells the story, Reinhardt chokes up. “This is what it’s about,”
says Reinhardt. “This is why we relay—so we do have survivors.
Cancers will continue to come. But we’re looking for a cure. If you
don’t see survivors around that track, what are you relaying for?”
Greg Andrews (BBA ACCT ) Following the Notre Dame men’s tennis
Brian H. Veith (BBA MGTE) was appointed SVP of Commercial Banking
Ryan Bandy (BBA MGTC) also was named to the 2014 All-ACC
team’s first season in the Atlantic Coast Conference, Irish player Greg
Andrews was named to the 2014 All-ACC Academic Men’s Tennis Team.
He served as captain of the squad and played No. 1 singles and doubles.
Academic Men’s Tennis Team.Bandy served as a crucial link in the lineup
at No. 2 singles. He is employed by PNC National Bank in his hometown of
Ray Korson (MSB) recently joined Gibson as a client executive in the
employee benefits practice. He assists employers with their workforce initiatives, which includes analyzing, developing and implementing employee
healthcare and benefit strategies. Prior to joining Gibson, Korson worked
as a business sales and service consultant at Frontier Communications
Sean Leahy (MSB) was recently named an administrative fellow at
Franciscan Alliance Inc., Mishawaka, Ind.
Daniel Webster (EMBA) has been admitted into PwC U.S.’s
partnership. Webster was admitted as an assurance partner and brings
nearly 15 years of diverse public accounting and consulting experience
to the position.
Cheryl Booms (MNA) recently relocated to Ypsilanti, Mich., to join the
Ann Arbor-based fundraising consulting firm of Richner & Richner as a
consulting analyst.
by the Board of Directors of Mt. Washington Savings Bank. Veith joined Mt.
Washington Savings Bank from The Huntington National Bank, where he was
commercial relationship manager for Huntington’s middle market division.
Kyle Chamberlain (BBA MARK) was named to the Michiana Forty
Under 40, which honors the area’s most talented and dedicated young
executives, professionals and leaders who demonstrate career success
and community engagement. Chamberlain is corporate counsel for the
regional commerical real estate firm Bradley Co.
Joe Herman (MBA) was recently appointed COO and CFO for Hickory
Farms Inc., the specialty food and holiday gift retailer. In this position,
Herman will provide leadership and support to the company’s executives
responsible for holiday markets, franchise operations and supply chain as
well as finance and administration.
Nitin Jain (MBA) has been appointed executive vice president and CFO
at Leisureworld Senior Care Corp.
Patrick Ringsred (BBA FIN) has been named an associate at the
investment banking firm Cleary Gull Inc. Ringsred joined the firm in 2007.
Coley Girouard (BBA FIN) is the director of Mid-Atlantic Business
Ryan Chimenti (MBA) has been named managing director for the
Development for Footprint Free, an environmental startup. Footprint
Free offers businesses a simple way to go green and connect with their
customers by calculating and offsetting their carbon footprints.
investment banking firm Cleary Gull Inc. Chimenti will be responsible for
executing transactions across several industries, business development
and private equity coverage.
Monica Luechtefeld (EMBA) has been appointed to the board of
Chad Kohorst (MSA, BBA ACCT) has joined Maranon Capital, L.P.
directors of PFSweb Inc., an international provider of end-to-end eCommerce solutions.
as a senior fund accountant. Kohorst is responsible for financial planning,
analysis and reporting.
Matthew Pyzyk (MBA) has been promoted to vice president of Green
Gregory Stewart (EMBA) has joined WESCO as a managing direc-
Courte Partners LLC, a private equity real estate investment firm focused
on building companies within niche real estate sectors. Pyzyk joined
Green Courte in June 2012.
CJ Webster (EMBA) was promoted to director of segment man-
agement for LexisNexis, corporate legal segment. Webster was also
recognized by the American Association of Inside Sales Professionals as a
2014 Top 25 Most Influential Inside Sales Professionals.
Kirk Reich (EMBA) has been named senior vice president,
manufacturing, at AK Steel, West Chester, Ohio. Reich assumes
responsibility for the company’s manufacturing operations, as well as
the company’s safety and quality programs.
Scott Filer (EMBA) was recently named president and CEO of One
tor in Singapore. He has responsibility for managing the China, SE Asia
and Australia operations. Stewart has more than 20 years of electrical
distribution experience with GE and Rexel, including leadership roles while
living in China as an expatriate.
Kristin Zielmanski (BBA MARK) was recently promoted to principal
at Berman Fink Van Horn P.C., Atlanta, where she practices in the area of
business and real estate litigation, labor and employment and legal ethics.
Zielmanski currently serves as president of the Atlanta Council of Younger
Lawyers and is a member of the Community Bankers Association of
Georgia and the Lawyers Club of Atlanta.
Stephanie Cerney (MSA, BBA ACCT ‘01) was named to the
Michiana Forty Under 40, which honors the area’s most talented and
dedicated young executives, professionals and leaders who demonstrate
career success and community engagement. She is a senior manager at
Crowe Horwath LLP.
Hope United, headquartered in Chicago. Each year, One Hope United
serves nearly 20,000 children and families through foster care, early
learning and child development, clinical support and intact family services
in Illinois, Wisconsin, Missouri and Florida. Filer previously lead the
National Children’s Center in Washington, D.C.
Mendoza Business • Fall 2014
Brandon Solano (MBA) has been
Joshua T. Brumm (BBA FIN) has
been named the CFO at Versartis Inc.
Brumm will lead the company’s financial
operations including responsibility for
investor relations.
Brant Ust (BBA MARK) has been
email address
changes to:
[email protected]
or mail to:
Alumni Records
1100 Grace Hall
University of
Notre Dame
Notre Dame, IN
named executive director of the Notre
Dame Monogram Club. Ust became one
of the most decorated players in Notre
Dame baseball history and played nine
years of professional baseball.
Tim Emerick (BBA ACCT) was named
to the Michiana Forty Under 40, which
honors the area’s most talented and dedicated young executives, professionals and
leaders who demonstrate career success
and community engagement. Emerick is a
partner at Barnes & Thornburg LLP.
Bill Cerney (BBA ACCT) was named
to the Michiana Forty Under 40, which
honors the area’s most talented and
dedicated young executives, professionals
and leaders who demonstrate career
success and community engagement.
He is a client executive at Surety, Gibson.
named senior vice president of marketing
for The Wendy’s Company. Solano will lead
the company’s brand marketing efforts.
Louie Gentine (BBA FIN) has been
promoted to CEO of Sargento Foods Inc.
Gentine is a third-generation owner of the
company and has most recently served as
president and chief customer officer.
Steve Lind (MBA) has been named
president of Kelley Blue Book. In this role,
he will oversee all aspects of the brand
and business. Lind previously served
as Kelley Blue Book’s vice president of
Darin Schmalz (BBA MARK)
has joined Maranon Capital, L.P. as a
principal. In this role, he is responsible
for sourcing and evaluating investment
opportunities as well as transaction execution and portfolio management with a
particular focus on Maranon’s senior debt
and unitranche strategies.
Patrick Slater (EMBA) is the managing director of Horton International, a
global, retainer-only executive search
and management consulting firm with
50 offices in 27 countries. Slater has
responsibility for the Financial Services
Practice Group on a national basis.
Patrick McCullough (MBA, ND ‘95)
Patrick McCullough has been appointed
CFO of Just Energy Group Inc. McCullough
has an 18-year career of progressive
experience in senior financial roles.
Nicholas Vakkur and Zulma
Herrera (BBA FIN) recently published
a book, Corporate Governance Regulation: How Poor Management is Destroying the Global Economy (J. Wiley & Sons,
2013). Vakkur is the founder of Vakkur.
org, a nonpartisan think tank whose
mission is to help corporations manage
risk while positively influencing corporate
governance policy through comprehensive analysis. Herrera serves as the
acting CEO of, where she
helps corporate clients improve their
ability to manage risk.
Tim O’Neill (BBA MARK), president-
elect of the University of Notre Dame’s
Alumni Association, recently joined the
University’s Board of Trustees in an ex
officio capacity. O’Neill and his brother
Ryan (‘97), who perform on two pianos as
The O’Neill Brothers, have sold more than
10 million copies of their music and were
nominated for an Emmy Award.
Like Father, Like Son
Kenn Ricci (ACCT ’78)
Kenn Ricci remembers like it
was yesterday, how his baby
son Austin would wave his
arms feverishly and practically
leap out of his high chair when
it was time to eat. “Like he
was starving,” says Ricci. But
as soon as he would eat, he’d
throw everything up. Turns out, he was starving, although it
would take months to determine that young Austin had cystic fibrosis, causing mucous to block his pancreatic ducts
and keep him from digesting his food. A synthetic enzyme
that he takes before every meal keeps that problem in check
now. “Not being able to digest food is not a killer,” Ricci says.
“He could live with that his whole life.” Ultimately, it’s the
decline in lung function caused by chronic infection that is
most worrisome.
But for now, Austin, 12, swims, skis, plays basketball and is
as avid a Notre Dame football fan as his dad. And news on the
cystic fibrosis front is encouraging. Life expectancy has tripled to age 37, and phase three of clinical trials has just been
completed for a gene-therapy treatment for the double-gene
defect that causes 70 percent of cases, including Austin’s.
Ricci has described Austin as someone who is very focused
and determined—in fact, relentless—about something he
wants to achieve. He might well have been describing himself. He’s an astute businessman, entrepreneur in the aviation industry and experienced pilot. In 2007, Ricci made a
$2 million gift to establish an endowed chair supporting the
work of leading cystic fibrosis researcher Michael Konstan at University Hospital’s Rainbow Babies & Children’s
Hospital in Cleveland. Ricci’s also been actively involved
with fundraising for the past decade for the Northern Ohio
Chapter of the Cystic Fibrosis Foundation, which honored
him last April for his support for CF research and treatment. “That was a pretty big event,” Ricci says. “It raised
about half a million dollars for the foundation.” He then
defers credit for his role in the evening’s success, ascribing
it instead to Austin, who’s speech that night brought
attendees to their feet. “They raised two-and-a-half times
the money they ever raised,” says the proud papa. “So,
obviously, he did a very good job.”
—Sally Anne Flecker
Inspirational Spirits
Charles Florance
(MBA ’13)
Michael Quinn (BBA FIN) has joined Annaly Capital Management,
Inc. as head of equity commercial real estate investment.
James (Jim) Corr (BBA ACCT) has been appointed the executive VP
and CFO of Scivantage®, a Global FinTech 100 technology provider of
information-enabled software.
Pete Disser (BBA FIN) is pleased to share that his son, Jack is a
member of Notre Dame’s incoming freshman class. Jack is planning to
enroll in Mendoza and study finance. Disser also shares that he recently
ran the Indanapolis Mini-Marathon with fellow alumni Kevin Hipskind and
Kevin Kennedy (both BBA FIN ‘90) and Joe Cripe (BBA ACCT ‘86) and Ray
Kennedy (ND ‘87). Disser is CFO of NIPSCO.
Sean Fitzpatrick (BBA ACCT) has been named the managing
director of North American Research Solutions at LexisNexis Legal &
Professional. Fitzpatrick is responsible for the U.S. research business,
which delivers information resources and insights to legal professionals in
law firms, corporations and government. He also oversees the company’s
Canadian business operations.
Michael Flynn (BBA FIN), CFA, has joined Wedbush Securities
Capital Markets Group as managing director and head of the municipal
securities division.
James Rojas (BBA ACCT) has joined HBR Consulting LLC as managing
director and corporate development officer. Rojas has more than 20 years of
experience in finance, management consulting, and mergers and acquisitions.
It seems someone who enjoys jumping from helicopters and
kicking down doors as an infantry captain would enjoy whiskey
straight after its second distillation—when the alcohol content
is 80 percent and strong enough to anesthetize the tongue.
Charles Florance (MBA ’13) calls it “absolutely divine.” And
when his Indiana Whiskey Company dilutes this high-potency
whiskey, the smooth, approachable spirit is equally divine.
The flavor is as unexpected as Florance’s story.
Yes, he was an infantryman for 12 years and expected a full army
career. But in 2009, as he prepared to deploy to Iraq, Florance
was diagnosed with Guillain-Barré syndrome, a nervous system
disease. After 18 months recovering, he was medically retired. “I
retained my strength, but I still experience persistent nerve pain
in my legs and feet,” he says.
During recovery, he joined the American Legion. “It was
cathartic to share stories,” Florance says. “One night we said,
‘Why doesn’t Indiana have good small-batch whiskey?’”
The MBA pushed his idea forward. “Everyone here was
supportive—the librarians, the professors, my classmates, the
folks in the Gigot Center, my coaches for the McCloskey Business
Plan Competition,” he says. “This company would not have
happened without Notre Dame. I can’t emphasize that enough.”
Indiana Whiskey began production in February 2013 in South
Bend. Many parts of the process have an Indiana source: the
copper still, fermentation tanks, bottle labels and corn, wheat
and barley. Barreled whiskey is on track for 2016, and unaged
whiskey is distributed to 120 retailers.
It’s a sweet life. “Whiskey builds community,” Florance says.
“Sharing drinks with friends means you’ve got friends around.
We want to share that with our state.”
43—Christine Cox
Scott Smith (BBA FIN) has been hired by City National Bank to serve
as senior vice president and manager of its commercial banking team in
San Francisco. Smith will help lead City National’s commercial banking
activities throughout the Bay Area.
Frederick W. Ahlholm (BBA ACCT) has been appointed vice presi-
dent of finance and CFO at Minerva Neurosciences, a leader in the development of new therapies to treat neuropsychiatric diseases and disorders.
Scott C. Malpass (MBA), Notre Dame’s VP and CIO, will receive the
Lifetime Achievement Award from Chief Investment Officer (CIO) magazine during ceremonies in December. In CIO’s announcement of the award,
Malpass was praised as “an investor (who) grew alongside the endowment,
both becoming among the most respected in the institutional universe.”
John Pietrowicz (BBA ACCT) has been promoted to senior manag-
ing director and CFO of CME Group. Pietrowicz has been with the company since 2003 and has been serving most recently as senior managing
director, corporate development and finance and deputy CFO.
Stephen Rolfs (BBA ACCT) has been apointed SVP and CFO of Sensient Technologies Corporation SXT. Rolfs, who joined Sensient in 1997,
currently serves as SVP, administration.
Martin Dunn (BBA FIN) is a corporate finance partner based in
Morrison & Foerster’s Washington, D.C. office. Prior to his career in
private law, Dunn spent 20 years at the U.S. Securities and Exchange
Commission, having served as chief counsel, deputy director and
acting director of the SEC’s Division of Corporation Finance, as a highly
respected counselor to public companies.
Mendoza Business • Fall 2014
Dan Hammer (BBA MGT) was recently appointed to the newly cre-
ated position of general manager, frozen division for Inventure Foods Inc.,
a leading specialty food marketer and manufacturer.
Michael Mulligan (BBA ACCT) has joined Mechanics Bank as VP,
Real Estate Industries Group. Mulligan has management experience in
commercial and multi-family real estate loans and equity investments and
transactions for large banks and small companies throughout the Bay
Area and western United States.
And They’re Off
Walter (’07), Tom (MGTE ’07) and
Bill (Economics ’04) Hessert
Several years ago, three of the Brothers Hessert happened to be at
Notre Dame for the graduation of another brother. The three found
themselves sitting on the far side of the lake, talking about business
ideas and thinking how nice it would be for them all to come back
to New York and work together. They had some experience with
starting companies. Bill, for instance, had started a driveway sealing company in high school. Tom made and sold Charlie’s Army and
Charlie’s Angels T-shirts to the tune of $100,000 in revenue when
Charlie Weis was coach. The boys had some chops.
Frank T. Connor (BBA FIN) has been appointed to the board of directors of Cohen & Steers Inc. Connor is the executive vice president and
CFO of Textron Inc.
Tom McCabe (MBA) has joined Orbital Sciences Corp. as senior VP,
general counsel and secretary. McCabe will direct Orbital’s legal, ethics
and compliance, and regulatory affairs functions and will be based at the
company’s headquarters in Dulles, Va.
Robert F. Carey (BBA ACCT) was appointed executive vice president and chief business officer at Horizon Pharma.
Tom Crotty (BBA FIN) was elected to the Board of Trustees for the
Bill had been working at the University of Chicago with
Freakonomics author Steven Levitt, researching the horse-racing
industry. “I knew it was the only legal way to bet online in most of
the United States,” he says. “I thought it would be a great business to
pursue.” Before long, they had started a parent company, the
cleverly named Giddy Apps, to serve as a game studio for legal
online gambling. Their first game, Derby Jackpot, launched in
February 2013.
University of Notre Dame. Crotty is a senior adviser at Battery Ventures in
Boston after previously serving as managing general partner for the firm.
He has served on the board of the National Venture Capital Association
and chairs the board of directors for Grassroots Soccer, a nonprofit that
seeks to eradicate HIV/AIDS in Africa. He also has served as a member of
the Mendoza College of Business Advisory Council and the advisory board
of the Gigot Center for Entrepreneurship at Notre Dame, currently sits
on the board of The Foundation for MetroWest and is a trustee of the St.
Mark’s School in Southborough, Mass.
“We design games that make it really easy and fun and social to
place wagers on live horse races around the country—even if you
have never done it before,” says Walter. “The idea was to make it
just as easy to bet on horseracing as it was to play FarmVille or
Angry Birds.” In fact, their target customer is someone who plays
social games and has never bet on a horse before.
Award at the Orange County Business Journal’s Seventh Annual CFO of
the Year Awards. Manion, who is CFO for Aliso Viejo-based liquor and
wine wholesaler Young’s Market Co., previously was employed at Hostess
Brands LLC and Nestlé USA.
“We show live video of races,” says Bill. “The money bet through our
game is sent directly to the pools at the track. Derby Jackpot is like a
gas station that sells lottery tickets.”
Tom is more than satisfied with their first game out of the gate.
“Our goal is to build the biggest online gaming brand in the United
States,” he says. “I was an entrepreneurship major. So I’m very
excited every time I get to say I’m an entrepreneur.”
Kevin Manion (BBA ACCT) recently received a Lifetime Achievement
Greg Sebasky (BBA ACCT) has been named CEO of Ascend Learning,
a provider of technology-based learning solutions that efficiently deliver
superior student results in health care and other professional fields.
Eric J. Letendre (MBA), has been named senior trust and invest-
ment officer for First National Bank of Santa Fe. Letendre is primarily
responsible for providing trust administration, financial planning advice
and solutions for high-net worth clients, trusts, entrepreneurs, retirees
and endowments.
—Sally Anne Flecker
@NDBusiness the primary account for the Mendoza College
University of Notre Dame Mendoza College of Business
@ND_MBA news about the Notre Dame MBA program and trending
b-school topics
University of Notre Dame Mendoza College of Business Graduate Alumni
@ND_MNA_Degree news about the MNA program, nonprofit
leadership ideas
@NDDCEL news and thought leadership from the Notre Dame Deloitte
Center for Ethical Leadership
Notre Dame Master of Nonprofit Administration
University of Notre Dame Mendoza College of Business
University of Notre Dame Mendoza College of Business Graduate Alumni
Andrew McKenna Jr. (BBA ACCT) was recently elected to the Board of
Trustees for the University of Notre Dame. McKenna is the founder and president of Central Street Games, a mobile game developer. He previously served
as president of Schwarz Paper Company. McKenna was education chairman
of the Chicagoland Chamber of Commerce and chairman of the Illinois Business Education Coalition, a strong voice for school reform embracing educational standards and accountability. He serves on the advisory board of Notre
Dame’s Alliance for Catholic Education, the School Board of the Archdiocese
of Chicago and the board of trustees of Rush University Medical Center.
Raymond V. O’Brien III (BBA FIN) has been elected to serve as vice
chairman of the board by the board of directors of CVB Financial Corp.
and its principal subsidiary, Citizens Business Bank. O’Brien has served on
the board since 2012.
Betsy O’Neill (MSA ‘11, ‘10) married Garrett Busch (MBA ‘10, ’09)
Charles B. Amman (BBA FIN) was appointed EVP, general counsel
and corporate secretary at Semtech Corporation, a supplier of analog and
mixed-signal semiconductors.
Dennis Hanno (BBA ACCT) was unanimously appointed president of
Wheaton College by its Board of Trustees. Hanno will be the eighth president in the college’s 180-year history. He took office on July 15, 2014.
Stephen Hare (BBA) has been appointed EVP and CFO for Office Depot, Inc.
Patrick T. Mulva (BBA MGT), vice president and controller of Exxon
Mobil Corporation, has retired after more than 38 years of service.
Mulva joined Exxon Company U.S.A. in 1976 as a financial analyst at the
company’s refinery in Baton Rouge, La., and went on to hold a variety of
financial positions of increasing responsibility in the upstream and downstream operations.
Richard Barnett
(BS, Commerce ’56)
passed away April 29, 2014, in Bakersfield, Calif. He was a prominent and
well-respected real estate broker for
more than 45 years. He was also
a pricipal in several major housing,
shopping centers, industrial and hotel
developments in California and Texas. Barnett would say
that his greatest accomplishment was that his sweetheart, Louise, said ‘yes’ to his proposal of marriage.
Barnett was an avid reader and a great conversationalist with a quick wit, an advocate for others’ success,
and was selfless in giving of his time and resources to
those in need.
Barnett, who was preceeded in death by his wife, is
survived by their three chidren, a brother, several grandchildren, and numerous nieces, nephews and cousins.
Michael F. Carr (BS Commerce ’56), founder
and president of the former investment management
firm of Carr & Associates Inc., died Feb. 21, 2014
following a long battle with Parkinson’s disease. He
was 78. Prior to founding Carr & Associates in 1989,
he was a senior vice president of Shearson Lehman
Brothers, serving as chairman, portfolio manager and
co-founder of Shearson Convertible Securities Management. He also served as Shearson’s fixed income
strategist and was one of the pioneers of Bondstat,
a bond analysis service. His professional activities
included serving as a member of the CFA Institute’s
Council of Examiners and, for more than 20 years, as
at St. John the Baptist Catholic Church in Napa,Calif., followed by a night of
dancing under the vineyard that is home to the winery that they run together,
Trinitas Cellars, at the Meritage Resort in Napa.
The wedding party included several Domers: Bridget (O’Neill) Zand
(MBA ‘08, ‘07), Eric Cherney (‘06), Katie (Motto) DeMott (BBA
MGTC10), Ann-Marie Woods (‘10), Meghan Pearl (BBA ACCT ‘10),
Alison Schilling (MBA ‘11, ‘10), James O’Neill (Class of ‘15), Patrick Seul (‘06), Kevin May (MBA ‘10), and Thomas Le (‘07).
The night concluded with the ND Victory March with the newlyweds and more
than 50 of their fellow Domers singing the Alma Mater. Betsy and Garrett Busch
are residing in Napa and will continue to run their family winery, Trinitas Cellars.
Future Domers
In Memoriam
Dave (MBA ’01) and Kathleen Wesner welcomed a
daughter, Kate Elizabeth on June 16, 2014.
a New York Stock Exchange-accredited Supervisory
Analyst. While at Notre Dame, Carr was a member of
the ND Glee Club.
He is survived by two brothers and a sister, as well as
several nieces, nephews and friends. Carr, who served
more than 30 years on active duty and as a Lt. Commander in the Naval Reserve, was interred at the Bay
Pines National Cemetery, Florida.
Bernard G. Kosse (BS, Commerce ’56) passed
away June 9, 2014, in Louisville, Ky. Kosse was a
Navy veteran and a member of St. Margaret Mary
Catholic Church, where he served on the Parish
Council. He graduated Magna Cum Laude. He
achieved the highest score in the state on the
Kentucky CPA Exam and was a member of the Tax
Executives Institute. He was retired from CPA firm
of Kosse and Lindle, which he founded.
He was preceded in death by his wife, Lynn. Kosse is
survived by his children, grandchildren and a greatgrandson. He is also survived by his brother and sisters.
John R. “Jack “ McCartan (BS, Commerce
’56), described by many as a mentor, teacher, col-
league and friend, passed away on April 12, 2014.
McCartan, who resided in Shadyside, Penn., is survived by his wife, Margaret, a sister and nephew.
John Schiltz (BS, Commerce ’56) passed away
on May 24, 2014, in Great Falls, Mont. He is survived
by his wife of 56 years, Mary Jo, his seven children
and 13 grandchildren, and a sister.
Schiltz spent his career working with his father and
later his son, Martin, in a family owned business his
father founded in Los Angeles. He loved long road
trips, trains, golden retrievers and cruises to Alaska.
Some of his children’s greatest memories are being
on the open highway with him visiting National Parks,
camping and backpacking.
Anthony E. Silva Sr. (BS, Commerce ’56)
passed away peacefully at his home on June 14,
2014 in the presence of his wife and family.
He served in the U.S. Navy aboard the USS Lester
from 1957 to 1961. His professional life as a CPA
brought him to the firms of Jordan & Jordan and
Arthur Young, leading him to a long career with the
financial administration for the Maine State Diocese
at the Chancery. He retired in 1999.
Silva was an avid sailor and had a passion for cooking,
growing herbs and vegetables, and carpentry.
He was predeceased by his parents and two daughters. He is survived by his wife of 56 years, Patricia,
his children and grandchildren.
Joseph John Weibel (BS, Commerce ’56)
passed away Aug. 24, 2014 at the VNA Hospice
House in Vero Beach, Fla. Weibel, who had been
suffering from Alzheimer’s and Parkinson’s disease
for many years, was remembered by his ND56
classmates at a Mass celebrated on campus by the
Holy Cross priests.
Mendoza Business • Fall 2014
By Bill Nichols
This was probably one of the last places on
earth I ever expected to find myself.
It was March, and I was traveling with a
group of about 10 people just outside a remote village in Rwanda, when we came upon
a series of ponds covered with a homemadelooking contraption fashioned from boards,
sticks and wire.
My companions were a mix of Notre
Dame graduate students and Catholic Relief
Services in-country staff. And the scene in
front of us, as odd as it was, represented a
fairly sophisticated entrepreneurial venture
that offered economic hope for a village on a
continent in dire need of new answers.
Here’s how it worked: The villagers used
the ponds to raise tilapia, a product they can
sell in the marketplace as well as eat. On the
board-stick-and-wire platforms, they raised
rabbits. The rabbit dung fell into the pond,
where the tilapia ate it. Then the villagers
harvested the rabbits for their fur and meat.
From ponds and fish, to rabbits and dung,
here was a sustainable, entrepreneurial
venture. Perhaps more than that, it was a
determined effort to break dependence on
philanthropy and truly put the power of the
marketplace to work.
I don’t normally travel with students to
Africa. I ended up in Rwanda because, after
more than 35 years as an accountancy
professor at Mendoza, I decided to enroll in
the MBA Business on the Frontlines (BOTFL)
course. It’s an intense course that includes
travel to post-conflict countries and regions
to study an urgent problem that’s been
defined by a non-governmental organization
Back to
Business on the Frontlines
challenges long-time professor
It all started when Carolyn Woo, our former dean who
is now the CEO of Catholic Relief Services (CRS), told
me that I needed to understand more about the plight of
people in developing countries and the challenges faced
by those who are the poorest and most vulnerable. She
said I needed to understand how business can help these
countries move forward, which is the mission of Mendoza
College—business as a force for good. Carolyn wanted me
to appreciate how much developing countries need business expertise to develop in sustainable ways.
When she suggested I travel with one of the BOTFL
groups, I thought, “What the heck. Why not just enroll in
the course?” And by that, I mean I would sit in on all the
class sessions and try to do all the homework.
Very seldom does my day end with a work-related
dinner conversation with my spouse. But I found out that
more often than not, Tuesday and Thursday evenings,
we’d talk about what happened in class. The readings and
class discussion were so different from anything that I’d
ever done. I’m an accounting professor. I teach structured
courses—corporate financial reporting and sustainability accounting and reporting. I find these subjects
thought-provoking, but they’re not designed to ask the big
questions: What is poverty? What is self-respect? What is
corruption? What are the roles of laws and compassion? I
think I’m an educated person, but I hadn’t thought deeply
about these issues. It was fascinating.
What was even more fascinating and inadvertently
intimidating were these students. Their backgrounds were
so superior to mine in these conversations. Just as an
aside, I’m 67. I was within one year of being twice as old as
the oldest MBA student. They have very different perspectives than I’ve ever had. It gave me an enormous amount of
respect for the deep knowledge that our students have. In
order to understand the context of developing countries,
how people interact with each other, and the struggles
they face, we needed to have conversations about very
different things than accounting principles, rules and
Homework included reading The Bottom Billion,
which is about the lives of the people at the bottom of the
pyramid. We also read encyclicals from Pope Leo XIII and
Pope Benedict. Additional assignments included Catholic
teachings on poverty, human rights and the distribution of
wealth, and UN General Assembly reports on human trafficking. This wasn’t easy reading.
My team—four Notre Dame MBAs, a law student and a
peace studies graduate student— was assigned to a project
sponsored by CRS. Every Thursday morning, we would
Skype with the CRS staff in Rwanda. We were defining
the problem to be addressed, drafting a Scope of Work
document and fine tuning our in-country schedule. So that
when we hit the ground, we knew exactly what we were doing.
The problem we addressed was nutrition activities for
children under age 5. We agreed to review how messages
about nutrition were being delivered to the Rwandan people.
Malnutrition is a huge issue. People eat, they’re not starving, but their diet is problematic. Poor families fill up on
root vegetables—especially cassava, which isn’t high in
nutrients. Stunted growth in children is a big problem,
one that has to be addressed in the child’s first thousand
days—meaning from conception to two years—or it’s too
late. Children won’t reach normal height and weight.
Organs won’t fully develop. It can compromise their
immune systems, affect their intelligence and shorten
their lives.
We traveled to Rwanda for two weeks during
Mendoza’s MBA interterm session and spring break. CRS
works with community health workers to address nutrition
and other issues. We split up into groups of three. My
group spent time in a village shadowing a community
health worker. Mothers brought children to her house to
be measured and weighed. She kept track with a pencil on
a big spreadsheet like I used to do in accounting courses
when I was an undergrad. She would take the child’s
height and weight, measure the wrist, the length of the
arm from the shoulders to the elbow, and the waist. She
could tell from those metrics if the child was suffering
from malnutrition. And if so, she sent the child’s mother to
the hospital to obtain a special formula.
While in the field, I came to understand how important
it is to have interviewing skills. You can easily download a
lot of data about poverty from the Internet. But in the field,
you need to know how to observe, how to ask questions. If
you’re interviewing someone, you want to come away with
a story. You have to be connected on the same level to get
answers that are insightful.
It was a great experience. It was a wonderful opportunity to better understand the way the world is now. We
can’t pretend we don’t know what’s going on in the Democratic Republic of the Congo, or Somalia, or any place. As
pointed out by Thomas Friedman, the world is flat. We are
all connected in a single global network.
On my desk sits a National Geographic-quality photo
of a woman I met in Rwanda. She’s holding her infant son,
who is suffering from malnutrition. Her eldest son, no
more than 10 years old, travels many kilometers several
days a week to fetch water that he carries home in a
plastic container held by one arm and carefully balanced
on his head. This photo serves as my constant reminder of
those struggling throughout the world and a call for me to
be part of the solution. A call that is heartfelt and timely as
I now consider how best to serve others.
Mendoza Business • Fall 2014
On Stories
Eighth in a series of reflections by Lawrence S. Cunningham
The Nobel laureate Elie Wiesel once remarked, echoing an old
Hasidic saying, that God created the world because God loves a
great story.
kingdom of God of which you speak? Well, let me tell you, Jesus
says, about a mustard seed or a lost coin or a treasure buried in a
field or a farmer going out to sow seed.
God’s story, of course, is the master narrative found in the
Bible. It is a truth, but not universally understood, that Christianity is fundamentally about telling a story about what happened.
Christianity did not begin “way back when” or “once upon a time;”
it had a quite precise point of origin, which the evangelist Luke
pinpoints with reference to the birth of Jesus: “In those days a
decree went out from Caesar Augustus that all the world should
be enrolled” (Luke 2:1).
Not to put too sharp a point on it: Christianity begins in history. Some years ago, a popular theologian said that the entire
meaning of the Christian church could be summed up in three
terse phrases: “Gather the people/tell the story/break the bread.”
If we think of Christian faith as the telling of a story, a lot
of things begin to make sense. Christian tradition is a matter
of telling the story correctly. Telling the story is also a corrective; it allows us to say, in effect, that certain things we say or
certain things we do are at odds with the Christian story. The
Christian story is so central to the meaning of Christianity that
in church, we tell the same story every year. At Advent, we listen
to the prophets telling us that a very important event is coming.
In Christ’s birth, his mission and the great story of his passion
and resurrection and ascension are not only told in sequence,
but acted out in solemn ritual. The meaning of the Christian life
is something like this: We live our story in tandem with a larger
story that existed before us and points our own narrative in the
right direction.
The above thoughts about the Christian story came to me a
few weeks ago as I watched a father holding his young daughter,
pointing to a scene of a guardian angel protecting a child in a
stained glass window in the Basilica of the Sacred Heart at Notre
Dame. He was telling his daughter a story some minutes before
Mass began where we would listen to the reading of the Gospel
and hear the celebrant explain the story in his homily. Some of
us have heard the story so often that we think that we “know” the
story but, in fact, the story is never completely grasped.
The four gospels tell stories about a Storyteller. It is important to recall that when Jesus had a question posed to him, he
almost always answered by telling a story. Who is my neighbor?
Jesus answers with the tale of the Good Samaritan. What is this
Sometimes Jesus, the master storyteller, acted out a story.
Are you getting a bit puffed up by being an insider? Well, Jesus
tells a story in humility by getting down and washing feet.
Are you going to exercise ultimate political power in order to
intimidate? Jesus, before the power of the Roman state invested
in Pilate, simply stood silent. To put it simply: Jesus tells stories
and he acts out stories.
One could say that the subsequent history of Christianity
is an attempt to keep that story alive, retell it, and act it out by
being the good Samaritan, the returned prodigal son, and the
searcher for the pearl of great price. In that sense, the Gospel
story is like a script.
This great narration is wonderfully summed up in one of my
favorite passages in scripture—the Road to Emmaus (Luke 24:
13-35). Two walkers on the road to Emmaus meet a stranger who
listens to their story of the death of Jesus the day before. He, in
turn tells them of how the story of scripture illuminates the meaning
of Jesus. They offer him hospitality and realize who he really is as
they break bread. When he departs, they reflect on how their “hearts
burned” as he narrated scripture to them. The two travelers go
immediately to Jerusalem to find the disciples and the story ends
with them repeating the story of their encounter: “They told what
had happened on the road and how he was known to them in the
breaking of the bread” (Luke 24:35). In other words, they began to
tell the story that had just been their experience.
The story of the Emmaus account is also our story: We are
on the road; we hear the story; we recognize Him in the breaking
of the bread and we then tell the story to others. It is all quite
simple, really.
I wanted to put on paper this admittedly brief way of thinking
about Christianity for another reason: It is an exercise that chastens us professional theologians! We write big books, using big
words, importing big theories, while our Lord and founder simply
tells stories. What we need to recall, however, is that our faith
is related to a story which happens to be true. We need to hear
the story and learn from it, which means in turn that to be a good
Christian is, above all, to be a listener.
Lawrence S. Cunningham is John A. O’Brien Professor of Theology (Emeritus)
at the University of Notre Dame.
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