Coming up Roses Coming up Roses

Coming up RosesMeet three Ivey alumni who made unusual career choices Page twenty-eight

Go figure Page 20 Publication Sales Agreement 40015801Publication Sales Agreement 40015801

Coming up RosesMeet three Ivey alumni who made unusual career choices Page twenty-eight

Go figure Page 20

F E AT U R E S20 Go figure The business worldand the stock market are still reelingfrom the accounting scandals thatrocked some of the world’s largestcorporations last year. Is there any-thing to be learned from the deba-cle, which cost “no more than aminor war”? Ivey professors RickRobertson and Claude Lanfranconiand alumni Steve Snyder, RichardRooney and Doug Ludwig thinkthere are some important lessons.

28 Audacity’s Child You’ve gotyour Ivey HBA or MBA in hand, andthe script reads “consultant,”

“I-banker,” or “corporate manager.”But some Ivey grads simply throwaway the script and adlib, ending upwith fascinating jobs that theynever dreamt of. Meet Carolyn Lee,whose goal is to revolutionize theflower industry, Wade Henry, whojuggles running chainsaws for a liv-ing, and Alan McGillivray, who hasbuilt a small empire on the backs ofnature’s most majestic creatures.

36 Test-tube Baby Ivey’s newbiotech program was conceived andborn with the advice and financialsupport of the industry.

20

INSIDEINTOUCHW I N T E R 2 0 0 3

EEddiittoorr iinn CChhiieeff:: Glenn Yonemitsu, MBA ’89 EEddiittoorriiaall BBooaarrdd:: Bob Beauregard, MBA ’62, IAA Board; MichaelNeedham, MBA ’68, Advisory Board; Ed Pearce, Publisher, IveyBusiness Journal; Professor Kathy Slaughter, BA ’68, Faculty; RobWay, Department of Marketing and Communications; GlennYonemitsu, Executive Director, Institutional AdvancementMMaannaaggiinngg EEddiittoorr:: Pat Morden DDeessiiggnn//PPrroodduuccttiioonn:: Karin CullitonPPrroodduuccttiioonn CCoo--oorrddiinnaattoorr:: Eva Takacs CCoonnttrr iibbuuttiinngg WWrr iitteerrss:: Lauren Downe, Pat Morden, Max Morden, Glenn Yonemitsu, Terri Garton, Arkadi KuhlmannRReesseeaarrcchh:: Peter McKinley

intouch is published by the Department of Institutional Advance-ment at the Richard Ivey School of Business,The University of Western Ontario, London, Ontario, Canada, N6A 3K7.Publications Agreement Number 1514067intouch welcomes input from all alumni for letters to the editor,articles or ideas on themes. Please send all address changes toInstitutional Advancement, Richard Ivey School of Business,The University of Western Ontario, London, ON, Canada N6A 3K7,via e-mail to [email protected] or over the World Wide Web atwww.ivey.uwo.ca/alumninet. Copyright 2003 – Richard IveySchool of Business. Reproduction in whole or in part withoutpermission is prohibited.CCoovveerr PPhhoottoo:: DW DorkenAAddvveerr ttiissiinngg SSaalleess:: Eva Takacs, Ivey Institutional Advancement(519) 661-4145

D E PA RTM E N TS4 Doing Business Time Magazinerecognizes Larry Tapp, another hon-our for Mike Leenders, another topranking for Ivey, another advisoryboard, this time in Europe – catch upon all the news from Ivey.

9 Alumni News and Events Are youmissing something? Check out whatIvey grads around the world havebeen doing when they get together.

34 ProfFile Meet three representa-tives of Generation Next, Ivey’s cropof brilliant new faculty members.

38 Notes from Near and Far Howand what are your classmates doing?

34 Ivey Lives Remembered BarrieBirks

34 Alumni Speak Arkadi Kuhlmannreflects on Ivey's future.

4

Doing BusinessThe School in the World

percent felt that an MBA grad wasmore likely to secure employmentthan a non-MBA grad.

“We are, of course, very pleasedwith the results,” said Dean LarryTapp. “To have Ivey’s grads rated asthe best in Canada by Canada’sbusiness leaders is an enormouscompliment to them as well as theSchool. And it is gratifying that Ivey’sstrengths continue to be recognizedfavourably among its peers.”

In the same month, Ivey’s Execu-tive MBA program placed 11th in theworld in a Financial Times survey.The main driver of this ranking is ca-reer progression after graduation, anarea where Ivey excelled.

Learning to navigatethe networkTHE 2002-2003 IVEY ALUMNI PARTNERSHIPProgram was launched in early No-vember with networking sessionsfor all second year students. GlennYo n e m i t s u , M BA ’ 8 9 , Exe c u t i ve Director, and Professor KathleenSlaughter, Exec. ’83 introduced stu-dents to the practice and etiquetteof networking. “If you manage theIvey alumni network properly, it will

Business leaders rank Ivey as top Canadian MBAA RECENT SURVEY PUBLISHED BY CANADI-an Business Magazine in Octoberconcludes that a made-in-CanadaMBA is worth it. Among businessschools, Ivey’s MBA was ranked first,Queen’s second, and McGill third.

The survey polled 400 senior busi-ness executives across Canada and100 human resource executives on the value of an MBA and thestrengths and weaknesses of variousprograms. It found that an MBA stillgives a decided advantage in careeropportunities. Of those polled, 84

pay dividends,” said Yonemitsu in in-troducing the session. “If you don’tmanage it properly, it will cease tobe an asset.”

The Ivey program connects secondyear students with up to three alum-ni partners via e-mail. More than1,100 alumni have volunteered toshare advice and information whencontacted by students. “The work-shop is our way of ensuring that stu-dents know how to use this rich re-source,” says Terri Garton, AssociateDirector, Alumni Relations. “We wantit to be a positive experience for stu-dents and grads.”For more information on participatingin the program, visit www.ivey.uwo.ca/Alum_Rel/AlumniPartnership.htm

Ivey scholars win international business awardsIVEY BUILT ON ITS OUTSTANDING REPUTA-tion for international research at theAcademy of International Business(AIB) 2002 annual meeting in SanJuan, Puerto Rico this summer.

The AIB Best Paper Award waswon by Paul Beamish, HBA ’76, PhD’85 and Ivey PhD grad Anthony Go-

IT’S GOOD COMPANY TO BE IN. WHENTime Magazine recently recognized“Canada’s Best” in business it

included PaulDesmarais ofPower Corp, KenThomson, Ex-ec.’50, Paul Tellier of CN,Laurent Beau-doin of Bom-

bardier, and Ivey’s own Larry Tapp.Tapp’s profile was written by

Edward A. Snyder, Dean of the University of Chicago GraduateSchool of Business, who commend-ed Tapp for his pivotal role in Ivey’s

rise to international prominence.In the profile Tapp was described

as “an innovator and catalyst forchange.” Wrote Snyder: “Through ashrewd choice of faculty, diligentfund raising and prophetic sense ofthe future directions of digital tech-nology, Tapp has propelled the IveySchool into the top tiers of theworld’s business education institu-tions, the first Canadian school toachieve these rankings.”

He highlighted Tapp’s role inIvey’s expansion to Hong Kong andthe development of Chinese casebooks, and commended the Deanfor moving the School forward at a

time when worldwide competi-tion for top students and facultyhad intensified.

“It’s an honour to be includedin such august company,” Tappsaid after the article was pub-lished. “I’m fortunate to have ledIvey at a pivotal point in its histo-ry, but of course, what we’ve ac-complished has been a team ef-fort, involving faculty, staff,students and alumni.”

A native of Thunder Bay and agraduate of the University ofKansas, Tapp became dean at Iveyin 1995. He will retire from the po-sition in June 2003.

TIME MAGAZINE RECOGNIZES TAPP LEADERSHIP

I v e y I n T o u c h M a g a z i n e | W i n t e r 2 0 0 3

Don Neilson, President of PMAC,paid tribute to Leenders in his ad-dress: “Without a shadow of a doubt,

erzen (now at Babson College) fortheir paper “Geographic Scope andMultinational Enterprise Perfor-mance.” Two graduates from Ivey’sdoctoral program, Shigefumi Maki-no and Andrew Delios , won theHaynes Prize for Best Paper Awardfor authors under 40. Paul Beamishand Ivey alumnus John Adamsonwere runners up in the AIB-CIBERCase Competition for their case“Time Warner and the ORC patents.”

The AIB is the leading associa-t ion of scholars and special ists in the field of international busi-ness, with nearly 3000 members in65 countries.

Purchasing Chairrenamed to honor LeendersTHE PURCHASING MANAGEMENT ASSOCI-ation of Canada (PMAC) recently rec-ognized Professor Michiel Leenders,MBA '59 for his outstanding academ-ic contributions to the purchasingp r o f e s s i o n . To h o n o r h i s m a n yachievements, the Purchasing Man-agement Association of CanadaChair, established in 1993, will nowbe known as the Leenders Purchas-ing Management Association ofCanada Chair.

Dr. Leenders has been directly re-sponsible for the elevation of pro-curement from being a little-under-stood – and less-respected – clericaljob in Canadian corporations, to itscurrent position as a core competen-cy and strategic lever in this coun-try’s leading organizations.”

Leenders has been the sole occu-pant of the PMAC Chair since its in-ception. He has many achievementsin this field, but one of his most sig-nificant contributions is his workwith PMAC in the creation of theIvey Purchasing Managers Index (IP-MI), a national indicator of the over-all economic activity in Canada as re-ported each month by purchasingprofessionals in a broad range ofgovernment, manufacturing and ser-vice industries.

IVEY GRAD BOOKED FOR SUCCESS

If you’ve got $2,900 to spare and a yen to own oneof the world’s most beautiful books, you’ll definitelywant to add Antarctica to your library. The limited-edition photographic art book was produced by Patand Rosemarie Keough. Rosemarie, HBA ’81, was pro-filed in the Winter 1998 issue of InTouch.

The leather-bound book, of which only 950copies were printed, was unveiled on January 14 during the Save the Al-

batross reception hosted by PrinceCharles at St. James’s Palace, London.The Keoughs have pledged all net pro-ceeds to international albatross conser-vation programs.

The book has received rave reviews.“Pat and Rosemarie’s Antarctica is anastonishing book with magnificent,artistic images,” wrote Dr. Richard

Leakey. Dr. Charles Swithinbank of theScott Polar Research Institute wrote,“The Keoughs have assembled a stun-ning and eclectic portfolio of suchartistry that I was left speechless.”

The book is available through the Ivey Trading Company. Visitthe Company website athttp://iveytrading.ivey.uwo.ca

(LEFT TO RIGHT) J IM ERSKINE, MBA ’67,DON NEILSON, FRASER JOHNSON, HBA ’82,MBA ’92, PHD ’95, LOUISE LEENDERS,MICHIEL LEEDERS, MBA ’59

Suzuki challenges the next generationI T WA S A N U N L I K E LY A U D I E N C E F O RCanadian environmentalist and broad-caster David Suzuki, but Room IR40was packed with Ivey students, facultyand alumni to hear him on November10. The talk was a presentation ofLeaderLab, the Ivey student-led lead-ership speaker series founded in 2000.

His lively and challenging presenta-tion was entitled “TheReal Bottom Line.” “Thereal bottom line,” saidSuzuki, “is dictated bythe fact that we are ani-mals. We need clean air,clean water, clean soil

and clean energy to survive.”Suzuki criticized economists for treat-

ing the environment as an “externality”and for creating measures such as theGDP to measure our success as a society.“The year of the Exxon Valdez oil spill, theU.S. GDP grew by $2 billion, because that’show much they spent cleaning it up!”

Suzuki challenged Ivey students to ques-tion the world into which they are moving.“The assumptions and values that driveeconomic growth don’t make ecologicalsense,” he said. He ended by encouragingthem to take the “Nature Challenge,” bycommitting to make three lifestyle changesthat will benefit the environment.For more information on the Nature Chal-lenge, check out www.davidsuzuki.com

IVEY STUDENTS DO CLEAN SWEEP THROUGH LONDON PARKS

On a day when many university students were soaking up the last fewhours of summer on beaches and docks, 75 Ivey students were scouringLondon parks as part of Clean-up Day.

The event was organized by Ivey Connects, a student-run initiative thatconnects Ivey students with the London community and increases their exposure to issues of ethics and socialresponsibility. The students worked in teamsin five London parks, collecting 100 bags ofgarbage in all and identifying three areasthat needed further work.

Ivey Connects Executive Director Jean-Pierre Eskander, MBA ’03 Candidate, saysthe event was a good start for the neworganization, which received seed fundingfrom the London Community Foundation and the Ivey Fund. “It was agreat social event for students to get to work with people that they per-haps haven’t met before, and at the same time, it helped them feel moreconnected to the London area.” Eskander says the event also sent a strongmessage. “We wanted to show that we care about the environment andcan provide leadership in that area. Eventually many of us will be businessleaders, and our view of the environment is really crucial.”

CASE BOOK LAUNCH IN TAIWANON SEPTEMBER 17, PROFESSOR PAULBeamish, HBA ’76, PhD ’85, Directorof the Asian Management Insti-tute, delivered a book launch semi-nar in Taipei, hosted by the Nation-al Taiwan University and Yuan-Liou

Publishing. The first four of 10 Iveycase books (translated into tradi-tional Chinese) were unveiled atthe event, bringing the number ofbooks produced by Ivey for theAsia market to 69.

“This is a culmination of morethan two years of efforts by manyof my colleagues – at Ivey and atthe National Taiwan University,”said Beamish. “We are pleased tosee that quality learning materialdevoted to the understanding ofbusiness in Asian markets can bemade available to instructors andstudents in Taiwan and through-out Asia.”

The launch attracted much in-terest from Taiwan academics, cor-porate executives, and the media,who wanted toknow more aboutthe case method.In his presenta-tion, Beamishhighlighted theadvantages oflearning throughcases, and offeredpractical adviceon teaching with cases and findingthe right case material.

TERENCE TSAI, CHINESE UNIVERSITY OF HONG KONG,PAUL BEAMISH, BORSHIUAN CHENG, DEPARTMENT OF PSYCHOLOGY, NATIONAL TAIWAN UNIVERSITY

TERENCE TSAI, CHINESE UNIVERSITY OF HONG KONG,PAUL BEAMISH, BORSHIUAN CHENG, DEPARTMENT OF PSYCHOLOGY, NATIONAL TAIWAN UNIVERSITY

7


nual Alumni Reunion on September 14at the Hong Kong Football Club. DavidSun, HBA ’81, President of the HongKong Chapter from 1998 to 2001, washonored as recipient of the Ivey AlumniAward. Michael Tien, Chairman of KCRCand the G2000 Group and member ofthe Ivey Hong Kong Advisory Board, wasthe speaker. A highlight of the eveningwas the live auction, conducted by

Senior Execs Advise onExecutive DevelopmentUNDER THE LEADERSHIP OF JEFFREY GANDZand Glenn Yonemitsu, MBA ’89, Ivey's Ex-ecutive Development program is in theprocess of developing a new businessstrategy. One of their first initiatives wasthe establishment of an Executive Devel-opment Advisory Committee represent-ing alumni, customers and decision mak-ers. The members are: George Cope, HBA’84 (Chair),President & CEO,Telus MobilityInc., Sylvia Chrominska, HBA ’75, Exec ’89,Executive Vice President,The Bank of NovaScotia, Bernard Cormier, MBA ’81, SeniorVice-President Human Resources, MolsonInc., Bob Hedley, Director Leadership,Maple Leaf Foods Inc., Zsolt Kekesi, SeniorDirector Leadership & Organizational De-velopment,Bombardier Inc.,Karen McKay,MBA ’91,Vice President HR,Eli Lilly CanadaInc., David Santi, Manager, Human Re-source Development,Dofasco Inc.,HubertSt. Onge, CEO, Konverge and Know, DirkSchlimm, Exec ’99,Vice-President HumanResources,Husky Injection Molding,DavidWells, HBA ’86, Senior Vice President, Em-ployee Services, Telus Mobility Inc., SusanWerth, Senior Vice President & Chief Ad-ministration Officer,ATCO Group.

Hong Kong Convocationand Alumni ReunionMORE THAN 150 ALUMNI AND FRIENDSwere on hand to celebrate the third an-

Bradley Erasmus, HK EMBA ’01, and Kat-rina Sham, HK EMBA ’02. Thanks to oursponsors: Canadian Chamber of Com-merce in Hong Kong, Deloitte Consult-ing (Asia) L.L.C., Dragon Air, Joe Attrux,HK EMBA ’00, David Sun, HBA ’81, SunInternational Trading Co. Ltd., K.S. Tan,HK EMBA ’04 Candidate, Pernod Ricard,Erik Tse, HK EMBA ’01, Louisa Wu, HKEMBA ’02 and Jessie Wynant.

The next day, 29 new graduates ofthe HK Executive MBA class of 2002 cel-ebrated the end of 22 months of bal-ancing work, family, and studies. Theconvocation ceremony was presidedover by UWO Provost and Vice-President(Academic) Dr. Greg Moran and Ivey As-sociate Deans Larry Wynant and PaulBeamish. Shody Chow, MBA ’69, recipi-ent of the Ivey Distinguished ServiceAward in 1999, was the keynote speaker.

rector, Deloitte Consulting – Europe and Ivey Advisory Boardmember.

The Board, mostly comprisedof Ivey graduates, will assist theSchool in developing and imple-menting an overall strategy forEurope, with a view to raising theSchool’s profile in the businesscommunity, attracting more stu-dents, recruiting faculty, openingthe doors for case development,marketing executive develop-ment programs, and educating

recruiters about the quality ofIvey graduates.

Bob Brouillard believes that Eu-ropean Advisory Board can providevaluable insight, information, andconnections. “If you don’t live here,there’s a huge sociological andbusiness culture dimension thatyou can’t completely understand,”he says. “The first thing we’ve doneas a board is exchange informationabout the cultural, social and busi-ness dimensions that have an im-pact on business education.”

Ivey’s brand inEurope will re-

ceive a boostwith the

launch ofits Euro-

pean Advi-sory Boardchaired byBob Brouil-

lard, MBA’66, for-mer man-aging di-

IVEY LAUNCHES EUROPEAN ADVISORY BOARD

( L TO R): SHODY CHOW, MBA ’69,GREG MORAN, HENRY CHENG, HBA ’71, MBA ’72,

LLD ’97, KATHLEEN SLAUGHTER, EXEC ’83;

(L TO R) LARRY WYNANT, MBA ’72,GLENN YONEMITSU, MBA ’89, DAVID SUN,

HBA ’81(ALUMNI AWARD RECIPIENT)





( L TO R): SHODY CHOW, MBA ’69,GREG MORAN, HENRY CHENG, HBA ’71, MBA ’72,

LLD ’97, KATHLEEN SLAUGHTER, EXEC ’83;

A REGULAR FEATURE INTRODUCING MEMBERS OF THE IVEY ALUMNI ASSOCIATION BOARD OF DIRECTORS

Boardfile

Patrick Crowley, HBA ’74, recently joined the Ivey Alumni AssociationBoard, in part to recognize the wonderful learning experience heand later his daughter Michelle enjoyed at the School. Says Patrick:“Ithink it’s useful and valuable to ensure that the quality that wasavailable at Ivey when I was there is maintained and enhanced.”

A native of Stratford, Ontario, Patrick completed his HBA in 1974.He enjoyed the teamwork and case study learning method at Ivey.“Ialso had the chance to meet a broad array of people,” he says.“There was a sense of camaraderie in the group that helped me de-velop friendships that have lasted to this day.”

During his 28-year career, Patrick has worked with John LabattLimited, Abitibi-Price and Molson. In 2000 he became ExecutiveVice-President and Chief Financial Officer of Canada Life. “As a fi-nancial officer, you can apply your tool box to any industry,” Patricksays. “Applying the knowledge you have and learning some of thebusiness practices in different industries – whether it be marketing

in a consumer prod-ucts company ordealing with capitalexpenditures in a major manufacturingorganization – keepsthings interesting andmakes for a continuouslearning experience.”

Patrick says his success in business is due in part to his collabo-rative management style.“It goes back to what I learned at Ivey,” hesays. “Working in teams is the most effective way to get thingsdone, because several minds are better than one.” Organizationaland time management skills, maintaining technical skills and thesupport of mentors have also contributed to his success. Patrick alsobelieves it is essential to maintain a balance between work and per-sonal life.“You can only be a success when you have balance in yourpersonal and professional life.”

dance for their events. It became one ofa select group of Canadian Chapters tohost the Touche Ross Award Dinner, hon-oring an award recipient for his or heroutstanding contributions to the Busi-ness Quarterly.These functions were lat-er replaced by the Touche Ross Distin-guished Speaker Series.

Throughout the 80’s and 90’s, theChapter proudly featured high-profileCanadian leaders like Jack Lawrence, HBA’56,President of Burns Fry (now BMO Nes-bitt-Burns), the Honourable Gordon F. Os-baldeston, MBA ’53, P.C., O.C., and TomBradley, MBA ’83, President and CEO,Phillips, Hager & North Investment Man-agement Ltd. Ivey professors, includingBud Johnston, HBA '54, MBA '57, DavidLeighton, and Don Thain, traveled to Ed-monton to present their recent publica-tions and research initiatives at the School.

In 1998, the Edmonton Chapter de-cided to drop its membership fees to make it more accessible to youngalumni in the city. During that sameyear, Dean Larry Tapp traveled to Ed-monton to celebrate the School’s 75thanniversary and to present his visionfor the School.

THE IVEY ALUMNI ASSOCIATION/EDMONTONChapter (previously the Western Busi-ness School Club of Edmonton) wasformed by a small group of very com-mitted local alumni in 1981 but was for-malized with an executive and advisorycouncil in 1984.

The 80’s were a period of tremen-dous growth for the Edmonton Chapter.In 1984, the Edmonton Club had one ofthe highest percentages of involvedalumni and a very high average atten-

During the summer of 2002, Bob Trei-dler, MBA ’96, Edmonton’s current Chap-ter President was proud to present TimSwanson, HBA ’91, Past President, withthe IAA Award on behalf of the IveyAlumni Association Board of Directors.The award honoured Swanson’s accom-plishments in the development of theEdmonton Chapter from 1999 to 2001.

The initial goals of the club were to de-velop and strengthen the relationship be-tween the School and its friends andalumni, to provide a means of informa-tion exchange and social interaction formembers, and to support and representthe School in the local community. Morethan 20 years later, the objectives of thechapter clearly remain the same. LocalIvey alumni and friends continue to meeton the first Wednesday of every month tohear from business leaders in their com-munity and to network with one another.

For information on the EdmontonChapter or to get involved, please contactthe Edmonton Chapter President: RobertTreidler, MBA ’96, Senior Manager, KPMG,Commerce Place, at (780) 429-6071 [email protected] or for event details youcan visit www.ivey.uwo.ca/ivey_alumni.

A R E G U L A R F E ATU R E I N T R O D U C I N GI V EY A LU M N I A S S O C I AT I O N C LU B S

Clubfile

Edmonton


Alumni News & EventsAcross Canada and around the world, Ivey alumni are getting together and having a great time.

Upcoming eventsVisit www.ivey.uwo.ca/Alum_Rel/CURRENTEVENTS.htm for details on all upcoming alumni events

Feb 12 IAA/Calgary luncheon with ChuckWinograd, MBA ’71, CEO of RBC CapitalMarkets.Feb 19 IAA/Calgary Cocktail Connections.Feb 25 IAA/BC Blue Mountain VineyardDinner Signature Event at the Burrow-ing Owl with Ian Mavety, Proprietor ofBlue Mountain.Mar 22 LEADER Project Wine Tasting, 315Queen Street East,Toronto,8:00 pm For fur-ther information, please visit www.leaderproject.com.

April 15 IAA/BC An Ivey Case Event.April 24 IAA/Ottawa Ninth Annual Ot-tawa High Tech Dinner featuring P.K.Dubey, MBA ’78, President and CEO, Force10 Networks. For complete details, visitwww.ivey.uwo.ca//Alum_Rel/ottawa.htm.May 20 IAA/Toronto Golf Tournament atGlen Abbey Golf Club. For complete de-tails visit www.ivey.uwo.ca/Alum_Rel/toronto.htm.May 27 IAA/London, ON “Ivey Con-ference: A Test of Leadership”, see page12 for details.Mark your calendars for the followingIAA/Toronto Breakfast Dates: February18, March 18, April 15, May 20 and June 17.

Ivey author speaks to B.C. chapterMEMBERS OF THE IVEY ALUMNI ASSOCIA-tion of BC recently learned about anotherway to market their skills: write a thriller.

Terry Waghorn, MBA ’88, the authorof The System: A Story of Intrigue andMarket Domination, spoke to the Associ-ation on November 5, while on a NorthAmerican book tour.

More than 50 alumni showed up tomeet Waghorn, who lives in Soesterberg,the Netherlands,and consults for KPMG onbusiness strategy and corporate renewal.

Waghorn’s new book employs aunique formula, combining fiction withthe latest in management theory. Read-ers enjoy a fast paced mystery while theylearn the secrets of Waghorn’s businessstrategy model, based on three concepts:focus, fortify, and foster futurity.The busi-ness model is illustrated by a fictionalcompany, and also by other real life casessprinkled throughout the book.

The plot focuses on a struggling old-economy business on the edge of a tech-nology breakthrough. As the stock priceplummets, those who have gotten windof the “killer app” are plotting a hostiletakeover. As thestakes get higher,the action heats up.

Although on abook tour,Waghornpromised alumnithat he would notuse the meeting tosell his book. Toleave no doubt, hegave everyone a free copy. Rather thantalking about the book, he took the op-portunity to outline his strategy model,using slides and examples.

Waghorn is already a successful writer.His previous book, Mission Possible, writ-ten with Ken Blanchard, sold more than

PAST EVENTSJULY 20 IVEY SOCIETY EVENT AT THE MASTERSERIES CUP IN TORONTO

JULY 24 MBAA AND IAA/TORONTOMEET AND GREET INCOMING STUDENTSAT THE MADISON

JULY 29 MBAA AND IAA/LONDON UKMEET AND GREET INCOMING STUDENTSAT THE MAPLE LEAF PUB

AUG 1 IAA/BC IVEY PUB NIGHT ATSTEAMWORKS BREW PUB

AUG 13 IVEY SOCIETY EVENT AT THEROGERS AT & T CUP IN MONTREAL

AUG 21 IAA/CALGARY COCKTAILCONNECTIONS

AUG 29 JOHN ROTHCHILD, MBA ’73,SPEAKS AT MBA ORIENTATION

SEPT 4 REDTAIL GOLF TOURNAMENT

SEPT 4 IAA/EDMONTON NETWORKINGEVENT AT JOEY TOMATOES

SEPT 5 IAA/BC IVEY PUB NIGHT ATSTEAMWORKS BREW PUB

SEPT 9 IAA/ATLANTA INAUGURAL ALUMNIMIXER AT ANTHONY’S RESTAURANT

SEPT 12 HBA BIG BROTHER/BIG SISTERGALA WITH JOEL MCLEAN, HBA ‘95

SEPT 14 IAA/HONG KONG ASIAN ALUMNIREUNION

SEPT 15 EMBA CONVOCATION EVENTIN HONG KONG

SEPT 18 IAA/MONTREAL RECEPTION WITHGEATAN MORENCY, VP OF PUBLIC AND SOCIALAFFAIRS AT CIRQUE DU SOLEIL

SEPT 18 IAA/CALGARY COCKTAILCONNECTIONS

SEPT 19 IAA/TORONTO BIER MARKT BASH!

SEPT 20 IAA LONDON, ONTARIO 8THANNUAL CHAPTER GOLF TOURNAMENT – FOREST CITY NATIONAL GOLF CLUB

SEPT 20-22 IVEY HOMECOMING 2002

SEPT 20 IAA/BC GOLF TOURNAMENT

SEPT 21 IVEY SOCIETY CORNERSTONERECEPTION TO RECOGNIZE ANNUALLEADERSHIP SUPPORT

SEPT 22 IAA BOARD’S INAUGURALCOME BACK TO GIVE BACK MENTORINGPROGRAM AT IVEY

SEPT 24 IAA/TORONTO ANNUAL REALESTATE LUNCHEON WITH JON LOVE,MANAGING PARTNER, KINGSTREET CAPITALPARTNERS – “HEADING FOR THE FUTURE”

CONTINUED ON NEXT PAGE

PAST EVENTS CONTINUED

SEPT 27 IAA/S CALIFORNIA ALUMNIGATHERING AT DAVE & BUSTERS IN THEIRVINE SPECTRUM

SEPT 30 IAA/CALGARY LUNCHEONWITH DOUG WHITEHEAD, PRESIDENTAND CEO, FINNING INTERNATIONAL

SEPT 30 IAA/NEW YORK ALUMNIEVENT AT MIXED GREENS

OCT 3 IAA/BC IVEY PUB NIGHT ATSTEAMWORKS BREW PUB

OCT 9 IAA/N.CALIFORNIA RECEPTIONAT THE CANADIAN RESIDENCE IN L.A.HOSTED BY COLIN ROBERTSON, CONSULGENERAL OF CANADA AND PAUL

DAVENPORT, PRESIDENT & VICE-CHANCELLOR, UWO

OCT 16 IAA/CALGARY COCKTAILCONNECTIONS

OCT 22 IAA TORONTO BREAKFASTWITH JACK MINTZ, PRESIDENT ANDCEO, C.D. HOWE INSTITUTE “SMOKE,MIRRORS AND KYOTO”

OCT 26 THIRD ANNUAL EMBA ALUMNI BUSINESS FORUM HOSTEDBY THE EXECUTIVE MBA CLASS OF 2001 IN TORONTO AT THE J.J. WETTLAUFERCENTRE IN TORONTO

NOV 2 IAA/NORTHERN CALIFORNIA,“IVEY’S BOCCE BONANZA” CAMPO DIBOCCE, LOS GATOS, CA

NOV 5 IAA/BC BREAKFAST NETWORK ANDEYE OPENER, “THE SYSTEM: A STORY OFINTRIGUE AND MARKET DOMINATION” WITHAUTHOR TERRY WAGHORN, MBA ’88 AND AKPMG EUROPEAN PRACTICE LEADER

NOV 5 IAA/CALGARY, STEVE SNYDER,MBA ’74, CEO OF TRANSALTA UTILITIESLUNCHEON “ELECTRICITY: BACK PAGE TOFRONT PAGE, HOW DID IT HAPPEN”

NOV 6 IAA/EDMONTON NETWORKINGEVENT WITH SPEAKER LEO MCCLOSKEY,EMBA ’98 FROM NORWEST LABS

NOV 7 IAA/BC IVEY PUB NIGHT ATSTEAMWORKS BREW PUB

NOV 7 IAA/LONDON UK, ALUMNI PUBNIGHT – MAPLE LEAF PUB

NOV 19 IAA/TORONTO BUSINESS LEADERDINNER WITH GWYN MORGAN, PRESIDENTAND CEO OF ENCANA CORP.

NOV 20 IAA/CALGARY COCKTAILCONNECTIONS

NOV 20 IAA/BOSTON AFTER WORKRECEPTION AT THE BLACK RHINO

NOV 20 IAA/CHICAGO AN EVENINGWITH AUTHOR TERRY WAGHORN, MBA ’88AND A KPMG EUROPEAN PRACTICE LEADER

NOV 26 IVEY FACULTY MEMBER JEFFERYGANDZ SPOKE AT THE VANCOUVERENTERPRISE FORUM

NOV 28 IAA/HONG KONG “HAPPY HOUR”AT RICK’S CAFÉ, KIMBERLY ROAD, KOWLOON

DEC 4 IAA/TORONTO WINE TASTINGEVENT AT THE TASTING ROOM, FIRST

CANADIAN PLACE

DEC 4 IAA/EDMONTON HOSTED LENKA STUCH-LIK, MBA ’99, VICE-PRESIDENT AND COMPTROL-LER OF ALBERTA TREASURY BRANCHES

DEC 5 IAA/BC IVEY PUB NIGHT ATSTEAMWORKS BREW PUB

DEC 5 IAA/SOUTHERN CALIFORNIA SOCIALEVENT AT THE VICEROY HOTELIN LOS ANGELES

DEC 11 IAA/UK PRE-CHRISTMAS PUBNIGHT AT YE OLDE CHESHIRE CHEESE

DEC 12 IAA/SOUTHERN CALIFORNIASOCIAL EVENT AT THE NAPA ROSERESTAURANT IN ORANGE COUNTY

DEC 16 IAA/HONG KONG GOLF DAYAT PALM ISLAND

DEC 17 IAA/TORONTO BREAKFAST EVENT

DEC 18 IAA/CALGARY COCKTAILCONNECTIONS

DEC 19 IAA/HONG KONG “HAPPY HOUR”

JAN 15 IAA/CALGARY COCKTAILCONNECTIONS

FEB 7 HBACONTACT

10

for alleged insider trading, a spark ofhope was struck at a special presenta-tion to Ivey Montreal alumni.

Gaetan Morency, Vice-President ofPublic and Social Affairs for Cirque du

Soleil spokea b o u t t h ecompany’sconcept ofcorporatesocial re-sponsibili-ty. In the

course of hispresentation, hegave us a fasci-nating insight in-to the operationand marketing of

100,000 copies.Waghorn is now negotiat-ing the sale of movie rights for The System.

Brian Phillips, MBA '75, one of theorganizers of the event, believes thatthe book would be an excellent choicefor a university class looking for aunique approach to management ed-ucation. “It's very engaging and welldone,” he says. “It’s basically a who-dunit novel, with a lot of intrigue. ButI don’t want to tell you everythingthat happens because that will spoilthe book.”

Beyond spreadsheetsB Y L P C A M O Z Z I , H B A ‘ 7 5oN A DAY THAT SAW ONE OF QUEBEC’Slargest corporations sue a former CEO

this hugely successful product of Que-bec creativity.

Morency is an executive member ofthe Montreal Chamber of Commerce anda participating executive in both Canadi-an and American organizations of Busi-ness for Social Responsibility. On behalfof Cirque du Soleil, he manages a budgetof 1% of gross worldwide ticket sales –nearly $5 million in 2002 – that is ear-marked for community and social issues.

Much of the focus of Mr. Morency’swork is in Cirque du Soleil’s outreach workwith street kids around the world. In effect,the company is going back to its roots.Cirque started with a group of young streetperformers in Baie St. Paul, Quebec. Theywere bound together by a youthful visionthat risk,dreams and living on the creative


ant, with 3,000 employees and 600artists. Morency pointed out that Cirquehas often been able to operate on anartistic limb because it is a private com-pany, not bound by shareholders. Buthe reminded us that when it comes tocorporate responsibility, a company is

edge could come together for a betterworld. For today’s youth,that translates in-to a single word – sustainability.

To Cirque du Soleil, social responsibil-ity is a core corporate value and a key totheir sustainability. Morency is con-vinced that it will become a necessityfor any organization seeking long-termsuccess. His view is supported by a studyconducted at the Canadian Centre forSocial Performance and Ethics at Uni-versity of Toronto, which indicated thatover the long term, companies that ratehighest on ethics and corporate socialresponsibility are the most profitable.

Nobody can argue with the prof-itability at Cirque. From its beginningon the street in 1984, Cirque has growninto a $500 million entertainment gi-

accountable to all stakeholders, includ-ing investors, customers, clients, busi-ness partners, the local community andsociety at large. Cirque is actively in-volved in a wide range of innovative cul-tural mentoring and community devel-opment activities worldwide. The netresult is a cost efficient approach tomarketing entertainment.

Cirque du Soleil is an organizationthat has gone beyond philanthropy. Byfully dedicating one of their most se-nior executives to social responsibility,they are championing a new corporatephilosophy for us to take out from un-der the big top.LP CAMOZZI IS A CREATIVE COPYWRITER AND MARKETING

COMMUNICATIONS STRATEGIST. VISIT HIS COMPANY, LP CRE-ATIVE, AT WWW.CAMOZZI.C

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1. IVEY AT THE RACES, HONG KONG: WINNERS OF THEGAMING COMPETITION 2. IVEY AT THE RACES. (LEFT TORIGHT) KATRINA SHAM HK EMBA ’02, JOE ATTRUX, HKEMBA ’00, JASON FARIS, HK EMBA ’01, ERIK TSE, HK EMBA’01, AND STEVEN LAU, HBA '99 3. ALUMNI GOLFTOURNAMENT, LONDON, ONTARIO. JENNIFER PARR ANDCARMEN PICHEN, BOTH MBA '87 4. ALUMNI GOLFTOURNAMENT. (FROM LEFT TO RIGHT) STEVE DUMANSKI,DAN MCCLURE, AND STEVE USZKAY, ALL MBA '97 5. BOCCETOURNAMENT IN NORTHERN CALIFORNIA. (FROM LEFT TORIGHT) GLENN LUINENBURG, HBA '91, MBA '98, AJAYGANDHI, CHARU GUPTA, MBA '96, ALAN UFFELMAN, EMBA'01 6. ATLANTA EVENT. (FROM LEFT TO RIGHT) HOST BILLROBERTSON, MBA’66, WITH BRUCE, MBA’73 AND DALEMORINE AND ARIF DAR, MBA’98 7. ATLANTA EVENT.(FROM LEFT TO RIGHT) JAMES, MBA’77 AND SUSAN GIBBSAND DAUGHTER, HOST BILL ROBERTSON 8. IVEY BEIJINGALUMNI AT THE GREAT WALL

IVEY ALUMNI GET TOGETHER AROUND THE WORLD

13


reflected on the impact that Ivey has hadon both his business and personal life.

The Event in the Tent featured the pre-sentation of the Ivey Distinguished ServiceAward by the Ivey Alumni AssociationBoard of Directors to Beryl Ivey, BA ’47, LLD’97 and Dick Ivey, HBA ’47, LLD ’79. TheAlumni Faculty Service Award was present-ed to Professor Emeritus Joe DiStefano and

MOR E THAN 1000 ALUMN I AN D TH EI Rguests returned to the Ivey BusinessSchool for Homecoming throughout theweekend of September 20-22. On Friday,Homecoming was kicked off with the IveyAlumni Association London Chapter’seighth annual golf tournament. Eighty-five golfers enjoyed a round of golf withtheir classmates on a beautiful fall day.The Saturday program included Schooltours by current students, demonstra-tions of the latest wireless LAN technolo-gy, and an opportunity for classmates andfriends to reminisce while enjoying acomplimentary continental breakfast.Later, more than 800 people gathered forthe Event in the Tent multi-media pre-sentation where Adam Lorant, MBA ’92,

Professor Larry Wynant, MBA ’72, in recog-nition of their extraordinary service to Iveyalumni over an extended period of time.

On Saturday evening,Homecoming ex-citement culminated at the all-class gala,attended by more than 500 people. Theguests thoroughly enjoyed the “Around theWorld in 80 Days” experience held in theDiamond Aircraft hangar, complete withaward-winning strolling entertainers, acocktail reception and elegant dinner fol-lowed by the exhilarating entertainmentof Cheryl Hardy and The Coming of Age.Throughout the evening, Ivey alumni en-joyed the opportunity to reminisce withfriends and faculty members alike.As JudySchulich, HBA ’97 wrote, “The Homecom-ing Gala was the perfect venue to reuniteclassmates and professors for some con-versation and fun. Overall, the weekendwas well worth the trip to London.”

On Sunday, many reunion classes metfor a farewell brunch,with the graduates of50 years or earlier attending the time-hon-ored Golden Alumni Brunch. It was a per-fect finale to a memory-filled weekend.

In the words of the Randy Jang, MBA’77, member of the Ivey Alumni Associa-tion Board of Directors and Chair of theAlumni Events Committee, “I think I canspeak for all my fellow 1977 alumni,and forthat matter,all alumni – we really appreci-ate your efforts to make this such a specialHomecoming 2002. I don't know if it canget any better,but this event was a bench-mark for the standard of excellence.”

This year’s Homecoming success was theresult of hard work and dedication by eachreunion committee. A sincere thank-you to

everyone who contributed to planning amemorable weekend for their class reunion.The date for Homecoming 2003 has beenset – September 19, 20 and 21. If yourgraduating year ends in ’3 or ’8, this isyour special reunion year. Please contactTerri Garton, Associate Director, AlumniRelations at [email protected] or call519-661-3729 for details on your class re-union celebration.

Homecoming 2002

MBA ’87 CLASSMATES CONNECTING WITH PROF.CLAUDE LANFRANCONI, PHD ’76 AT GALA

HBA ’77 AT LONDON CLUBSTROLLING MAGICIAN ENTERTAINS MBA ’72 AT GALA

DOUG SPEERS, MBA ‘70 PRESENTING THEDISTINGUISHED SERVICE AWARD TO BERYL IVEY, BA ’47,LLD ’97, AND RICHARD IVEY, HBA ’47, LLD ’79

BEN ANDERS, MBA ’49 AND GWEN ANDERS, HBA ’47, MBA ’48

DAVID GILMER, HBA ’82

DOUG SPEERS, MBA ’70 ENJOYS SITTING IN THECOCKPIT OF A DIAMOND AIRCRAFT PLANE AT GALA

14

B E I N G A S T R O N G S U P O R T E R O F T H ESchool has many advantages, but themost enjoyable is membership in theIvey Society. This year, the Schoolthanked Ivey society members – thosewho have given generously of their timeand talents and provided leadershipgifts – with three very exclusive andmemorable events. Each was a wonder-ful opportunity for friends and fellowgrads to share a delightful experience.

In August, Ivey supporters participat-ed in two unique Tennis Canada events,one in Toronto at the Men’s Tennis Mas-

Saying a veryspecial thank-youTHIS SUMMER, IVEY HELD THREE EXCLUSIVE EVENTS FOR ITS CLOSEST FRIENDS

(CLOCKWISE FROM TOP RIGHT) DAVID SAVARD, MBA ’00;MELANIE MAROIS SIGNS SOME AUTOGRAPHS; TORONTO IVEY SOCIETY GUESTS; MARC RODGER, EMBA ’01;COACH CARL AND MARIE EVE PELLETIER

ters Series, and one in Montreal at theWomen’s Rogers AT&T Cup. The specialevent featured a private box and an ele-gant dinner. In Toronto, guests werethrilled by a match between Pete Sam-pras and Wayne Ferreira. In Montreal,the event included an opportunity toplay tennis with two Canadian pros,Marie Eve Pelletier and Melanie Marois.Thanks to Stacey Allaster, EMBA ’00, Se-nior Vice President Tennis Canada, forher help in organizing this event.

On September 4, a group of Iveyfriends and alumni were invited to golfat exclusive Redtail. (See next page.)

These events are among the exclu-sive activities planned for Ivey’s clos-est friends. For information on howyou can get involved, contact AngelaChapman, Director of Development,at 519-661-3850, or Glenn Yonemitsu,Executive Director, Advancement, at519-661-3271.


IT IS A DREAM-COME-TRUE FOR ANY AVID GOLFER: Aday on the links at Redtail, perhaps themost private golf course in Canada. Ourfourth tournament on this pure, un-adorned course was held on a beauti-ful autumn day. At 6,621 yardswith a slope rating of 147, Red-tail once again offered an out-standing challenge to ourguests. “It was truly a once-in-a-lifetime experience,” saidJohn Toomey, MBA ’89, “–aperfect day of golf, seeing oldclassmates, and expandingmy network.” John’s team,which included John Irwin,Michael Kline, MBA ’87,and Joe Shlesinger, MBA’86, won the tournament.Shlesinger has been onthe winning team in eachof the last three years hehas played.

To find out how youc a n p a r t o f e x c l u s i v eevents such as Redtail, con-tact Glenn Yonemitsu, Exec-utive Director, Advancement at519-661-3271.

WINNING FOURSOME: (LEFT TO RIGHT) JOHNTOOMEY, MBA ’89, MICHAEL KLINE, MBA ’87, JOE

SHLESINGER, MBA ’86, (JOHN IRWIN MISSING)

IVEY FRIENDS ABOUT TO TAKE ONTHE CHALLENGE OF REDTAIL

STEVEN LISTER, MBA ’85, MOLLY RUNDLE

LEFT TO RIGHT: GLENN YONEMITSU, MBA ’89, STUBUNDY, CHRIS GRATIAS, HBA ’94, HOWARD TEALL,HBA ’77, MBA ’84, PHD ’87

LEFT TO RIGHT: JOE SHLESINGER, MBA ’86,MICHAEL KLINE, MBA ’87, JOHN IRWIN

AND ASSOCIATE DEAN CHRIS HIGGINS

LEFT TO RIGHT: JOE SHLESINGER, MBA ’86,MICHAEL KLINE, MBA ’87, JOHN IRWIN

AND ASSOCIATE DEAN CHRIS HIGGINS

LEFT TO RIGHT: GLENN YONEMITSU, MBA ’89, STUBUNDY, CHRIS GRATIAS, HBA ’94, HOWARD TEALL,HBA ’77, MBA ’84, PHD ’87

WINNING FOURSOME: (LEFT TO RIGHT) JOHNTOOMEY, MBA ’89, MICHAEL KLINE, MBA ’87, JOE

SHLESINGER, MBA ’86, (JOHN IRWIN MISSING)

IVEY FRIENDS ABOUT TO TAKE ONTHE CHALLENGE OF REDTAIL

16

H O N G K O N GJoe Attrux, EMBA ’00General ManagerInterasian Resources (Hong Kong) [email protected]/alum_rel/hongkong.htm

L O N D O N , U . K .Charles Gamm, HBA ’88AVP – Analyst, Structured Finance GroupMoody’s Investors Service [email protected]/alum_rel/londonuk.htm

L O N D O N , O NJohn Millar, LLB/MBA ’92President, Attaché Group Inc.519-673-3380 [email protected]/alum_rel/londonon.htm

I V E Y A L U M N I A S S O C I A T I O NL O N D O N , O N T A R I O C H A P T E RPO Box 1461, Stn. B,London, ON N6A 5M2

M O N T R E A L , P QMarie-Anne Desjardins, MBA ’98Director of Business Development, EtudeEconomique Conseil – Insane [email protected]/alum_rel/montreal.htm

N E W Y O R K , N YClare Cheng, MBA ’94Account Supervisor,Medicus New [email protected]/alum_rel/newyork.htm

O T T A W A , O NLauren DowneDirector, Alumni Relations, Richard IveySchool of Business519-661-4100 [email protected]/alum_rel/ottawa.htm

S I N G A P O R EChet Choon Woon, MBA ’94Business Development, [email protected]/alum_rel/singapore.htm

T O R O N T O , O NJeffrey Chaplin, HBA ’67President, Jeffrey Allan & Associates [email protected]

Barbara Wilkes, HBA ’74, MBA ’76President, Management Initiatives [email protected]

ChaptersAlumni Chapters develop meaningfulprograms and activities that provideopportunities for alumni in their areato network with one another and tostay in touch with the School.

B R I T I S H C O L U M B I ABrian Phillips, MBA ’75Vice President, Phillips, Hager & North [email protected]

I V E Y A L U M N I A S S O C I A T I O NB . C . C H A P T E R604-903-0880 [email protected]

C A L G A R Y, A BPaula Kinch, MBA ’85Senior Partner,Elizabeth James & [email protected]/alum_rel/calgary.htm

N O R T H E R N C A L I F O R N I ABrent Remai, MBA ’93Strategic Planning Manager,Enterprise Sys-tems Group,Hewlett-Packard [email protected]/alum_rel/ncalifornia.htm

S O U T H E R N C A L I F O R N I ADon Anderson, MBA ’70Managing DirectorHarvard Capital [email protected]/alum_rel/scalifornia.htm

E D M O N T O N , A BBob Treidler, MBA ’96Senior Manager, [email protected]/alum_rel/edmonton.htm

I V E Y A L U M N I A S S O C I A T I O NT O R O N T O C H A P T E R2121 Argentia Road, Suite 404,Mississauga, Ontario L5N [email protected]/alum_rel/toronto.htm

W A T E R L O O R E G I O NMichael Deane, HBA ’79Barrister, Casselli, Levesque & [email protected]/alum_rel/waterloo.htm

I V E Y A L U M N I A S S O C I A T I O NW A T E R L O O R E G I O NPO Box 2592, Postal Station B, Kitchener,Ontario N2H 6N2

Ambassador ProgramThe Ivey Ambassador Program consistsof enthusiastic and committed alumniand friends of the School who havedemonstrated leadership in geographicregions with smaller concentrations ofIvey alumni.

A F R I C AMavis MacCarthy, MBA ’[email protected]

A R I Z O N APaul Hawkins, MBA ’[email protected]

A T L A N T A , G ABill Robertson, MBA ’[email protected]

A T L A N T I C C A N A D AJim White, HBA ’74, MBA ’[email protected]

A U S T R A L I AKaren Boehnke, HBA ’92, MBA ’[email protected]

B A H A M A SAlec Wright, MBA ’72242-557-9376 [email protected]

B E I J I N GSteven Zuo, MBA ’978610-8179-6129 [email protected]

B E L G I U MDave Holowack, EMBA ’[email protected]

Alumni ContactsFor general information,please contact Lauren Downe,Director, Alumni [email protected]/ivey_alumni

17


M I A M I , F LJuan Deshon, HBA ’99305-231-6566 [email protected]

M I S S O U R IDennis Ayden, MBA ’65314-361-5084 [email protected]

M O S C O W , R U S S I APaul Burton, MBA ’797-095-787-1111 [email protected]

T H E N E T H E R L A N D SBrenda Fischer-Campbell, MBA ’[email protected]

N E W O R L E A N S , L ALiz Yager, HBA ’85504-891-2298 [email protected]

N E W Z E A L A N DAnthony McCord, MBA ’[email protected]

N I A G A R A R E G I O N , O NBill De Wolf, EMBA ’95905-937-1552 [email protected]

P I T T S B U R G H , P AAnoop Sinha, EMBA ’01412-854-3814 [email protected]

P R A G U E , C Z E C H R E P U B L I CPaul Boucek, HBA ’81420-248-95-111 [email protected]

R E G I N A , S KTracey Bakkeli, MBA ’91306-585-0974 [email protected]

R E P U B L I C O F Y E M E NNeil McCormick, HBA ’[email protected]

S E A T T L E , W AMarkus Foerster, MBA ’[email protected]

S H A N G H A I , C H I N ACynthia Gu, MBA ’0186-21-6359-2278 [email protected]

S O U T H C A R O L I N ATove Rasmussen, MBA ’[email protected]

S P A I NMike Lazarovits, HBA ’[email protected]

S T . L U C I ADouglas Rapier, MBA ’78758-457-7777 [email protected]

B O S T O N , M AAndrew Fortier, HBA ’99617-859-1559 [email protected]

B R A Z I LCarlos Barbosa, MBA ’[email protected]

B U F F A L O , N YRene Krist, MBA ’93716-745-7390 [email protected]

B U E N O S A I R E S , A R G E N T I N ASean Twomey, MBA ’[email protected]

C H I C A G O , I LPerry Lea, EMBA ’00630-922-8606 [email protected]

C O L O R A D ORonald Singh, MBA ’[email protected]

G E R M A N YSteven Otto, HBA ’9249-30-4403-1622 [email protected]

G O L D C O A S T, F LGregory Korneluk, HBA ’[email protected]

I N D I A‘G.K.’ Krishnamurthy, MBA ’[email protected]

I N D O N E S I ABerry Marttin, MBA ’0162-21-252-0876 [email protected]

I S R A E LMark Fischer, HBA ’[email protected]

J A P A NMarc Koyanagi, MBA ’[email protected]

K O R E ADaniel Lee, MBA ’03 Candidate519-675-0865 [email protected]

M A L AY S I A‘G.K.’ Krishnamurthy, MBA ’[email protected]

M E X I C ORobert Shaw-Wood, MBA ’[email protected]

S U D B U R Y, O NColleen Gordon-Boyce, MBA ’91705-561-0932 [email protected]

S W E D E NPetra Borg, HBA ’0046-8-672-7913 [email protected]

S W I T Z E R L A N DNorman Karrer, MBA ’9741-1-825-1080 [email protected]

T A I W A NNick Teo, MBA ’96886-2-2734-7523 [email protected]

T E X A SArnie Kuchinsky, MBA ’[email protected]

T H U N D E R B AY, O NRob Vanderwees, HBA ’[email protected]

T R I N I D A DJeffrey Chung, MBA ’98868-657-7135 [email protected]

U N I T E D A R A B E M I R A T E SAly Alidina, HBA ’[email protected] Kurucz, MBA ’[email protected]

V I C T O R I A , B CChris Graham, MBA ’[email protected]

V I R G I N I AMarc and Lena Trudeau, MBA ’[email protected]

W A S H I N G T O N , D . C .Marcelo Lessa, MBA ’94301-365-4657 [email protected]

W H I S T L E R , B CRandy Jang, MBA ’77604-932-1105 [email protected]

W I N N I P E G , M BRichard Kennedy, MBA ’[email protected]

Y E L L O W K N I F E , N TLarry Adamson, HBA ’[email protected]

18

head of the oil and gas division, be-coming President and CEO in 1994. InApril 2002, AEC merged with Pan Cana-dian Energy Corporation to become En-Cana. That transaction is widelyviewed as one of the most importantmergers in the history of the Canadianenergy sector, and a template for thecreation of future global energy power-houses headquartered in Canada.

Gwyn’s career encompasses morethan 30 years of technical, operational,financial and management positions inoil and gas exploration, production,marketing and pipelines. He serves asa director for HSBC Bank Canada, La-farge North America, the Canadian

ON NOVEMBER 19TH, 350 BUSINESS LEAD-ers gathered in Toronto to honourGwyn Morgan, President and CEO, En-Cana Corporation, one of the world’sleading independent oil and gas com-panies, with the 2002 Ivey BusinessLeader Award.

The event, co-chaired by BarbaraWilkes, HBA ’74, MBA ’76, President,Management Initiatives Inc. andChuck Winograd, MBA ’71, Presidentand CEO, RBC Capital Markets, was are s o u n d i n g s u c c e s s . M o re t h a n$175,000 was raised to suport theToronto Ivey Alumni Association Fac-ulty Fellowship in Leadership receivedby Fernando Olivera and two IveyAlumni Association International Stu-dent Awards currently supportingCraig Happelt, MBA ’01 and VivianTan, MBA ’02.

Morgan joined Alberta Energy Com-pany Ltd. (AEC) in 1975, where he rose to

Council of Chief Executives, and the In-stitute of the Americas. His other affil-iations include the Board of Trusteesfor the Fraser Institute.

The Richard Ivey School of Businessand the Ivey Alumni Association/Torontowere proud to salute the integrity, tal-ent, and pursuit of innovation that havemade Gwyn Morgan one of the mostrespected leaders in Canada today.

Created in 1991 by the Ivey AlumniAssociation/Toronto, the Ivey BusinessLeader Award honours an individual ororganization that has made a signifi-cant contribution to the advancementof business in Canada, and reflects theworld-class ideals of the Ivey BusinessSchool. Appreciation goes to all of the21 sponsors who made this event a suc-cess, including Dinner Patrons, TD Secu-rities and Bennett Jones as well as theIvey faculty and staff, and Toronto vol-unteers who supported the most suc-cessful dinner to date.

Business LeaderAward 2002 GWYN MORGAN

GWYN MORGAN, PRESIDENT AND CEO, ENCANACORPORATION, TWELFTH BUSINESS LEADER RECIPIENT

PROF. GERRY HIGGINS,SHIRLEY GARNETT, FRED METTERAND HIS WIFE MARSHA

FROM LEFT, CHUCK WINOGRAD,BARBARA WILKES AND PAUL BEAMISH

GOFIGURE

Corporate financial reporting has taken a bad rap lately, butthere is an up side. That’s the

message from Ivey accounting professors and alumni

JOAN

NA S

ZACH

OWSK

A

22

these days. “Even my wife has no-ticed,” says Robertson. “Just thisweekend she said, “Well Rick, younow do something of interest tothe world, don't you?”

The purpose of a company’s fi-nancial statements is to show its un-derlying economic performance.Thevarious items on the balance sheetrepresent, at a moment in time, onemeasure of the assets, liabilities,andcapital of the company. Corporate fi-nancial reporting has never been a

matter of blackand white, butthe recent spateo f co r p o ra t es c a n d a l s h a smade many peo-ple feel that ac-counting figurescan be manipu-lated with ease.With losses inthe billions, it’snot surprisingthat many mayh ave t u r n e dtheir backs on asystem they feelis “broken.”

Lanfranconi and Robertson bothagree that corporate financial re-porting is critical to the market sys-tem and our way of life, and everyeffort must be made to regain theconfidence of investors. “The sys-tem is not broke, although it hasbeen harmed significantly,” saysRobertson. “But we can’t just giveup on it.” Lanfranconi adds: "Theproblem is not so much corporatefinancial reporting, but has more

ONLY A DAY AFTER HE SHARED THEspotlight with Muhammad Ali in a huge media event at the Sky-dome, Garth Drabinsky stoodstone-faced in a Toronto court-house. Co-founder of entertain-ment company Livent Inc., Drabin-sky was charged with falsifyingthe company’s financial state-ments to the tune of $500 million.

For investors who have alreadypaid a heavy price, it was anotherblow to their confidence in the system. For man-a g e r s a l r e a d ychastened by thesight of formerEnron and World-Com executivesin handcuffs, itwas a chilling re-minder of whatcan happen whenyou don’t play bythe rules.

The integrity of corporate fi-nancial reporting engages much of the t ime ofClaude Lanfran-coni, PhD ’75 and Rick Robertson,HBA ’75, MBA ’84, PhD ’87, Ivey pro-fessors of Managerial Accountingand Control. Their involvement isboth academic and professional.They teach, do research, write arti-cles, advise corporate boards, andsit on committees and councilslooking at changing the rules.

Both Lanfranconi and Robertsonagree that people are paying a lotmore attention to what they say

SILVER LININGPROFESSORS CLAUDE LANFRANCONI AND RICK ROBERTSON BELIEVE WE CAN LEARN FROM RECENT CORPORATE SCANDALS

to do with the ethics and moralityof management.”

Perhaps it’s no accident thatthese scandals have taken place ata time of unbelievable expecta-tions, when pressures on CFOs andcorporate executives have pushedtheir standards of common senseto the breaking point.“You begin tolose your judgment when everytime you invest you win,” says Lan-franconi. “Sooner or later that kindof luck comes to an end, and in-vestors realize that they must takethe time to carefully assess the fi-nancial information.”

While out-and-out fraud is al-ways difficult to detect, a lot ofthe information that people arenow questioning was available tointelligent and discerning analystsand other readers of financialstatements. Many of the itemscontained in the financial state-ments are based on assumptionsand expectations relating to thebusiness and the economy. Whenvalues go up continuously for along period of time, people be-come complacent and don’t ques-tion these assumptions.

Has the system become toocomplicated? “I don't think so,” saysLanfranconi,“but I do agree that thecomplexity of some of these trans-actions and financial instrumentshas really put a strain on the abilityof board members and accountantsto communicate them.”

An example is “special purposeentities” (SPEs), something thatmany people hadn’t heard of be-fore the collapse of Enron. Thesecomplex structures, some of whichare not included in a company’sbalance sheet, have many legiti-mate purposes, but their allegedimproper use in the Enron case ledto a $1 billion swing in profitab-ility. The question in Enron waswhether these SPEs were deliber-ately used to hide risk or liabilitiesthat clearly existed. In an articlerecently published in Ivey BusinessJournal, Lanfranconi and Robert-son acknowledge that Enron board

23

members would have needed“considerable financial skills to un-derstand and evaluate this partic-ular use of SPEs.”

But the directors in the Enroncase were not entirely blameless,says Robertson, who believes thatmany of them no longer under-stood the business of the companyat the time of its demise. “Whenthe company got into the tradingof things like broadband futuresand plastics, the directors shouldhave been asking questions like‘why are you trading this?’, ‘whereis the particular skill?’ and ‘have wecommunicated this to sharehold-ers?’ But when you’re making mon-ey, no-one complains.”

The WorldCom debacle, on theother hand, involved a more blackand white issue. WorldCom over-stated its profits by $3.9 billion byaccounting for certain transac-tions as capital assets rather thanoperating expenses. Because thisis a straightforward accountingexercise, WorldCom represents aclearer case of unethical behav-iour. Perhaps this is why chargeslaid have already led to a numberof plea bargains.

Enron and WorldCom are themost visible and publicized exam-ples of a number of corporate bal-ance sheet shenanigans. How deepis the problem? Robertson feelsthat most companies are well runand overseen by very competentboards. “How many rotten applesdo you need in a barrel before yousay ‘I’m not too fond of apples?’”But neither he nor Lanfranconiminimizes the need for change.”What this has done is make it per-fectly clear that when the systemisn’t operating properly, disaster oc-curs,” says Lanfranconi. As a result,they are both very actively involvedin changing the rules.

Financial statements are basedon an auditor’s assessment of “fair-ness of the measurements and dis-closures”, but how “fair” can the as-sessment be when auditors andcompany executives become long-

time golfing buddies? And how in-dependent is a recommendation byan investment bank to buy thestock of a company that is payingthe bank a whopping fee for con-sulting advice?

A number of the rule changesare geared to tackle this issue of in-dependence. One such change,strongly supported by Lanfranconiand Robertson, is the rotation of au-dit partners everyfive years. They al-so support disclo-sure that wouldh e l p i n v e s t o r sidentify which re-searchers are clear-ly independent, aswell as efforts tocreate more inde-pendence amongboard members.

Another focusfor change is thefinancial compe-ten ce of boardmembers. All auditcommittee mem-bers of TSE-listed companies arenow required to be financially liter-ate, and at least one must have ac-counting expertise. In the U.S., theboard or its audit committee will

now have to approve interim finan-cial statements, a change that willlikely be adopted in Canada.

The current climate has createda lot of anxiety among directorsand accountants, but it also hasmade it easier for them to voicedoubts and raise questions. Forworried shareholders, it’s somecomfort to know that board mem-bers are now spending more timetrying to understand the underly-ing economics of the business.Boards are also doing a lot more to

help their members develop theirfinancial literacy, and some boardsare taking steps to assess theirown performance.

The changing mood is also agood thing for CFOs, who are find-ing their boards much more inter-ested in understanding how thebusiness of the company is reflect-ed in the corporate reporting. CFOshave taken a lot of heat lately, and

most welcomethe opportuni-ty to discussthe assump-tions and judg-ments made inthe preparationof the financialstatements.

Of course, allthese changescome with aprice tag. “Cor-porate gover-nance is not afree good,” saysR o b e r t s o n .“There’s a cost

in creating more independence andbetter quality directors. And one ofthe more interesting debates iswhether we will have exactly thesame corporate governance system

for every company, or have a twotier system where larger compa-nies are treated differently thansmaller ones.”

Despite the loss of trust and fi-nancial pain, Lanfranconi sees therule changes and heightenedsense of responsibility as a silverlining. “Many people have paid aheavy price, and that’s not good,”he says. “But if we believe that amarket system is a good way to al-locate resources, we have to makethis system work.” ■

“You begin to lose your judgmentwhen every time you invest you win.”

“WE DON’T WINK.”That’s Steve Snyder’s way of saying

that corporate financial accountingat TransAlta Corporation is clear,transparent and completely honest.He adds:“If it’s not right, it’s not right,and we put a stop to it.”

Snyder’s uncompromising ap-proach to corporate accounting de-veloped over a diverse business career. He grew up in Western

Canada, attended high school inQuebec, then completed a degreein engineering at Queen’s Univer-sity. After a year of practice, he re-alized that he didn’t want to spendthe rest of his life as an engineerand enrolled in the Ivey MBA. “Ijust thought if I was going to do it,I should try to get into the bestschool,” he explains. The “intenseand focused learning experience”

POWER AND GLORYUNDER CEO STEVE SNYDER, MBA ’74, TRANSALTA’S CORPORATE ACCOUNTING IS CLEAN AS A WHISTLE

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THE VIEW FROM THE OTHERSIDE: RICHARD ROONEY ONINVESTING WISELY

While CEOs and CFOs in corpo-rations across North Americaare adapting to new corporateaccounting standards, analystsand institutional investors arealso taking a closer look atthemselves and their industry.Richard Rooney, MBA ’81, Presi-dent of Burgundy Asset Man-agement, has some clear viewsabout what went wrong.

Rooney, MBA ’81, joined aCA firm after Ivey and com-pleted his professional desig-nation. In 1984 he joined Sun-Life as an analyst. After a stintwith AMI Partners, he movedto Burgundy in 1995 and be-c a m e p r e s i d e n t i n 1 9 9 7.Rooney has just completed athree-year term on the Cana-dian Accounting StandardsBoard of the Canadian Insti-tute of Chartered Accoun-tants. He is Chairman of theHearing Foundation of Cana-da and serves on the boardsof the Canadian Merit Scholar-ship Foundation, Empire Lifeand Dominion of Canada Gen-eral Insurance. Rooney is mar-ried with two children.

On what makes a good in-vestor It helps to be a dilet-tante. One of the most impor-tant things about investing isthat you have to have context. Iread all the time – on justabout anything – and I thinkthat’s important. If you look atreally good investors, they’re astrange combination of focusand breadth. You not only haveto bring information in, you al-so have to have opinions on it.G o o d i nve s t o r s a re o ft e nwrong but rarely in doubt.

On Burgundy’s approach Wefocus on the Warren Buffet,high returns on capital, good

management, good balances h e e t s , b u y a n d h o l d a p -proach. Our mantra is, “Keep itsimple” – and that’s with thefull knowledge that simple isnever easy.

On why it works We generallystick to our knitting. The mostmiserable period of my life wasduring the tech boom from thefall of ’98 to the spring of2000. But we did not compro-mise and we will not. As a re-sult, we’ve gained back all theperformance we gave up dur-ing that period and much,much more. Returns are whatit’s all about.

On what has changed at Bur-gundy since the corporate ac-counting scandals Not much.We’ve always had a strong de-sire to see simple and transpar-ent accounting, and we’ve al-ways avoided companies thatdid not have that. We’ve neverlost money on a company be-cause of a scandal. We put ahigh premium on trusting themanagement, and you gener-ally know whom to trust. Peo-ple like Evers, Skilling and Laywere optioned up to the eye-balls – they had too big a vest-ed interest in the numbers.

On where the analysts andmoney managers went wrongAnalysts weren’t even looking.There was a huge expansion ofthe number of funds, andmany of the new money man-agers were very young. If youhave no experience you haveno fear. It’s like your 18-month-old who has just learned towalk but doesn’t have anyjudgment yet.

A lot of culpability has tobe laid at the feet of the mon-ey managers who simply didnot hold the managers to asufficiently high standard.They didn’t bother to vote or

get involved in corporate gov-ernance. What you really needare some gadflies – peoplewho force companies to do theright thing.

On ethics and temptationThere’s always a small chancethat management wil l becrooked, but in the late 90s theincentives to be crooked werehuge. With those kinds of stockoption plans in place, we werecounting on an extraordinarilyhigh level of ethics. Managersknew that quarterly earningswere driving stock prices, sothe logical conclusion was thatthey could get filthy rich by do-ing a few dodgy things withthe numbers.

On why stock options are abad idea They don’t al ignshareholders and manage-ment. If you get a manage-ment that actually holds stock,it feels my pain when thestock goes down, as well asgetting credit for it when itgoes up. Options generallybuild wealth for the manage-ment outside the firm, be-cause they can usually cash inand buy houses in Boca Raton.

O n w h a t e l s e h e w o u l dchange On the AccountingStandards Board I pushed forbut didn’t get a direct methodcash flow statement. I think itwould be a much clearer andmore useful way of presentingaccounting information. I alsofavor a national securities reg-ulator, even though I don’tthink the federal governmenthas a distinguished record ofrunning anything well. Basi-cally, though, most of thechanges I wanted to see arenow going to happen, thanksto the Worldcom and Enrondebacles. And the cost wasprobably no more than that ofa minor war.

and wonderful friendships have re-mained with him ever since.

Graduating from Ivey,Snyder tooka job with GSW, a small entrepre-neurial Canadian company. Not longafter, the GSW division where heworked was bought out by GE. Forthe next 15 years, Snyder worked hisway up the ladder at GE, serving asgeneral manager of GE Lighting from1986 to 1989, President and CEO ofCamco, GE’s North American appli-ance operation,and Managing Direc-tor of Eurolec plc from 1991 to 1992. In1992, he joined Noma Industries asCEO, moving the enterprise from alargely Canadian consumer productsmanufacturing company to a NorthAmerican industrial products opera-tion.When he became president andCEO of TransAlta in September 1996,Snyder says his experiences all cametogether.“I had a graduated learningexperience,so I could make mistakeson a smaller scale and hopefullyavoid making them on a big scale!”

Snyder oversaw the transforma-tion of TransAlta from a regulatedcoal and hydro utility to Canada’slargest power generator, with opera-tions in Australia,the U.S.and Mexico.At a time when other companies andjurisdictions were reeling from theimpact of deregulation, Snyder saysTransAlta’s success was due to clearvision and clean execution. “Wemade the strategic calls early in thegame,” he says. “We made sure ourboard and shareholders bought intowhat we were doing,then just stayedfocused and executed.”

Snyder says the accounting scan-dals that rocked Worldcom, Enronand other leading U.S. corporationscouldn’t happen at TransAlta. In part,that’s because of the company’sstrong governance policies and cul-ture.“We put some excellent policiesin place years ago, in the belief thatultimately, they actually drive prof-itability.”According to one such policy,the auditor’s report is always pre-sented to the Board without thepresence of senior management.

Snyder says that effective boardsare ones where different opinions

26

WHEN DOUG LUDWIG, HBA ’77 WAS10, his family moved from theU.S. to Toronto. While waiting fortheir house to be ready, theystayed at the recently-openedInn on the Park, the second hotelin what would become the FourSeasons empire. As a teenager,Ludwig played golf every week-end with Jim McDowell, CFO at

are heard and respected.“If there’s asense that board members haveto buy into the party line or beseen as disruptive, that’s whereyou get into governance prob-lems. ” An educated board is alsoimportant. Almost every boardmeeting at TransAlta includes a“tutorial,” at which directors getmore in-depth information anddiscussion about a specific issue,usually from an outside expert.A clear definition of roles be-tween management and theboard and a sense of mutual re-spect are also important.

As CEO, Snyder has a role in en-suring that corporate accountingis clear and fair. “One of the keys,”he says, “is to stay involved andon top of everything.” It’s also crit-ical to work with a CFO of impec-cable integrity – someone withthe independence and confidenceto take on the CEO on accountingissues and feel comfortable speak-ing out. The senior managementat TransAlta ensures that all poli-cies are enforced, performs regularaudits, and steps in quickly whenthere are violations.

At TransAlta, senior managersreceive stocks as performance in-centives, rather than stock op-tions. The rewards are linked tothe company’s performance rela-tive to the Toronto Stock Exchangeover a three-year period. There areminimal holdings requirements toensure managers have a vestedinterest in the company’s long-term health.

Snyder hopes the recent scan-dals in corporate financial report-ing will give boards the motiva-tion to reinvent themselves.“Overthe past 20 years, boards haveslipped away from their originalrole – representing the sharehold-ers and setting the overall tonalityfor the company,” he says. “Theboards of the recent past havebeen too interested in collegialityand consensus at the expense ofvalues, philosophy and strategy.This is a wake-up call.” ■

Four Seasons. Later, McDowellarranged for Ludwig’s Ivey policygroup to do their field project atFour Seasons. Ludwig joined KP-MG after graduation and threeyears later, Four Seasons hiredKPMG as its auditor.

At that point, however, Lud-wig left nothing to chance. Hehad always been intrigued by

LIVING THEGOLDEN RULEFOUR SEASONS SHAREHOLDERS CAN REST COMFORTABLY, KNOWING DOUG LUDWIG’S GOAL IS COMPLETE TRANSPARENCY IN FINANCIAL REPORTING

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involving lots of people in theprocess – managers, accountingstaff, investor relations person-nel and external and internalcounsel. “Ours is a relativelycomplex business,” says Ludwig,“so getting everyone’s input onhow we’re describing it is impor-tant.” Achieving transparency iscomplicated by the need to meetrequirements of regulatory bod-ies in Canada and the U.S. Lud-wig says his goal is to meet thehighest standard of disclosurewith all regulators, a challengingtask in a rapidly changing regu-latory environment.

Ludwig believes that unrea-sonable growth expectationsmay have contributed to fraud-ulent behavior in major U.S.

companies like WorldCom. FourSeasons has a modest goal ofgrowing net earnings and cashflow by an average of 20 percent a year, but he says in thelate 90s some companies weretrying to double or triple in veryshort time frames. “It’s hard to know if it was that culture ofsuper growth, or just the per-sonal greed of certain people inthe process.”

Given the complexities of hisbusiness, Ludwig spends a lot ofhis time communicating to theboard and audit committee,providing detailed informationabout every transaction and as-set. When things are especiallycomplex, the company uses out-side accountants, auditors andlegal counsel, who provide theirinput directly to the committeeor board. Committee and boardmembers also receive copies ofall correspondence to and from

the luxury hotel chain with theunique approach to business. “Iremember wandering the hallsof KPMG and finally knockingon the door of a partner I hadnever met. I said, ‘You don’t knowme but I understand you’re thepartner for Four Seasons and I’dlove to work for you.’” Ludwigended up running the audit andfour years later, was offered a job. After 18 years with thecompany, he is now ExecutiveVice President and Chief Finan-cial Officer.

Launched in Canada by Isa-dore Sharp 41 years ago, FourSeasons Hotels and Resorts nowhas 56 properties in 25 countriesaround the world. Sharp ob-served that competitors can al-ways copy a hotel’s physical fa-c i l i t y a n d d e c i d e d t o fo c u sinstead on personalized, 24-hourcustomer service. He believedthat if he hired friendly, caringpeople with strong values andwork ethic, they would make hiscustomers happy and that inturn, would make his sharehold-ers happy. The simple but com-pelling concept seems to work.Four Seasons regularly winsawards and service accolades,and was recently named the TopInternational Hotel Chain by theZagat Survey.

The Four Seasons focus on ex-cellence is reflected in every as-pect of the business, Ludwigsays. “We’ve always aimed to bethe best in everything we do –whether it’s customer service,having the finest hotel in NewYork City, or setting high stan-dards for corporate governanceand financial reporting.”

That’s why Four Seasons’ an-nual reports are not glossy pic-ture books: they’re detailed andcomprehensive accounts of thecompany’s business that routine-ly win National Post awards forfinancial disclosure. A key com-ponent in the Four Seasons ap-proach to financial reporting is

the securities commissions andstock exchanges, and they areexpected to comment on all re-porting. “Our board membersunderstand that our goal istransparency, so if we haven’tbeen thorough enough in de-scribing a situation, they willmake suggestions to focus us on better disclosure.” Ludwigsays Four Seasons is fortunate inthe expertise and experience ofits board.

The hotel chain goes to greatlengths to ensure that its audi-tors are independent. Each year,the auditors report to the auditco m m i t t e e o n a l l t h e w o r kthey’ve done for Four Seasons,then make a statement thatthey continue to be indepen-

dent, based on clear guidelines.Some types of work are off lim-its for the audit firm. As anadded measure, Four Seasonsnow requires its audit firm to doan independence review beforestarting work on any new areawithin the company.

When it comes to businessethics, Ludwig says his companyhas a head start. Isadore Sharpshaped the company around theprinciple of the Golden Rule --the idea that how the companytreats its employees is how theywill treat customers. “It’s a verysimple philosophy,” says Lud-wig, “but you can’t just say it,you’ve got to execute it, day in and day out. Because we’reconfident that we’re going todo everything that’s ethicallyright in our business, we knowwe can handle anything that’sthrown at us from a regulatorystandpoint.” ■

“Ours is a relatively complex business,so getting everyone’s input on how

we’re describing it is important.”

Audacity’s Child

“Success,” said British Prime Minister BenjaminDisraeli,“is the child of audacity.” For many Iveyalumni, audacity means following their dreams,rather than the traditional signposts to businesssuccess. Whether it’s a fresh and lovely flowerarrangement, the heart-lifting sight of a killerwhale, or the feat of juggling while riding a 12-foot unicycle, the three Ivey alumni profiled herehave defined and achieved their own success.

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1996 with a degree in mechanicalengineering. “I thought it was re-ally important for me to try outmy newly acquired engineeringskills, so I took a ‘real’ engineeringjob,” she says. She joined a largeAmerican defence company inCanada, working on navigationsystems, instrumental panels andcockpit displays for fighter planesand military helicopters.

Lee liked what she was doing,but wanted something more. Toopen up new possibilities, she ap-plied to the Ivey MBA program.

Between f irst and secondyear, Lee took a job with an in-vestment bank. Again, she val-ued the experience but recog-n i ze d t h at s h e h a d n o t ye tfound her métier. During secondyear, her Client Field Project in-

WHEN CAROLYN LEE, MBA ’01, WASgrowing up in London, Ontario,there were always flowers onthe dining room table. At sup-pertime, her mother would askher to go into the garden andgather a bouquet. It wasn’t afancy garden, Lee says, but dur-ing the summer there was al-ways something to work with.

These days, Lee is once againsurrounded by the sights andscents of flowers, as owner ofBloom The Flower Company,l o c at e d o n Yo n g e S t re e t b yRosedale Subway Station. Butthe road that brought her to thispoint was anything but straight.

An excellent student in mathand sciences, Lee enrolled in en-gineering at Queen’s Universityafter high school, graduating in

volved consulting to small busi-nesses in the flower industry.S h e a n d h e r t e a m l e a r n e deverything they could about theindustry and she became con-vinced that there were oppor-tunities to shake things up.

Meanwhile, she went throughher rounds of job interviews, stilllooking for the elusive job thatwould engage her, heart and soul.“I didn’t want to feel that my jobwas transitional – that I wasworking at a company knowingthat I really wanted to be some-where else a few years down theroad. I wanted to do something Iwas passionate about.” Eventu-ally, she decided that meantopening her own business. After ayear of research and planning,

GUNS AND ROSES

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AFTER A STINT WITH A U.S. DEFENCE COMPANY,CAROLYN LEE HAS OPENED HER OWN FLOWER SHOP

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AS H E WI NGED H IS WAY BAC K TOToronto after 18 months travelingaround the world, Wade Henrycontemplated the future. He had asuccessful small business, an IveyHBA and experience as a consul-tant under his belt, and now thetravel bug was out of his system.It was time to settle down and geton with his career.

Or was it? Henry had financedmost of his round-the-world trekby working as a street performer.

“On that flight home, I figuredthere was no reason why I could-

n’t pursue performing as a busi-ness. Entertainers can be starvingartists, but they can also be

THE BUSINESSUNICYCLEWADE HENRY, HBA ’93 MAKES A LIVING EATING FIRE,JUGGLING CHAINSAWS AND RIDING A 12-FOOT UNICYCLE

among the best paid people inWestern society. It was just aquestion of marketing it properly,and that’s where my Ivey trainingcame in.”

Henry grew up in London, On-tario. In high school, he sold chim-ney caps – devices to prevent ani-mals from falling into chimneys–door to door, installing them as hewent. Later, he developed a whole-sale business, selling the caps andother specialty hardware to stores,building supply dealers and chim-ney sweeps.

Already an entrepreneur, Henrychose business in university. He al-so played hockey for the Mus-tangs, eventually selling his busi-ness to his father to make moretime for studies and sport. Com-ing out of Ivey, he took a job withthe consulting arm of CB Com-mercial, preparing land use stud-ies for developers. He also spent afew months as director of admis-sions at a private business school.

But all along, his goal was tosave up enough money to spend ayear traveling. It was while he wasin Australia that the street per-forming scene caught his fancy,and he began to develop an act.Henry had juggled as a hobby, sohe had a good base. Gradually, helearned new skills. Eventually hemoved to Florida and began mar-keting himself to state fairs andfestivals. Seven years later, he hasa thriving business with 180 daysof bookings a year. According tothe organizer of one fair in Ken-tucky, “We received more positivefeedback about Wade from ourpatrons than we have any other

act in the history of our fair.”Henry’s act combines a num-

“When people see a comedy act, they feel a little less serious. They can

approach life with more spirit of play.”

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hang around the boats at theRoyal Victoria Yacht Club. He leftVictoria to do a degree in engi-neering at Queen’s. He enjoyedhis first few years as a site engi-neer on backcountry constructionprojects in B.C., but eventually de-cided that he needed an MBA.

Shortly after graduating fromIvey, McGillivray was working fora large company that specializedin sports fishing lodges on theB.C. coast. For the first time, hesaw that an outdoor seasonalbusiness could be profitable if it was marketed aggressivelyenough to take full advantage ofthe short season. In 1993, hemoved his young family to Sid-ney, just north of Victoria, and be-gan looking around for a businessto buy. Inspired by the story ofMax Ward, who started a success-ful charter airline with one plane

IT IS ONE OF THE MOST POPULAR ANDthrilling experiences for any visi-tor to Victoria. Passengers climbinto red cruiser suits, board abright yellow high-speed rigid-hull inflatable, and head out intoopen water. They scan the glit-tering surface of the ocean, turn-ing from side to side. Suddenlythey hear a giant “whoosh” andsee a tall puff of vapour, then ahuge black fin rises out of thewater. A killer whale has beenspotted.

For Alan McGillivray, MBA ’86,this isn’t a once-in-a-lifetime oc-currence: it’s the product he deliv-ers daily as owner and operator ofPrince of Whales, Victoria, B.C.’slargest whale-watching operation.

McGillivray grew up on 10 MilePoint in Victoria, in a house thatfaced the ocean, and admits hewas a “dock rat” who loved to

that he flew himself, McGillivraybought an aluminum crewboatand launched a cargo run fromSidney to the Gulf Islands.

He soon had a contract to de-liver mail and newspapers to theIslands. But the cargo run wasover by 8 a.m., so he neededsomething to do with the boatfor the rest of the day. This time,his inspiration came from theheadlines, which were full of themarital difficulties of the Princeand Princess of Wales.

Over the next seven years,McGillivray purchased one addi-tional cabin cruiser and eightrigid-hull inflatables, and invest-ed close to $1 million in market-ing the Prince of Whales brand.During the summer season,tours leave every half hour fromthe Prince of Whales dock, onVictoria’s famous Inner Harbour

HAVING A WHALEOF A TIME ALAN MCGILLIVRAY’S WHALE

WATCHING BUSINESS IS KING OF THE INNER HARBOUR IN VICTORIA, BC

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ber of skills, including juggling,fire eating and unicycling, alongwith a good dose of humour. Hisbig finale usually involves per-forming tricks on a 12-foot highunicycle. Juggling a runningchainsaw is another highlight.“I’m a daredevil comic,” he ex-plains. “My show is entertainingand it’s funny, but there’s also abit of ‘wow’ about it.”

Henry says that with his level ofskill, the act is only dangerous ifhe’s not paying attention to whathe’s doing. “And that’s true ofwalking across the street, too.” Headmits, though, that he gets quitea few knocks, bruises and cutswhen he’s training, especiallywhen he’s learning new tricks.

He loves live performing be-cause of the electric two-way com-munication between performerand audience. Henry says thatbringing humour into peoples’lives makes his job worthwhile.“When people see a comedy act,they feel a little less serious. Theycan approach life with more spiritof play and as far as I’m concernedthat makes them a little morefree.” Seeing him perform dazzlingacts of skill may also give audiencemembers the confidence to trynew skills themselves.

Henry’s performing schedulefor 2003 already includes stops inNew York, Kansas, Colorado, On-tario, Maryland, Georgia andOhio. During the winter months,most of his work is within a fewhours drive of his Tampa Bayhome. In the summer, he and hiswife Helen and their 14-year-oldson travel together.

Henry would like to get moregigs on the college circuit andbreak into the cruise ship market.But most of all, he just wants toget better at what he does. “Anartist has an idea of what hewants to create,” he says. “I havemy ideal show in my mind and I’mworking toward it.” ■

Bloom The Flower Company openedin September.

Lee’s approach is simple butpowerful. Her strategy is to pro-vide her customers with the fresh-est, best quality flowers at greatprices. Unlike most other flower re-tailers in the business, she buys di-rect from the growers. “It’s alwayssatisfying when a customer comesin and tells me that the amazingarrangement we put together forhis wife lasted three weeks,” shesays. “That’s unheard of – peopleexpect flowers to last three days.”

The other key component in herstrategy is service. Recognizingthat ordering flowers can be anintimidating experience, she en-sures that her staff is friendly,knowledgeable and welcoming.“Customers are pleasantly sur-prised when they find out howeasy it can be. Men discover thatsomething they used to dread canbe a very enjoyable experience.”

Lee admits that she’s workingharder than ever before, but she’salso having more fun.“I’m excitedabout what I do on a day-to-daybasis – I love my job.” She’s alsoexcited about the future of herbusiness, which she sees growinginto a chain. “My goal,” she says,“is to change the way people buyflowers. I’d like to establish BloomThe Flower Company as a placeyou can trust to get the mostbeautiful and best quality flowersat the best prices.”

Apart from the analytical andmanagement skills that come inso handy on a daily basis, Lee saysIvey gave her a cohort of close andsupportive friends. In fact, someof them help out in Bloom ontheir days off.“They give me greatstrategic business advice,” Leesays, “but they also get theirhands dirty, work the cash regis-ter, sweep up – whatever needs tobe done. Friendships like that arethe amazing part about Ivey.” ■

directly in front of the EmpressHotel, and up to 360 tourists aday have an experience they willnever forget.

You don’t associate cut-throattactics with such a gentle eco-tourism business, but McGilivraysays competition has been hotover the past five years. “Therewas a bit of a gold rush mentali-ty and quite a few players got in-to the business, thinking thatone or two boats would makethem millionaires.” As a result,McGillivray dropped his pricesand increased volume. That ex-plains why his company is some-times referred to as “Whale-Mart” or “The McDonald’s ofwhale watching” by envious com-petitors. He expects a shakeoutover the next couple of years.“The capacity of the industry isflat,” he explains, “but there’squite a vicious fight for marketshare.”

McGillivray says his businesswas left relatively unscathed bythe drop in tourism after Septem-ber 11, because he had alreadyearned most of his year’s revenuesby the end of August. Prince ofWhales was back on track with anexcellent year in 2002.

Once the boats are dry-dockedin November, McGillivray focuseson marketing for the next year.He also gets involved in marinewildlife conservation, and workswith the Canadian Coast Guardand Victoria Harbour Authorityon any issues that arise through-out the year. It’s an opportunityto spend more time with his wifeand three young daughters, too.

Although he didn’t end up inthe corporate world, McGillivraysays Ivey’s general managementapproach prepared him well forrunning his own small business.“I’m the operations guy, the fi-nance guy, the accounting guy,and the OB guy,” he says. “I’vegot to deal with all those issues,in small doses, so everything Ilearned at Ivey is relevant.” ■

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She is particularly interested inhow organizations learn andchange, or conversely, in the fac-tors that impede learning andchange. In her dissertation, Zi-etsma identified a “legitimacytrap”. Decision-makers caught ina legitimacy trap fail to respondappropriately to critical feed-back because they interpret thefeedback as illegitimate. This isparticularly likely to occur whenthe feedback comes from stake-holders with different valuesthan those governing the orga-nization (e.g., environmental,human rights or union activists).Often the stronger the calls forchange, the more entrenchedthe organization becomes. Ifmanagers are too resistant, acrisis may follow. Zietsma exam-ines why some firms are able tomove past this resistance whileothers fail.

How would you describe the cul-ture at Ivey? There’s such a colle-gial environment here; for exam-ple, Ivey faculty and staff gettogether for coffee on Tuesdaymornings. People socialize, shareideas with each other, talk abouttheir research, and help each oth-er become the best they can be.These values permeate the entireorganization. An example is men-toring. Formally, Mary Crossan ismy mentor, and she has providedme with terrific advice. Informal-ly, I’ve found that people ask forand provide feedback and supportvery freely around here.

Why do you feel Ivey is a goodplace to pursue your research?There’s a very vibrant researchcommunity here. There’s strongadministrative and funding sup-port for doing research. Dialogueis encouraged via a very active in-ter-disciplinary seminar series. Amore informal seminar serieswithin my area group allows usto vet and improve early stage re-search. Strong connections with

AT A TIME WHEN MANY OF IVEY’S TOPfaculty members are nearing re-tirement, it’s exciting to see ninenew professors join the ranks. Theyare brilliant minds from top uni-versities around the world, with arare combination of excellentteaching and innovative researchskills. In this special edition of Prof-File, we introduce you to three ofthe new crop.

Charlene Zietsma comes to Iveyfrom the University of British Co-lumbia, where she recently com-pleted her PhD. She has broadexperience in the education,public, not-for-profit, and privatesectors and has served on theboards of several voluntary orga-nizations. In the private sector,she worked for a major multina-tional (Procter & Gamble), andfounded a venture.

Zietsma’s varied experiencehas informed her research instrategy and entrepreneurship.

Ivey alumni and the businesscommunity provide an entrée forresearch sites.

What do you enjoy about teach-ing? I get a lot of energy fromteaching and I love teachingbusiness strategy. It’s exhilarating to see students getting excitedabout it and watch them changetheir way of thinking as a resultof the things we’ve addressed inclass. I’m very impressed with therelationships that faculty mem-bers have with the students hereat Ivey. The students are a livelyand intelligent bunch, and theirenthusiasm is infectious.

Eric Morse believes that entre-preneurs are defined more bywhat they do and know, than bywho they are; you don’t have tobe born an entrepreneur to be a successful one. Morse, whocomes to Ivey from the Universi-ty of Victoria, is Ivey’s new Exec-utive Director, Institute of Entre-preneurship.

Morse began his career as anengineer at the Los Alamos Na-tional Laboratory, in the area oftechnology transfer. He contin-ued to develop his entrepreneur-ial skills with Anderson Consult-ing, then completed his PhD atTexas Tech University. At the Uni-versity of Victoria he co-devel-oped the undergraduate andgraduate entrepreneurship pro-grams. The undergraduate pro-

Proffile

Ivey welcomes new faculty members

GenerationNext

Charlene Zietsma

Eric Morse

35


Why are you excited about beingat Ivey? With the Ivey brand andthe quality of faculty, studentsand alumni, we have such an op-portunity to make a real differ-ence in entrepreneurship. I thinkthat’s really exciting.

Neil Brisley, Assistant Professor ofFinance, has the distinction of be-ing the first member of INSEAD’sPhD program to come directly toa Canadian university. Born andraised in Bristol, England, Brisleygraduated in honours mathemat-ics at Oxford University and thenjoined Price Waterhouse to ap-prentice as a chartered accoun-tant. Before attending INSEAD,he taught at the Group ÉcoleSupérieure de Commerce deRennes in France, and did twostints as a visiting professor atthe Helsinki School of Economics.

Brisley has recently been ap-pointed to the MBA Class of ’89Fellowship, awarded to an out-standing new or junior facultymember, preferably with an inter-est in finance. In his research, Bris-ley focuses on executive stock op-tions. Although stock options havecome under fire lately, they createan important incentive by compa-nies to encourage managers totake risks. Brisley has developed arisk taking theory that shows whythe right to exercise stock optionsearly can be in the best interestsof the company. He also showshow executive compensationplans can be improved by making

gram recently won two presti-gious awards in entrepreneurshipeducation.

In his research Morse focuseson how entrepreneurs think, look-ing at questions such as why en-trepreneurs recognize opportuni-ties where others don’t, and whythey act on them when otherswon’t. His findings show that thecognitive skills of entrepreneursare different from those of non-entrepreneurs, but that theseskills can be learned.

How did you become interestedin entrepreneurship? When I wasgrowing up in California, one ofour very good family friends rana chain of delicatessens, and an-other provided the produce formany of the supermarkets in thearea. I found it fascinating towatch these entrepreneurs andsee what the potential rewardswere. Later in my professionallife, I had a chance to work withentrepreneurial companies anddabble in some small things my-self. That’s when I decided tolook at this from an academicperspective, to see what reallymakes these people successful,and to help others be successful.

What do you hope to accomplishat Ivey? I’m working with stake-holders to create a vision for en-trepreneurship at Ivey that hasthree pillars: research, teachingand outreach. We’re trying tocreate a critical mass in terms offaculty and doctoral students sothe School is recognized as a ma-jor contributor of research thathas a real impact on the field.Through our HBA and MBA pro-grams, we want to help our stu-dents accomplish their dreams,and in terms of outreach, we’relooking for ways to partner withIvey stakeholders to help usachieve our objectives. At theend of the day, I hope we areable to build a more entrepre-neurial culture at Ivey.

stock options exercisable by man-agers only at certain prices.

What was your first impression ofIvey? I visited Ivey for the first timeright at the end of February as partof twelve days of interviewingacross North America. It was agrotty day, as I recall, with a drop ofeight degrees in a couple of hours.I liked the university, and certainlyliked the people I met here. By theend of my North American trip,I knew that this was the placewhere I wanted to be.

After teaching and studying inFrance, how are you enjoyingCanada? It’s a culture shock liv-ing in North America, with itsenormous shopping malls andwide streets, and cars that gomuch slower. It seems that manyNorth Americans are always intheir cars and never walk any-where. I’m lucky that I can walkto work and to the shops. In asense it’s like coming home forme in that people are speakingmy own language, but for mywife Cathy, who’s French, it’s abigger adjustment.

What do you feel is unique aboutIvey? All schools say they arefriendly, but Ivey truly is. My col-leagues have been very supportive.I get a real feeling that facultymembers really want to help oth-ers move forward. The environ-ment is very cross-disciplinary, and Ihave met many people from differ-ent area groups who are glad togive me the benefit of their experi-ence. I can see that alumni have alot of affection for the School, and Ican understand why. ■

Neil Brisley

Other new faculty membersWalid BusabaNicole HaggartyMurray LindsayDarren MeisterRobin RitchieMichael Sider

36

putting something back and I sawthis as an opportunity to make asignificant difference at Ivey.”

Lennox was also motivated bythe needs of the biotech and phar-maceutical industries. Canada, hesays, is a world leader in biotech butlacks depth in management skills.Great science and unlimited capitalare not enough.“Without outstand-ing leadership, capable of capturingthe minds and hearts of the scien-tists, building a high performanceteam and attracting capital, yourcompany won’t be sustainable.”

Lennox believes that Ivey's newbiotech stream has all the right ele-ments to create powerful and knowl-edgeable leaders. It’s the brainchildof finance professor Jim Hatch whosaw the need for specialized man-agement education in this field sev-eral years ago and worked with West-ern’s Faculty of Medicine & Dentistryto develop an innovative approach.

In the stream, which will belaunched next fall, 25 MBA stu-dents will devote the first term oftheir second year to eight quarter-courses, four focusing on businessissues, and four dealing with thecurrent science of the biotech in-dustry. The students will also com-plete their Ivey Client Field Projectin a biotech company, and ideally,will work for a biotech or pharmabetween first and second year.They will graduate with an Ivey

WHAT IS THE FORMULA FOR RAISINGmore than $1 million in less thansix months?

The ingredients call for oneunique approach to biotech man-agement education, one visionaryacademic, and one very deter-mined alumnus.

The alumnus is Ian Lennox, MBA’78, Group President and CEO, Phar-maceutical and Biotech Markets,for MDS Inc. MDS is a health andlife sciences company with morethan $1.6 billion in revenues andover 10,000 employees worldwide.Lennox is also Chair of the high-powered Ivey Biotechnology Advi-sory Council, which has led thecharge to establish a biotechstream in the Ivey MBA program.

Lennox’s interest in the Iveyprogram was generated in part byhis own experience at the School.Lennox graduated with a sciencedegree from Western, then wenton to complete his MBA in 1978.“Without any question, the MBAprogram changed my life, in termsof outlook, self-confidence andskills,” he says. “I’m a believer in

M B A w i t h a d e s i g n a t i o n i nbiotechnology. Ultimately, Hatchwould also like to see Ivey estab-lish a research institute in the field.

Although Hatch’s idea receivedwidespread support at Ivey and with-in the University, there was no fund-ing available to cover developmentcosts. For the $1 million he needed tocover the cost of developing the cur-riculum and launching the program,Hatch turned to the private sector.But he also wanted help to shape theprogram so that it would reflect theneeds of the industry.

From his perspective, Lennoxsays this private sector involve-ment is critical. “As a Board, we’vebeen given an extraordinary op-portunity to give feedback aboutthe talents and skills needed inthe industry. For us, this is an in-vestment, not a donation.”

Clearly the concept resonated withother senior executives, too.BetweenMay and November, 12 companiescontributed to the program, raising atotal of more than $1.2 million.

Lennox says MDS and its fellowcorporate donors have made an ex-cellent investment, but like most in-vestments in biotech, it may takemany years to see a return. “We’retaking this talent, preparing it, andputting it back out there to see whathappens. I may be in my rocking chairbenefiting from some of the prod-ucts that will come out of this.” ■

Test-tube Baby

Development

The biotech and pharmaindustries are bringingrelevance and financialsupport to Ivey’s newBiotech stream

Ivey Biotechnology Advisory Council• Brian Crombie, HBA '82, SVP &

CFO, Biovail Corporation• Elan Ezickson, President, Biogen

Canada• John Goudy, Exec '93, Partner, Area

Industry Leader Technology,Communications & Entertainment,Ernst and Young LLP

• Dr. Carol Herbert, Dean, Faculty of Medicine and Dentistry, University of Western Ontario

• Bill Hunter, Chairman & CEO,Angiotech Pharmaceuticals Inc.

• Ari Kellen, Principal, McKinsey & Company

• Ruth Kemp, VP, HR, GlaxoSmithKline• Ed Kilroy, President, IBM Canada Ltd.

• Ian Lennox, MBA '78, (Chair), GroupPresident & CEO, Pharmaceutical and Biotech Markets, MDS Inc.

• Julia Levy (Special Advisor,representing herself), Executive Chairman, Scientific Advisory Board, QLT

• André Marcheterre, President,Merck Frosst

• Terry McCool, VP, Corporate Affairs,Eli Lilly Canada Inc.

• Eileen McMahon, Partner, Torys LLP• Eugene Melnyk (Special Advisor)

Founder, Chairman & CEO, BiovailCorporation

• Brent Norton, MBA '89, CEO, IMI Inc.• Dr. Mark Poznansky, President &

CEO, Robarts Research Institute

37


Dear Ivey Alumnus,

Rankings – whether you love them or hate them, you just can’t escape them. Over the past three

years, business school rankings have become big business – a great way for newspapers and

magazines to increase circulation and boost advertising rates.

When I became Dean in 1995, there was one Canadian ranking, and no-one paid much at-

tention to it. Today, there are dozens in Canadian, U.S. and international publications.

Make no mistake: rankings have been good for Ivey. They’ve helped us build our brand inter-

nationally, attracting top students and faculty from around the world. They’ve also given us an-

other tool to measure our performance, benchmark ourselves against the best, and improve our

offering.Unfortunately, with the proliferation of rankings, the results are proving to be unpredictable.

For example, earlier this year the Economist ranked our MBA program 40th globally, behind

Schulich, and Business Week put us at 6th best internationally, behind Queen’s and Rotman. Yet

the Financial Times ranked our Executive MBA 11th in the world and the best in Canada.

Why the difference? Each ranking uses different parameters. Some interview alumni, while

others talk to recruiters or business leaders. Scores also vary widely depending on the method-

ology used.

The good news is that Ivey is one of only 21 schools, and the only one in Canada, that shows

up the top 30 of the Financial Times and Forbes Magazine, the top 40 of the Economist and

Business Week, and the top 50 of the Financial Times. It’s long-term, consistent performance

that counts in any business, including management education.

At Ivey, we’re becoming a little more selective about the rankings in which we participate.

Not only are we concerned that they are becoming burdensome to our alumni and corporate re-

cruiters, there’s also a danger they could distract us from the real work of building a world-class

business school and meeting the needs of our students. In the end, the only rating that really

matters is whether alumni, long after they have grduated, feel they benefited by the education

they received.

Having said that, if you are asked to participate in a ranking in the future, please do so. Be

honest about your Ivey experience and what it’s meant to your career. Rankings continue to be

a valuable way to build brand and add value to your degree.

If you’d like to share your thoughts on this issue, please contact me.

Sincerely,

Larry Tapp,

Dean Richard Ivey School of Business

[email protected]

52

worldwide. But, Dean Larry Tappis retiring next year. With therecruitment of a new Dean thequestion needs to be asked,how high should Ivey set itsgoals? Do we want to be #1?As with many Canadian organi-zations, Ivey faces a dilemma:should we strive to be one ofthe top global players or shouldwe be happy being a top NorthAmerican or even a leadingCanadian player?

The implications of this sim-ple question are huge. It out-lines the scope of capital com-mitments, faculty requirements,the makeup of the student bodyand not least of al l the de-mands on research and execu-tive education programs.

I w o u l d a r g u e t h a t I v e yshould continue to move aheadand strive for the top tier. Thisambition would not only servethe School well in terms of itsreputation, but it will help stim-ulate the very best of whatCanada has to offer.

With the coming of a new

IT IS I NTERESTI NG TO HAVE SOMEperspective on education thathas had so much impact onshaping the lives of many indi-viduals. In the years since I leftWe s t e r n a n d t h e B u s i n e s sSchool, I have come to appreci-ate the great complexity ofhigher education and the foun-dation that it builds – particu-larly in the areas of career, per-sonal life and values.

While the value of businesseducat ion is often debatedfrom many vantage points, theIvey Business School has led theway in differentiating itselffrom other schools and build-ing on a tradition. Ivey’s casew r i t i n g a n d c a s e t e a c h i n gprowess is recognized aroundthe world.

Ivey is leading all Canadianschools in terms of managingthe balance between public andprivate sector funding whichcontinues to confront all higherlearning institutions in Canada.Ivey has shown it can make thist r a n s i t i o n s u c c e s s f u l l y a s evidenced by the raising of tu-itions to full-cost recovery andthe recent $75 million capitalcampaign. Alumni, students,faculty and all stakeholdershave come to the table to makethe commitments necessary tobuild a cutting edge programgoing forward.

The School has come far – itis now recognized in the top 20

Dean, we need to clarify howIvey sets its goal and vision. Weneed to find a clear balance be-tween the constraints of theCanadian funding model andIvey’s ambitions. We will becompeting with the best, learn-ing with the best and it's goingto be a challenge.

As an Ivey Advisory Boardmember, I know the decanalsearch is well underway. Earlyin 2003, a new Dean will be an-

nounced. This Dean will needall of our support to be suc-cessful – to continue the ad-vancements that Larry Tapphas started. I urge all of ouralumni to get involved as thenew Dean moves into place, tolend their support and intelli-gence to ensure that Ivey suc-ceeds in this dynamic environ-ment. There is no better timefor alumni to show their prideand interest in supporting thisSchool than when a new Deanmoves the School forward. Asmaller learning curve is justthe right step. ■

The School in the World

To Be or Notto Be Top 10A vision for the future of IveyBy Arkadi Kuhlmann,HBA ’71, MBA ’72

Alumni Speak

“We will be competing with the best,learning with the best

and it's going to be a challenge.”

Arkadi Kuhlmann graduat-ed from the HBA programin 1971 and MBA in 1972.Arkadi also taught in thepre-business program atIvey. He is currently theChairman and CEO of INGBank USA fsb, is a memberof the Ivey Advisory Boardand serves as Chair of theDevelopment Committee.

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