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TEPPER School of Business FALL 20 07 Calculated Risk: Upstart Employees Drive Corporate Innovation Industry, Energy, Conservation Merge In ‘Pig Power’ Business Plan A World’s-Eye View INSIDE I tepper MAGAZINE
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TEPPER School of Business FA

LL

200

7

Calculated Risk: Upstart Employees DriveCorporate Innovation

Industry, Energy, Conservation Merge In ‘Pig Power’ Business Plan �A World’s-Eye ViewINSIDEI

tepperMAGAZINE

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October 10Tepper Alumni Reception with Chester Spatt in San Francisco: Hosted by Citi, Inc. and alum Rimmo Jolly (MSIA ’95), and sponsored by the

San Francisco Alumni Chapter. Dr. Chester S. Spatt, Mellon Bank Professor of

Finance; Director, Center for Financial Markets, and former Chief Economist

and Director, Office of Economic Analysis, U.S. Securities and Exchange

Commission (July 2004-July 2007), will speak to Tepper alumni in financial

services and investment banking. The event will take place at Citi, Inc. in

San Francisco from 5 – 7 p.m.

Tepper Alumni Happy Hour in Pittsburgh: Sponsored by the Pittsburgh

Alumni Chapter. Chris Telmer, Associate Professor of Financial Economics,

will be attending. The event will take place at the Church Brew Works from

6 – 8:30 p.m.

October 18Carnegie Mellon Network New York: Sponsored by the New York City

Alumni Chapter, Carnegie Mellon’s annual Network New York brings those

seeking employment in the Greater Metropolitan New York region together

with alumni and employers during an after-work reception. It represents an

efficient and cost-effective opportunity to meet prospective full-time employees

and interns. The event will take place at the 3 West Club’s Grand Ballroom

from 6 – 8:30 p.m.

October 22Tepper Alumni Wall Street Networking Night and Alumni Panel: Co-sponsored by the Graduate Finance Association, Tepper School of Business

and Credit Suisse. This event is designed as an informal networking opportunity

for Carnegie Mellon alumni professionals currently working in investment

banking, research sales & trading, asset management, private banking, corporate

finance and hedge funds. We will also be including a panel presentation by a

number of Tepper alumni who are managing directors with leading firms in the

investment banking and financial services field. The event will take place at

Credit Suisse, Eleven Madison Avenue, from 6:30 – 9:30 p.m.

October 26 – 28 Reunion 2007: Find more details at www.tepper.cmu.edu/alumni/reunion.

November 8Carnegie Mellon Alumni Panel on Marketing in New York: Sponsored

by the New York Metro Alumni Chapter and co-sponsored by Interbrand.

Moderating the panel will be Gary Singer (BS/H&SS ’76), Chief Strategy Officer

at Interbrand Corp. The event will take place at Interbrand, 130 Fifth Avenue

from 6 – 9 p.m.

November 13Alumni Reception with Jay Apt in Philadelphia: Co-sponsored by the

Carnegie Mellon Philadelphia Alumni Chapter. Dr. Jay Apt, executive director of

the Carnegie Mellon Electricity Industry Center, associate research professor,

and Distinguished Service Professor in Engineering and Public Policy will speak

on global climate change. The event will take place from 6:30 – 9:30 p.m. at a

location to be announced.

For more information or to register for any alumni event,go to www.tepper.cmu.edu/alumni/events.

tepperBusiness Board of Advisors

Francois de Carbonnel (MSIA ’72)Private Investor

David A. Coulter (IM ’71, MSIA ’71)Managing Director and Senior Advisor

Warburg Pincus

Lewis Hay III (MSIA ’82)President, Chairman and CEO

FPL Group, Inc.

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

Precision Medical Products, Inc.

Larry E. Jennings, Jr. (BS-MCS ’84; MIA ’87)Senior Managing Director

TouchStone Partners

Gunjan Kedia (MSIA ’94)President, Mellon Analytical Solutions

Mellon Financial Corporation

Jon R. Kinol (MSIA ’92)Managing Director

Head of Rates Trading North America

Deutsche Bank AG New York

James Levy (IM ’65, MSIA ’66)Chairman

Park Lane Ventures

John E. McGrath (MSIA ’61)Senior Vice President

Booz Allen Hamilton Inc.

David T. MorgenthalerFounding Partner

Morgenthaler Ventures

Marc Onetto (MSIA ’75)Senior Vice President – Worldwide Operations

Amazon.com, Inc.

Cindy Padnos (MSIA ’80)Managing Director

Advanced Venture Partners

Frank A. Risch (MSIA ’66)Vice President and Treasurer (retired)

ExxonMobil Corporation

James E. RohrChairman and CEO

The PNC Financial Services Group

Manoj P. Singh (MSIA ’76)Global Managing Partner

DTT Operations

Joel SternChairman and CEO

Stern Stewart & Co.

James R. Swartz (MSIA ’66)Founding Partner

Accel Partners

David A. Tepper (MSIA ’82)President and Founder

Appaloosa Management LP

Kevin D. Willsey (MSIA ’89)Managing Director and Chairman

Global Equity Capital Markets

JPMorgan Securities, Inc.

Pamela Zilly (MSIA ’77)Senior Managing Director

The Blackstone Group

AdministrationKenneth B. Dunn, Ph.D. Dean

Ilker Baybars, Ph.D. Deputy Dean

R. Ravi, Ph.D. Associate Dean, Intellectual Strategy

Steven J. Sharratt Associate Dean, Advancement

Milton L. Cofield, Ph.D. Executive Director, Undergraduate

Business Administration Program

Dennis Epple, Ph.D. Head, Undergraduate Economics Program

Richard C. Green, Ph.D. Chair, Ph.D. Program

John H. Mather, Ph.D. Executive Director, Masters Programs

Tepper Magazine is published for alumni,students, faculty, staff and friends of thebusiness school. © 2007 Carnegie MellonUniversity. All rights reserved.

Please send letters to the editor andaddress changes to:

Deb MagnessOffice of Advancement Tepper School of Business Carnegie Mellon University 5000 Forbes AvenuePittsburgh, PA [email protected]

Co-EditorsNiki Kapsambelis, Deb Magness

Art Director, DesignerCheryl Bender

Project ManagerBarbara Feldman

ProductionKelly Musmanno

ContributorsGeof Becker, Sam Blackburn, SusanBrimo-Cox, Fawn Fitter, Janice French,Janice Jeletic, Niki Kapsambelis, Deb Magness

PhotographyDavid Aschkenas, Tom Gigliotti, HarryGiglio, John Madere, Karen Meyers

IllustrationGary Alphonso, George Schill

MAGAZINE

calendar I FALL ’07

www.tepper.cmu.edu

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TEPPER School of Businesscontents I FALL ’07

Dunn Reappointed DeanOf Tepper School 2

Ventures 3

Globalization And The Pace Of Change: 14Setting The Right Mindsetby Yoshiaki Fujimori (MSIA ’81)

GE Consumer Finance

President and CEO, Asia

Follow The Leader: 20Push your envelope to grow a successful career Ajit Shetty (MSIA ’76)

Johnson & Johnson –

Worldwide Operations

Corporate Officer Vice President

Janssen Pharmaceutica

Chairman

IMHO: 21In My Humble OpinionConvention Is A Career Killerby Arthur Boni, Ph.D.

Director, Donald H. Jones Center

for Entrepreneurship

Associate Teaching Professor

John R. Thorne Chair of Entrepreneurship

Business Wire 26

Network 29

Calculated Risk:Upstart Employees Drive Corporate Innovation 8Business ModelIndustry, Energy, Conservation Merge In ‘Pig Power’ Business Plan 16BrainstormA World’s-Eye View: Globetrotting Students Take Their Business Education Overseas 22

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TEPPER School of Business

Dunn Reappointed DeanOf Tepper School

University committee’s highlights of Dean Dunn’s first five years

� Endowment grew from $83 million (FY 2003) to $131.8 million(April 2007).

� Creation of several key research centers: Center for AnalyticalResearch and Technology to encourage interdisciplinaryresearch; Center for Business Solutions aimed at launchingjoint research projects with industry; and the TeachingInnovation Center to encourage faculty to develop and supportcreative new courses which bring the dynamics of analyzinginformation and making decisions into the classroom.

� Increase in student quality measures for the undergrad andgraduate programs, namely an increase of 45 points over thelast five years of the average GMAT score to 696.

� In the last three years, the Dean and the Tepper School’s development office raised $4.4 million for graduate student aidand fellowships, and more than $13 million in gifts and pledgesfor faculty chairs.

� Cash from giving grew from $4.9 million in (FY 2003) to $12.2 million in (FY 2006).

� Creation of new junior faculty development chairs, includingthe PNC Professorship in Computational Finance; the Frank A.and Helen E. Risch Faculty Development Professorship inBusiness; and the Carnegie Bosch Faculty DevelopmentChair(s) to encourage pathbreaking research contributionsamong young faculty members.

Financial growth and strong research focus citedas impressive gains

Kenneth B. Dunn has embarked on his second five-year

term as dean of the Tepper School of Business, after

being reappointed by Carnegie Mellon University’s Board

of Trustees.

“I am honored to be reappointed dean of the Tepper School – among

the best business schools in the country and the world,” said Dunn. “We

are committed to an exceptional educational and research environment,

and to continuing to recognize and utilize the extraordinary achievements

of our faculty and alumni in advancing the school’s mission.

Provost and senior vice president Mark Kamlet gave a strong

endorsement of Dunn’s first term. “Under Dean Dunn, the Tepper

School has seen a marked increase in the quality of its students, in the

importance placed on the impact of faculty research and in external

relations and fundraising,” Kamlet said.

Among Dunn’s achievements highlighted by university officials,

the $55 million naming gift in 2004 from alumnus David Tepper,

president and founder of Appaloosa Management LP, and his wife,

Marlene, remains a “seminal event” for the school and university,

which “bespeaks the confidence of the donors not only in the school and

the university, but also in Dean Dunn and his vision.”

Dunn was initially appointed the eighth dean of the Tepper School in

July 2002, following a 16-year career managing fixed income portfolios.

His career included serving as managing director of Morgan Stanley

Investment Management and co-director of the U.S. Core Fixed

Income and Mortgage teams. Before that, Dunn taught at Carnegie

Mellon, where he joined the faculty in 1979 as assistant professor of

industrial administration and became a tenured professor of finance

and economics in 1987.

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venturesI NEWS FROM THE TEPPER SCHOOL OF BUSINESS

� Sridhar Tayur, professor of operations management and founder of SmartOps.

Change Research ReceivesAwardDenise M. Rousseau, H.J. Heinz II Professor of Organizational

Behavior and Public Policy, was the recipient of the 2006 Douglas

McGregor Memorial Award, with three co-authors, for their article

“On the Receiving End: Sensemaking, Emotion, and Assessments

of an Organizational Change Initiated by Others.”

The article appeared in volume 42, issue 2, June 2006, of the

Journal of Applied Behavioral Science. Co-authors were Jean M.

Bartunek, Boston College; Jenny W. Rudolph, Boston University;

and Judith A. DePalma, of Slippery Rock University.�

Don A. Moore, Carnegie Bosch Faculty Development Chair,

associate professor of organizational behavior and theory,

was selected for the 2007 Cummings Scholar Award from the

Organizational Behavior Division of the Academy of Management

(AOM). The award, honoring the late Professor Larry Cummings,

recognizes significant scholarly achievement of an early- to

mid-career scholar, no more than seven years after receiving

his or her doctorate.

Moore’s paper “Bayesian Overconfidence,” accepted for

presentation at the AOM Conference in Philadelphia in August,

will be published in the Best Paper Proceedings of the 2007

Academy of Management Meeting.�

Professor Sridhar Tayur was awarded the 2007 Carnegie Science

Center Award for Excellence in Information Technology. The award is

presented by WQED Multimedia in recognition of the development

and commercialization of an information technology-based solution

resulting in significant business impact.

Tayur, the Ford Distinguished Research Chair and Professor of

Operations Management and Manufacturing, also is the founder of

SmartOps® Corporation, which provides enterprise-class inventory

optimization software and supply chain consulting services.

In addition to teaching, Tayur consults with several firms, including

Microsoft, McKinsey & Co., GE and Intel. He has received the

Industrial Management Teaching Award and the George Leland Bach

Teaching Award.�

Professor Honored For Commercializing NewTechnology

Academy Recognizes OBFaculty Research Impact

Denise M. RousseauH.J. Heinz II Professor ofOrganizational Behavior andPublic Policy

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MBA Student Wins GlobalLeadership Award

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venturesI NEWS FROM THE TEPPER SCHOOL OF BUSINESS

Charles L. Evans (MSIA ’85, Ph.D. ’89) was named the new

president of the Federal Reserve Bank of Chicago. Evans became the

bank’s ninth president and CEO, effective September 1, 2007. The

Federal Reserve’s announcement touted Evans’ respected research

on inflation, financial market prices and measuring the effects of

monetary policy on U.S. economic activity, noting that his research

has been published in the Journal of Political Economy, American

Economic Review, Journal of Monetary Economics, Quarterly Journal

of Economics and the Handbook of Macroeconomics.�

Charles Evans NamedPresident Of Chicago Fed

Oliver E. Williamson (MSIA ’62, Ph.D. ’63), Edgar F. Kaiser Professor

Emeritus of Business, Economics and Law at UC Berkeley’s Haas

School of Business, was awarded Distinguished Fellow by the

American Economic Association (AEA). Williamson’s work has

examined how varying organizational structures for markets and

institutions affect economic activity. His style blends social science

with abstract economic theory and has been said to have influenced

topics ranging from investment in Eastern Europe to HRM in the

technology industry.�

Williamson Named AmericanEconomic AssociationDistinguished Fellow

Colin Raney (MBA 2007) received

a prestigious international award

for leadership from the Graduate

Business Forum,® a global network

of business school student

leaders, for creating the ‘Tepper

Prepper’ mentorship program.

Raney received the annual

Student Leadership Award at the

Forum’s annual Graduate Business Conference, a meeting of students

from the world’s top business schools and leading executives of

international companies. The event this year was held at the National

University of Singapore. Singapore President S.R. Nathan personally

presented Raney with the award.

The annual award, now in its 16th year, recognizes leadership

and innovation within the graduate business community. Raney

was selected for his role in developing Tepper Prepper, a mentoring

initiative that pairs second-year MBA students with incoming

students to help improve their interviewing and networking skills.

Raney, immediate past president of the Tepper School’s Graduate

Business Association (GBA), also founded GBA Impact, a program

that encourages GBA members to develop programs that solicit

involvement from fellow students and foster growth in individual

leadership skills.�

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TEPPER School of Business

Robert Dammon, professor of financial economics, received the

Tepper School’s 2006 – 07 MBA Teaching Award, the George Leland

Bach Award.

Marvin Goodfriend, professor of economics, and chairman, the

Gailliot Center for Public Policy, received the Tepper School’s 2006 – 07

B.S. Economics Program Teaching Award.

Burton Hollifield, associate professor of financial economics,

received the Tepper School’s 2006 – 07 B.S. Business Administration

Teaching Award.

Claudia A. Kirkpatrick, associate teaching professor of business

management communication, received a Special Award for

Sustained Teaching Excellence in the Classroom for at least five

years in the Undergraduate Business Administration Program.

Don A. Moore and Paul J. Healy, assistant professor of economics,

were awarded the Weil Prize for 2007. Roman Weil (MSIA ’65, Ph.D.

’66), professor of accounting at the University of Chicago Graduate

School of Business, made a gift to the Tepper School to establish

an annual prize for an untenured faculty member who authors

unpublished papers on problem solving, in contrast to theorem proving.

Denise M. Rousseau received the 2007 Distinguished Scholar

Award from Managerial and Organizational Cognition Division,

Academy of Management; the 2007 Distinguished Scholar Award

from Western Academy of Management; and the Distinguished

Scholar Award from the Managerial and Organizational Cognition

Division of the Academy of Management at their 2007 Annual

Meeting in August.

Anthony P. Stanton, associate teaching professor and director

of graphic media management, was elected to a two-year term as

president of the Technical Association of the Graphic Arts.�

Recent Faculty Awards

Gerald C. Meyers’ affiliation with what is now known as the

Tepper School of Business began when he was a teen and entered

the university on the strength of his athletic prowess.

“In 1946, I was 16 years old, and the returning vets of World War

II were filling most university openings,” recalls Meyers. “But

Carnegie Tech accepted me on a football scholarship.”

The relationship continued through his master’s degree and his

tenure as the Ford Distinguished Professor, and was capped by

the Doctor of Business Practice, which he was awarded in May at

Carnegie Mellon’s 110th commencement ceremonies. Meyers, who

was not expecting the award, said he was “deeply honored.”

As a Tepper professor, Meyers fielded students’ questions

as if they came from a board of directors. Students enjoyed his

directness, his breadth of management experience, his innovative

solutions to conflicts and crises, and his commanding presence.

In business, Meyers also boasts formidable credentials, having

served as chairman and CEO of American Motors Corp. Under

his stewardship, the company purchased Jeep and developed it

into a mass-market competitor, including the creation of the

original Jeep Cherokee SUV. He merged AMC with Renault before

Renault sold AMC to Chrysler.

“The domestic auto industry is currently undergoing a major

transformation and, in going through this process, it will change –

forever – in ways formerly unimaginable,” Meyers said.

Whether in academia or industry, Meyers strives to maintain

momentum in his life. “I’ve been propelled by the intellectual

challenge,” he says. “On to the next thing, and it will be that way

until they carry me out.”

He offered advice for Tepper’s MBA students and alumni:

“Value your school and its reputation. The school is recognized in

the highest circles.”�

Tepper School Honors FormerAMC Exec

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venturesI NEWS FROM THE TEPPER SCHOOL OF BUSINESS

The Carnegie Mellon University Students In Free Enterprise (SIFE)

team won a regional competition in the Philadelphia SIFE USA Regional

Competition last spring, one of 17 SIFE competitions held across the U.S.

During the past year, the Carnegie Mellon SIFE team organized 10

projects in the Pittsburgh community, including Guessthics!, which

teaches the importance of ethics by engaging college students in a trivia

game; an immigrant outreach project to aid relocation assimilation; and, in

partnership with the YWCA of Downtown Pittsburgh, a project called

YW Enterprising Women, which helps women start their own businesses.

SIFE is an international nonprofit organization active on more than

1,400 university campuses in 48 countries. SIFE teams create economic

opportunities in their communities by organizing outreach projects that

focus on market economics, entrepreneurship, personal financial success

skills and business ethics.�

Team From Tepper School WinsRegional SIFE Competition

2007

Tepper School BeginsEntrepreneurship CertificateProgram In Qatar

Senior business administration major Angelica Salame took first

place in the 8th Annual Tepper Undergraduate Business Plan

Competition for AbbyMe, a Web site that allows users to create and

send phone messages over the Internet. Salame’s Meyer Unkovic &

Scott Award for Outstanding Business Plan included $5,000 in cash

and an additional $5,000 in legal services to help establish her company.

The competition is sponsored by the Donald H. Jones Center for

Entrepreneurship; Tepper School of Business; Carnegie Mellon

University; SMC Business Councils; and Meyer, Unkovic & Scott.

The purpose of the competition is to give start-up student companies

a chance to win $10,000 in prize money for marketing and product.

Salame also recently placed second in the University of San

Francisco Business Plan Competition and qualified for the Moot

Corp Competition at the University of Texas at Austin.�

Tepper Undergrads WinBusiness Plan Competition

The Tepper School and Carnegie Mellon University have established

an Executive Entrepreneurship Certificate Program at the university’s

Qatar campus.

Designed in partnership with the Qatar Science & Technology Park

(QSTP), the new entrepreneurship program is a nine-month, part-time

program for managers and executives, where they learn how to build

technology-based businesses within their existing companies or by

starting new enterprises. The inaugural class began in September.

The Tepper School and its Donald H. Jones Center for

Entrepreneurship will deliver the program. Applicants must be located

in Doha in order to attend the classes, which are scheduled outside

business hours. More information and application details can be found

at www.qstp.org.qa.�

Join us for Alumni Reunion Weekend. October 26 – 27, 2007. Special celebrations for classes of 2002, 1997,

1992, 1987, 1982, 1977, 1972, 1967, 1962, 1957 and 1952. For more information, go to www.tepper.cmu.edu/alumni/reunion

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Within the realm of organizational science, Richard Cyert and

James March’s book, A Behavioral Theory of the Firm, was clearly

ahead of its time when this Carnegie Institute of Technology pair first

published it in 1963. Some 44 years later, it continues to wield broad

influence across a variety of fields – so much so that a special 2007

issue of Organization Science is dedicated to Cyert and March’s book

and how it continues to impact current research.

Key concepts and theories raised in the book, including bounded

rationality, problemistic search, the dominant coalition, standard

operating procedures and slack search, as well as the innovative

computational model presented, owe much to the unique environment

found at Carnegie Tech and its Graduate School of Industrial

Administration. The interdisciplinary vision and scientific focus, the

aligning and alliances of professors and students, and connections to

significant companies such as RAND all factored into their research,

papers and, finally, the book. Even March credits the now Tepper

School as “an extraordinary incubator of ideas.” Scholarship is a

collective enterprise, he says, and the support of scholarly institutions

and other scholars is crucial for any such endeavor.

The endurance of the book and the persistent value of its theories

on organizational studies in management, economics, political science

and sociology is evident in the papers selected for the recent, special

publication. As Organization Science editor-in-chief Linda Argote,

the Carnegie Bosch Professor of Organizational Behavior and Theory

at the Tepper School, explains, “Not only did the book advance

theory, it also inspired new approaches for studying organizations.”

“Furthermore,” she adds, “the book has influenced other fields,

such as economics, sociology, political science and public policy,

and continues to generate new ideas and hypotheses today.”�

www.tepper.cmu.edu/alumni/reunion

reunion2007

SAVE THE DATE

JOIN USFOR ALUMNI REUNION WEEKEND October 26 – 27, 2007 • families welcome

Four Decades And Counting:Behavioral Theory of the Firm continuesto stimulate discussion, research

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TEPPER School of Business

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UPSTART EMPLOYEES DRIVE CORPORATE INNOVATION

Calculated

by Niki Kapsambelis

It’s part of the American psyche, a uniquely creative impulse thatmust be fed: Peel away the layersof most any B-school grad, andyou’ll often find that there beatsthe heart of an entrepreneur. Sure, they may have the framework, the polish and the skill set that atop-tier education confers – butdeep within, they still long to tinkerwith THE BIG IDEA.

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continued from page 9

The Intrapreneur’s Ten Commandments

1. Build your team; intrapreneuring is not a solo activity.

2. Share credit widely.

3. Ask for advice before you ask for resources.

4. Underpromise and overdeliver – publicity triggers the corporate immune system.

5. Do any job needed to make your dream work, regardless of your job description.

6. Remember that it is easier to ask for forgiveness than for permission.

7. Keep the best interests of the company and its customers in mind, especially when you have to bend the rules or circumvent the bureaucracy.

8. Come to work each day willing to be fired.

9. Be true to your goals, but be realistic about how to achieve them.

10. Honor and educate your sponsors.

Source: Gifford Pinchot, author, consultant and president of Bainbridge GraduateInstitute. Used with permission.

Such an idea “would be of tremendous strategic impact to Nike,”

explains Bethune. “Nike’s culture is all about taking things to a better

place, not just doing the job. They’re always asking employees to

exercise leadership and take things to a new dimension so it benefits

and improves the organization.”

Innovation is the soul of new business for any company, whether it’s a

start-up or a household name. Without employees who are willing to take

risks, and people who are willing to champion their causes, even the

most stable business can eventually wither or succumb to competition.

That’s why companies such as 3M, which famously implemented

policies encouraging innovation, and Google, which collects employee

ideas on a Billboard-style Top 100 chart, are pushing hard to get their

people to think strategically.

“The world is changing very quickly, and if companies don’t likewise

change, somebody else is going to come into the marketplace,”

says Professor Arthur Boni, director of the Donald H. Jones Center for

Some pursue the traditional route of the entrepreneur, courting investors

and creating a company from scratch. But most other graduates choose a

different path, and instead seek to apply their ideas to more established

industries. Known as “intrapreneurs,” they are the people who look for

new products, processes, categories, usage behaviors and ideas that

will put their theories to the test in the corporate world. And that’s good

news for the companies willing to back them.

Two years after earning his MBA from the Tepper School, Kevin

Bethune (MBA ’05) is now working on a new change initiative aimed at

developing a sustainable business model that will elevate Nike’s ability

to deliver premium product for the consumer. His job title is Process

Innovation Manager, but his function embodies the role of intrapreneur.

If it succeeds, his project will allow more effective commercialization

of concepts dreamed up by the company’s footwear designers. The

project involves changing the team mindset, refining the process and

using technology to further enable the effectiveness of that process.

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TEPPER School of Business

continued on page 12

Entrepreneurship at the Tepper School. “Companies recognize that they

have to have a portfolio of products that range from the mature to those

that are just beginning.”

Increasingly, companies are looking for those products by nurturing

an entrepreneurial spirit among their employees, says Boni, who also is

the John R. Thorne Chair of Entrepreneurship and Associate Teaching

Professor of Entrepreneurship.

“Certainly over the last 10 to 15 years, I’ve heard more corporations

talking about ways they can be innovative and productive, including

the concept of spinning off ideas,” he says. “People are recognizing

that this is a way to change the world, and it’s also a good way to make

wealth – not such a bad combination.”

The Tepper School has designed its curriculum to nurture those

impulses in a way that adheres to sound business principles.

“In our courses, we cover the entire life cycle of a company,” Boni

says. “We look at how you innovate a start-up company, an emerging

company, a mature company or a company on the far end of the

spectrum that needs to redo its whole business model.”

FILLING IN THE BLANKS

From the first year she worked for Merck & Co., Melanie Kittrell

(MSIA ’90) has specialized in intrapreneurial assignments. Shortly after

joining the pharmaceutical giant in 1990, Kittrell was charged with

creating a marketing model that eliminated the need for a sales force

in a region that covered a third of the United States.

“For me, the excitement was that there was very little planning prior

to this assignment,” recalls Kittrell. “Merck was very gracious in giving

me a green field, allowing me to do whatever I wanted.”

Kittrell set up a round-the-clock call center that offered physicians

the opportunity to speak with registered pharmacists about products.

The company also developed audio, visual and printed media to

communicate with customers according to their preferences.

The experiment lasted for about nine months before sales

representatives were brought back in, but the communications center

existed for another four to five years before Merck assumed its functions

“The definition I like is: ‘A dreamerwho does.’” – Gifford Pinchot, author, Intrapreneuring

“Nobody is going to hold your handthroughout the process...my manager gave me an open slate to be creative and dig within thedepths of my skill sets, networkand contacts.” – Kevin Bethune, MBA ’05

Nike, Process Innovation Manager

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“You are ruffling feathers, you’recreating change, and that creates a burden. You’re constantly negotiating with your own organization...you pick your battles, start small if you can and build up.” – Melanie Kittrell, MSIA ’90

Merck & Co., Inc.Executive Director, Strategic Innovation

continued from page 11

internally. Kittrell’s innovation gave the company confidence in using

new methods to reach out to its customers.

After that, Kittrell became one of the company’s go-to people for

intrapreneurial projects – which she calls “blank-piece-of-paper

projects.” “They hand you a blank piece of paper, and you say to

yourself, ‘Maybe the ideas are written in invisible ink,’ ” she says.

But the message, while unspoken, is clear: For some people, and

Kittrell is one of them, the impulse exists that will fill that blank page.

At Nike, Bethune entered the company through the most traditional

of routes – finance – but was quickly steered toward a more unusual

career path.

“Nobody is going to hold your hand throughout the process,” says

Bethune. “My manager gave me an open slate to be creative and dig

within the depths of my skill sets, network and contacts. She doesn’t

constrain me in any way – she says ‘go for it.’ ”

WHITHER THE INTRAPRENEUR?

Nobody quite knows what makes an intrapreneur. Certainly, some

ingredients are crucial: Creativity. Curiosity. A desire to design

something, whether a product or a process or a system, that is new

and different. A personality that is unafraid to go against the grain.

Kittrell says intrapreneurs are the people who, though they may have

backgrounds similar to those of their colleagues, simply stand out as

different to their managers for reasons that aren’t always apparent.

“I call them ‘people with red shoes,’ ” she jokes. “We walk into the

company, and our shoes glow red, and they say, ‘Oh, put her on this

weird project.’ ”

For author and consultant Gifford Pinchot, who is credited by The

Economist with coining the term “intrapreneur” and who wrote the book

on the topic (the best-selling Intrapreneuring) in 1985, the key to such

a person’s personality amounts to one word: confidence.

“The essential ingredient to intrapreneuring is the belief that if your

company is stupid enough to fire you, you’ll find work somewhere else,”

says Pinchot, who is now president of the Bainbridge Graduate Institute,

which focuses on bringing sustainability into the MBA curriculum. “Act

as if the company is going to support you. If it does, that’s wonderful,

and if not, it hastens your departure to go somewhere else.”

Adds Boni, there must also be an element of adventure in an

intrapreneur.

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“It’s really somebody who’s able to integrate right- and left-brain

functions in a creative way, or in a business mode,” he says. “It’s about

risk management within the constraints that you have.”

Often, those constraints come from within. Just as the entrepreneur

must create buy-in from investors, the intrapreneur must develop

support for a new idea from all levels at the corporation, says Boni.

The successful intrapreneur typically has a champion at the company’s

highest level, embracing innovation and helping to build a broadbased

coalition to put the idea into action.

“You are ruffling feathers, you’re creating change, and that creates a

burden. You’re constantly negotiating with your own organization,” says

Kittrell. “You pick your battles, start small if you can and build up.”

CARE AND FEEDING

Glowing red shoes aside, Kittrell agrees with Boni’s belief that

entrepreneurship is a skill set that can, to some extent, be taught. She

believes that, while most people have a tendency toward innovation

within them, putting it into practice requires a certain natural proclivity

to envision something different and develop a tactical realization.

Prior to earning her MBA, Kittrell was a neuroscientist. And even

then, entrepreneurship was part of her makeup.

“I probably didn’t know the word ‘entrepreneurship’ when I was a

scientist,” she says. “But I had to create a totally different way to collect

data for my science. I had to envision how I wanted data collected, and

I had to put together a team that had the expertise to help me achieve

that vision to create the lab that I needed. So I already had to build my

own new world, before I earned my MBA.”

Likewise, Bethune recognized his own interest in entrepreneurship

early. While still at Tepper, he completed a project that looked at ways

Honeywell could compete in the semiconductor industry and reduce

equipment downtime. He keeps that business plan on his desk today,

because it serves as a good model for the thought processes that formed

the groundwork of his education.

According to David McClelland, the late psychology professor from

Harvard who studied human motivation and entrepreneurship, about

10 percent of the population has the entrepreneurial character structure.

“I have often suspected that intrapreneurship is buried inside many

people, but it’s been beaten out of them by school, by their parents –

certainly by the corporation. And it can wake up,” says Pinchot.

It was at the Tepper School that Kittrell and Bethune learned to

appreciate the science and discipline that went into entrepreneurship.

According to Boni, those skills include evaluating an idea to determine

whether it represents a viable opportunity, developing an approach

to the market, learning to understand the market and its peculiar

behaviors, and creating a business model that works.

Students use real-world experiences through internships in which

they work with mentors from the faculty, their network and their

company to hone the skills that foster innovation. Additionally, a

capstone project course incorporates leadership development through

several projects, such as one with a Silicon Valley firm and another with

a multinational corporation to help commercialize a technology platform.

“There’s always risk,” Boni points out. “The level of risk a larger

company can afford – the amount of loss – is bigger than for a start-up

company.”

NATURAL RESOURCES

Kittrell found much greater wiggle-room for risk at Merck than when

she briefly ventured into a biotech company in the mid-1990s. Six

weeks after she arrived with the intent of helping that company set up

commercial operations for its first launched product, her project was

abruptly terminated.

She moved on to help with another project, but the uphill battle

was steeper in a smaller company, and she found herself back at

Merck by 2000.

“For me, I didn’t appreciate the incredible infrastructure and

resources that big pharma had. I sort of took that for granted until I

went into biotech,” Kittrell acknowledges. “One of the things that made

me successful at Merck was that there was so much expertise around me

that I could draw from.”

That falls in line with Pinchot’s belief that some ideas are simply

a better fit for an established business. A plan to build a more

fuel-efficient locomotive makes more sense at General Electric, for

example, than it does for a start-up.

“It’s easier to do a lot of things inside a big company, despite all

these slings and arrows of an outrageous bureaucracy,” he says.�

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Yoshiaki Fujimori, president and chief executiveofficer of GE Consumer Finance, Asia, earned a master’s degree from the Tepper School in 1981 and is a Carnegie Mellon trustee. He delivered this excerpted address to the Class of 2007 undergraduate business students.

It’s a real pleasure for me to be here today, about 20 years since I last

wandered the grounds of Carnegie Mellon...the reason why I know it

wasn’t just yesterday is because Pittsburgh during my days here was

a steel town that had seen its best days. But in just two decades,

Pittsburgh has been completely transformed from a city of the past into

a city that’s embraced and redefined its own future. Pittsburgh today

is modern, visually exciting and technologically driven.

As astounding as Pittsburgh’s transformation has been, it’s just a

microcosm of the transformation the world has experienced. The

extent and impact of the transformation that has taken place through

globalization and technology in the last 20 years is amazing.

So I want to talk about this change, to help you frame the mindset that

you will need to approach the next 20 years, where we will see even

more fundamental change. They will be – without a doubt – the most

critical years of your life, both personally and professionally.

So listen carefully: Twenty years ago, China’s GDP per capita was

$275. Today, China’s GDP per capita is an astonishing $2,000. In

Shanghai, it’s $7,300!

Today, we talk about “BRIC economies”: Brazil, Russia, India and

China. Twenty years ago, they accounted for 18 percent of global GDP.

One study says BRICs will account for as much as 44 percent of global

GDP by 2050. Imagine that!

Twenty years ago, eco-friendly policies were considered anti-business.

Today, corporations are embracing these policies – not because it’s

politically correct, but because it makes business sense. There’s a

growing belief that a healthy economy and a healthy environment go

hand in hand. GE launched the “ecomagination” initiative, with the

belief that “Green is Green.” In other words, the challenges of global

warming and the economics of scarcity will drive markets of the future.

Globalization And The Pace Of Change: Setting The Right Mindset

But emerging markets and environmental solutions are just part of the

bigger story of global change: There are at least five key major global

trends that will shape and define the world in which you live and work.

Here are some others worth noting.

Global liquidity trends: Global growth and strong capital markets

have created new investment opportunities. More than $600 billion is

flowing to oil-exporting countries each year. Private equity funds have

almost $2 trillion of buying power. GE plans to harness liquidity trends

to reshape the company by buying and selling parts of its portfolio to

expand growth, reduce risk and position ourselves for a strong future.

The Internet and demographic trends are also two critical forces with

far-reaching implications for society and business. Firms that invest wisely

in digitization and take advantage of demographic-related dynamics in

healthcare, infrastructure, education and financial services will be best

positioned to take advantage of these massive opportunities.

So, how do these trends affect the professional opportunities that are open

to you? How will you define your legacy, your contribution to the world,

while you face the changes that will take place in the next 20 years? There

are three key mindsets I’d like to share with you.

Mindset #1: Always be humble and hungry. Looking back, I was

always hungry to learn and to win. But I wasn’t always humble. Before

Carnegie Mellon, I was a top student and a star athlete. I graduated at the

top of Japan’s most prestigious university, Tokyo University, and I landed

a job with one of Japan’s top global firms. Before my 30th birthday, I was

working on complex, multibillion dollar deals and was on the fast track

to the top. Was I hungry? Absolutely!

But when I arrived at Carnegie Mellon, I suffered my first crisis of

confidence. There were people in my class I didn’t have a chance of

competing with! I knew I had to work hard to succeed in this highly

competitive environment. It was Carnegie Mellon that taught me humility.

Understanding that there’s always going to be someone who’s smarter,

faster or better is what we at GE call “boundaryless-ness.” If you

accept that there’s always a better way to solve a problem, you seek

that knowledge, learn from it, improve on it and, ultimately, you make

the lesson your own.

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Mindset #2: Don’t set your own limits. The only limits you have

are in your head. This is actually a very powerful mindset, and my former

mentor and friend, Jack Welch, was the one who defined it for me, and it’s

been a powerful guiding force in my life.

In June 1990, I got a call from the CEO of GE Medical Systems.

He asked me to lead the nuclear medicine business. There would be

150 people reporting to me, with engineering and manufacturing in the

U.K., headquarters in the U.S., and sales and distribution worldwide.

It would be my first time running a business outside of my home country.

A global business. A highly technical business. My first impression was,

“Can I really do this?” But you know, this is precisely GE’s concept

of STRETCH! At GE, great careers, and mine is no exception, are

fundamentally defined by stretch assignments.

Stretch is very important because people tend to set their own limits at

the point where they think they can plausibly achieve a goal. But actually,

people have – you have – a much higher potential for achievement than

you realize. And that potential is also higher than what you would set

yourself. When you manage people, or yourself, always stretch yourself.

The last mindset I want to share with you is: Be a change agent.

As a business leader, I appreciate this change agent mindset very much.

People tend to like the status quo, and this can stunt your growth, not just

career growth but also your personal growth.

Every great company, and every great leader, will initiate constant

changes to improve technology, processes, systems, the way they do

business and even the way they think. Being a change agent requires

a unique set of leadership skills – a sense of urgency, a vision for the

future, a strong team to support the vision, the ability to mobilize people

and resources and a mechanism to sustain that change.

Jack Welch ultimately chose Jeff Immelt as his successor, after a

tremendously successful 20-year career leading GE. He had three strong

candidates for the job, all proven GE leaders. So what led him to choose

Jeff? To me, there’s one big reason: Jeff, in Jack’s view, was the best

change agent in the company. He was the most eager to change, not afraid

of the risks of change. And guess what happened? Two days after Jeff was

appointed president and CEO of GE, 9/11 happened and, after that, the fall

of Enron. The world changed forever.

But in the last five years, Jeff has transformed GE into a more 21st

century, globally focused company. I have worked closely with Jeff for the

last five years as a member of his senior management team, and I know

Jeff to be a real change agent.

So in conclusion: Rather than planning your career, think about the

learning path you want for yourself.

What’s in store for the next 20 years? We can only know directionally,

based on the trends and data that exist before us. But one thing’s for

sure: The pace of change in the next 20 years will be even faster and

more fundamentally revolutionizing than the last 20 years. Having

the right mindset will allow you to maximize the opportunities these

changes will throw in your path.

Great organizations are prepared to reward and recognize innovators,

risk takers and people who are constantly changing to achieve a higher

standard of excellence. Congratulations, Class of 2007. Celebrate today,

begin your life tomorrow and remember: Always be humble and hungry;

don’t set your own limits – the only limits you have are in your head;

and, above all, be a change agent.�

YOSHIAKI FUJIMORI, MSIA ’81

Senior Vice President of GEPresident and CEO, GE Money AsiaChairman, General Electric Japan, Ltd.

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ALIX BOWMAN, MBA ’07

Environmental Livestock SolutionsFounder and CEO

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Following the sometimes elusive yet still intriguing concept of trash to treasure, her business plan to transform

pig waste on southern farms from an environmental time bomb to a clean, green source of power has gained

an impressive amount of attention from both utilities and academics. And, despite winning third place in the

2007 Tulane Business Plan Competition, Bowman is still evaluating the future viability of a concept that has

the agricultural and utility industries vying for her attention. As part of her due diligence, Bowman moved

to North Carolina a week after graduating from the Tepper School with partner Kamal Bennoune to pursue

the connections and funding aimed at turning their fledgling company, Environmental Livestock Solutions,

from vision to reality.

As she ventures into uncharted territory, it’s her MBA education that serves as her touchstone, reminding

her that some of the best business minds believe her idea has legs.

“Every time I get overwhelmed, I have a conversation with someone at Tepper who points out the potential

and motivates me to keep working on it,” she says. “Without them, the idea might have died…instead of

being something I might end up working on for the next few years of my life.”

The business model that produces profit bysolving a significant problem is the ultimatedream of the socially conscious entrepreneur.For Alix Bowman, earning an MBA in 2007 was a crucial step on the road to making thatdream happen.

by Fawn Fitter

continued on page 18

BUSINESS PLAN

INDUSTRY, ENERGY, CONSERVATION MERGE IN

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BIRTH OF AN IDEA

Starting a business wasn’t on Bowman’s agenda when she arrived at

Carnegie Mellon two years ago. An environmental educator who had

worked at nature centers, zoos and schools from Louisiana to Oregon,

she wanted to explore methods of making the business world more

green, but she assumed she would either work within an existing

company or pursue consulting. Her experiences during the summer

following her first year at the Tepper School helped change her mind.

Bowman interned at retailer Coldwater Creek, researching an initiative

to convert the company’s headquarters, stores and distribution center

to 100 percent wind power. She became fascinated by the potential of

renewable energy sources, both as a source of profit and as a way to

use her MBA for social and environmental good.

“Cow power” was already successful in the dairy industry, with

programs such as Central Vermont Public Service putting cows’ other

prolific “end-product” to use in a manure-to-energy model. Bowman

wondered why non-dairy farmers weren’t turning their animals’ wastes

into energy as well. She and Bennoune researched the energy potential

of other kinds of animal waste and concluded that pigs were excellent

candidates thanks to the methane content of their manure. To their

surprise, no one was pursuing “pig power” even though the pig

farming industry was confronting serious problems associated with

an over-abundance of waste.

Most pig farms clean up by sluicing waste into big storage lagoons.

Eventually, the lagoons fill up with the slushy sewage, too high in both

minerals and toxins to release into the water system or re-use in the

fields. The problem is especially acute in North Carolina, the nation’s

second-largest swine producer, where, since 1997, pig farmers have been

prohibited from expanding their farms, starting new ones or even

installing new waste lagoons – naturally limiting profit margins and

stifling any opportunity for growth. With nowhere left to put its inevitable

byproducts, one of the state’s largest industries is now declining.

Bowman and Bennoune speculated that no one had yet tried to recycle

pig waste into energy because hauling heavy tanks of liquid effluent to

a processing plant costs more than a farmer can recover in the form of

electricity. They realized, though, that farmers could remove water from

the waste before it leaves the farm through existing technology from

cow-power models, in which solids are stored in roll-off containers to

business modelcontinued from page 17

“It was an intriguing idea tobegin with, and she had agood grasp of the marketand a conclusion that therewas an opportunity. She had the vision, the drive andthe education to make thatvision a reality.”– Tom Emerson

David T. and Lindsay J. Morgenthaler Professor of Entrepreneurship

separate them from the liquid. The load thus lightened, the cost of

transportation is reduced, because farmers can transport more waste

per truck. Then what’s needed is a centrally located plant to process

pig manure into power. Bowman’s new company aims to build that plant

and help farmers prepare their waste to send it there.

“It won’t completely eliminate the problem, but it will significantly

reduce the amount of waste sitting around and allow farmers to use

their lagoons a lot longer,” says Bowman. True to form, she already

has ideas in mind for the byproducts: “You could even use the leftover

waste water to grow green algae to create biodiesel, or maybe process

it into liquid fertilizer.”

TEPPER PAVES THE PATH

Initially, Bowman sought an MBA to expand her career opportunities.

Knowing she could take the degree into any field, she kept her goal of

making the world greener in mind and switched to the Tepper School’s

entrepreneurial track after she became fascinated with renewable energy.

In fact, she says, her classmates offered advice, referred her to potential

contacts and even helped her rehearse her business pitch. “The students

here are so willing to give their own time to encourage each other,” she

says. “I’ve met lots of people I’d like to work with again.”

Bowman credits two classes in particular – Entrepreneurial Thought

and Action, and Entrepreneurial Business Planning, both taught by

Tom Emerson, the David T. and Lindsay J. Morgenthaler Professor of

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Entrepreneurship – with helping her develop her business plan and

investor presentation.

Emerson says he was immediately struck by the background research

Bowman had already done. “It was an intriguing idea to begin with,

and she had a good grasp of the market and a conclusion that there

was an opportunity,” he recalls. “She had the vision, the drive and the

education to make that vision a reality.”

At the same time, Bowman enrolled in a class about the economics

and engineering of electrical power systems, offered jointly with Carnegie

Mellon’s electrical engineering program, to expand her knowledge about

the power industry. Studying pricing, regulations and the general

structure of the industry proved the existence of genuine opportunities

for renewable energy and gave her the impetus to keep working on her

business plan. Just as important, she said, the class gave her the chance

to ask questions of guest speakers who wouldn’t ordinarily make time

to talk to a graduate student.

PUTTING THEORY INTO PRACTICE

As a result, when Bowman and Bennoune took their business plan to

the Tulane competition in April, they impressed the judges with their

grasp of issues in the energy industry. “One of the judges gave us a hard

time with one of the issues we brought up, but another, who’s a venture

capitalist in the industry, said, ‘No, no, they have it right,’ ” she said.

With their prize money in hand, the couple decided to move to North

Carolina to build connections with local utilities such as North Carolina

Green Power and investigate property for a pig-waste processing facility.

Bowman’s business plan projects that if the company begins operations

and books initial revenues in August 2008, it will be profitable by the

end of that year and quickly achieve profit margins of 22 percent.

Classmates have been asking to be called when she’s ready to hire.

Emerson says, “I think the stars are all aligning in her direction.” And

John Mather, executive director of Tepper’s Masters Program, says he

has no doubt Bowman’s business will be a success.

“She’s at the point where she has to execute,” Mather says. “I

understand why she’s hesitant – they’ll need a big up-front investment.

But one of the utilities in North Carolina is actively seeking proposals

for alternative energy programs. In two years, I think we’ll be down there

for a ribbon-cutting.”�

PIG POWER by the numbers� Number of pigs in North Carolina: more than 10 million

� Amount of effluent pigs generate: more than 491 million gallons per year

� What farmers currently spend each year to manage that waste: $60 million

� Annual power potential of the effluent: 850,000 megawatt hours (MWh)

� Selling price of renewable energy: approximately $75 per MWh

� Annual revenue potential: more than $63 million

For its first plant, Environmental Livestock Solutions is targetingfarms with more than 5,000 hogs within eight miles of their proposed site in Duplin County, N.C. Forty-seven farms meetthose criteria, with a total of 460,000 hogs. The company mustsecure the participation of just 15 eligible farms, or one-third ofthe available market, to operate at full capacity.

Basics of the pig-waste-to-power cycle1. Water rinses waste out of barns and into a separation facility.

2. The liquid portion flows off to the existing waste lagoon, while solids are loaded into modular sludge containers.

3. Environmental Livestock Solutions’ trucks transport full sludgecontainers to the central processing facility.

4. The sludge is loaded into tanks where anaerobic bacteriadigest it and give off methane.

5. The methane is piped into a generator connected to the power grid.

6. The generator burns the methane to generate power.

7. The digested remains are spread outside to age, then are packaged as fertilizer.

Alix Bowman, MBA ’07, and partner Kamal Bennoune cradle some key players in their pig-waste-to-power business model.

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follow the leaderI PUSH YOUR ENVELOPE TO GROW A SUCCESSFUL CAREER

called upon to talk publicly, and you don’t have a second chance to

make a first impression. Have a point of view, but know when to listen

and when to speak up. Be intellectually honest and always be able to

back up what you say with facts and logic.

ON LEADERSHIP:

Johnson & Johnson was the first company to have a credo – a value

system – that now extends across our employees, customers and

communities. It is important to establish a set of good values to guide

you as a business leader. Good leadership characteristics include

strategic thinking, intellectual curiosity, teaming and a sense of

urgency. As our company founder, Dr. Paul Janssen, used to say, “The

patients are waiting.” All of these characteristics drive results.

AROUND THE WORLD:

We often get the impression that things are very different in other parts

of the world, but if you look closely, you see a common thread. Be

intellectually curious and keep a prepared mind – always be aware.

In this way, you’ll be open to a continuum of information from a lot of

sources. Aim to be a good observer in order to visualize opportunities.�

AJIT SHETTYMSIA ’76

Janssen Pharmaceutica division of Johnson & Johnson

Managing Director, CEOChairman, Board of Directors

CAREER PATH SINCE B-SCHOOL:

I interned in Belgium with Janssen Pharmaceutica, a Johnson &

Johnson company exclusively focused on mental health medications,

before I attended graduate school at Carnegie Mellon. After I

graduated, I was asked to return to the company, and I have been

with Janssen Pharmaceutica – and Johnson & Johnson – ever since.

Beginning as a financial analyst, I grew my career into numerous

high-level management positions covering a variety of finance,

operations and group management responsibilities. From a

management development perspective, I asked to be relocated

several times and have worked at the company’s Piscataway office

and in Belgium. Today, I head operations of all Johnson & Johnson

and am chairman of Janssen Pharmaceutica.

ADVICE FOR NEW GRADS:

The Management Game at the business school was very useful and has

stayed with me through the years. It fostered the practice of working

together – rather than independent competition – which is very valuable

in today’s business environment. Also, I’d encourage students to

practice public speaking; it helps build self-confidence. You are often

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Convention Is A Career Killer

Let me get this straight: You want a successful career,full of interesting challenges, marked by a steady climbto the top. You want increasing responsibilities andincreasing compensation. Who doesn’t? But how can you

possibly achieve these outcomes in today’s uncertain economy, where

new technology and global turmoil upset even the most carefully

developed strategies, the most thoroughly prepared people? I believe

there is one clear way to navigate future ambiguities effectively. It’s

simple, really. Become a career entrepreneur.

Students often ask, ‘Why should I study entrepreneurship? I’m

probably not going to start a company when I graduate.’ I answer that,

while this may be true, it reflects a limiting view of entrepreneurship.

If you consider for a moment how successful entrepreneurs think, you

might be driven to ask instead, ‘Why not study entrepreneurship?’

Simply put, I believe you need to learn how entrepreneurs think

and act because we live and work in a very competitive, global economy.

Consider this comment by Samuel J. Palmisano, CEO of IBM: “The

way you thrive in this environment is by innovating – innovating in

technologies, innovating in strategies, innovating in business models.”

Not only is Sam right that innovation involves much more than

products, but I would add that innovation also includes a spirit of

reinventing and evolving business models. It’s a way of thinking, of

finding and cultivating new markets to deliver products and services

people don’t yet know they need or want. It’s about rewiring corporate

organizations for creativity and growth. At its core, innovation is the

life-breath of achievement. Look at it this way: Invention transforms

technology, but innovation transforms life.

What we are talking about here is the domain of the entrepreneur.

You will understand, then, if I evangelize for a minute and suggest that

if you want to be successful in your career, you will most certainly devote

time and effort to learning how entrepreneurs think and act. Thinking

like an entrepreneur will help whether you start or go to work in an

early-stage company, acquire a small company, join a mature company

and become a leader of innovation, or innovate in a social context. The

imhoI IN MY HUMBLE OPINION

entrepreneurial process embodies and integrates all aspects of building

and running any enterprise. Fundamentally, the process consists of three

interrelated components: the opportunity, the resources necessary and the

team to execute – all balanced and guided by a leader. Life cycle is but

one dimension. It’s how you approach the problem that matters most.

This approach is what sets the Tepper School, and Tepper graduates, apart

from the crowd.

The strategic processes in a larger corporation are similar to those in

an emerging company. What differs is the set of filters used in the process

of allocating resources. These might include cost structure for profitability,

size thresholds for target markets, growth expectations, the cost of

capital, the timeline for profitability and other factors. Most successful

businesses evolve their strategies, as do most successful people.

To me, the real way of generating wealth is by creating it. I recall a

fascinating talk by Geoffrey Moore, author of Crossing the Chasm, among

several books he’s written about innovation. One of his ideas was that

entrepreneurs must lack the “prudence gene.” True enough, you don’t

want to mistake the power of unplanned discovery. But I also believe

entrepreneurs increase their probability of success by bounding their

risks. They identify and deliver the most critical tasks necessary to prove

their innovations before proceeding aggressively to market. The dot-com

era was an aberration; informed entrepreneurial behavior is the foundation

of the future.

Do you want to make an impact on whatever organization you join?

Do you want to become a leader? A clear path to that success is to learn

to think and act like an entrepreneur. Size doesn’t matter; it is how you

think, act and adapt to the competitive landscape. Study the art and

science of entrepreneurship, and when the corporate recruiter asks, “Why

should I hire you?” answer confidently, “I will innovate wherever I go,

so why not for your organization?”�

ARTHUR BONI, Ph.D.Director, Donald H. Jones Center forEntrepreneurship

Associate Teaching Professor

John R. Thorne Chair of Entrepreneurship

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TEPPER School of Business

Globetrotting students take their businesseducation overseas by Janice Jeletic

No matter what the industry, globalization permeates every segment of today’s businessclimate. Even the student who uses a businessschool degree for social entrepreneurship islikely to spend significant time working in orwith another country, alongside colleagues whohail from nations outside the United States.

-eye view:

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“Studying abroad enables students to see the realistic side of doing business. It’s like learning a language – the language of business. It’s difficult to develop the skill without being in the environment.”– Zhaoyang Gu, Associate Professor of Accounting

MBA MELTING POT

At the graduate level, the international experience begins with the 30

percent of the student body enrolled in Tepper’s MBA program who come

from other countries – bringing a global perspective into the classroom.

Graduate courses also reflect the increasing emphasis of the global

economy. For example, a recently introduced Global Enterprise

Management Track merges operations, organizational behavior, information

systems, strategy and international management, and includes an

expectation for study abroad.

However, the school does not adhere solely to a singular, prescribed

exchange program, according to John Mather, executive director, Masters

Program and Teaching Professor of Marketing. Rather, students

are given the freedom to create opportunities on their own.

“Our students discover and develop programs that meet their interests

and needs,” says Mather.

That philosophy of “structured discovery” inspired Geoffrey Bent, an

MBA FlexTime candidate in the Class of 2008, to coordinate a study trip to

China for 35 classmates in January. Bent, who once lived in Shanghai, has

been instrumental in coordinating three trips to China since 2006 and

served as the group’s interpreter.

The daily itinerary for the three-credit program included morning lectures

at Chinese universities, followed by afternoon sessions with business and

government leaders. Students also had the chance to network with Tepper

School alumni, which Bent hopes will pay dividends after graduation.

Already, some students who made the trip are pursuing internships in China

or considering full-time employment there.

“My goal is to strengthen the alumni network in China so that anyone

visiting the country can find help with work or travel logistics,” Bent says.

“A strong network will help people find better jobs throughout China.”

The challenge for business schools, then, is to prepare students for an

international marketplace, while also providing educational experiences

that are meaningful to the individual student’s career goals. Acting on

the philosophy that study abroad is not a one-size-fits-all proposition,

but one best undertaken with a customized approach, the Tepper

School’s graduate and undergraduate programs offer an array of choices

as varied as the students themselves.

“We have a strong focus on studying abroad because it’s valuable

for personal development and the overall undergraduate experience,”

says Milton Cofield, executive director of BSBA Undergraduate

Business Programs and Associate Teaching Professor of Business

Management. “The options available to our students are very diverse.”

While international study is encouraged for undergraduates, it is a

requirement only for undergrad students who are International

Management majors. However, all students may spend a semester or a

year enrolled in another university anywhere in the world.

“We have initiated partnerships with undergraduate business

programs around the world with the character of academic programs that

will create value for our students,” says Cofield. “The preference by

many international students is for universities with elite status in their

home countries,” Cofield says.

Students also may choose to study in any program provided they are

pursuing degree requirements. The first step is to identify the countries

and programs of interest. Then they choose a potential set of courses

and meet with a department advisor to obtain approval.

Some BSBA students also take advantage of focused opportunities,

such as international case competitions held in Germany, Hong Kong

and Copenhagen.

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CULTURE, COMPANIES AND CLASSROOMS

As a leader of the group, Bent also enjoyed watching classmates react to

new concepts ranging from ethical issues to buying food on the street.

“Because [my classmates] hadn’t been brought up with the same micro and

macro perspectives, it was interesting to see them experience the country

and challenge what they were seeing.”

But the most enriching opportunities were the face-to-face meetings

with company executives, who would not have been accessible to students

traveling on their own. Baohong Sun, Associate Professor of Marketing,

helped to identify the companies the students visited based on two criteria:

those with similarities to U.S. companies and those with managers who had

been educated in the United States. Some of the company contacts were

made through alumni and relationships that students had developed on two

informal trips to China in 2006.

“The students enjoyed the company visits,” says Sun, “which changed

stereotypes of China’s people and economy. They learned a lot about

how classroom knowledge needs to be tailored and quickly connected

what they were hearing to what they had learned at Tepper.”

Lydia Perr (MBA ’08) concurs. “Company managers were candid – on

both their challenges and successes,” said Perr. “By seeing a slice of their

experience, our classroom work was made more real, more relevant.”

TEPPER School of Business

INTERNSHIPS AND IMMERSION

One formal affiliation that exists in the graduate program is its

partnership with the Otto Beisheim School of Management in central

Germany, where graduate business students may take an intensive

four-week course that focuses on Western and Eastern Europe to study

emerging, transitional and competitive economies. The course includes

morning lectures provided in English; afternoon visits to companies,

financial institutions and government organizations; evening sightseeing

and social time to experience and enjoy the local culture; and a day-

trip to Budapest. Other, similar programs are in the planning stages,

possibly focusing on India, South Africa or Latin America.

Overseas internships round out the Tepper School’s study abroad

opportunities, as does Carnegie Mellon’s relationship with the Bosch

Group, a leading German-based multinational corporation. A Tepper

School partner, the Carnegie Bosch Institute’s purpose is to support,

educate and develop globally minded managers.

“We want students to be in a foreign business environment long

enough to be immersed in the culture – to see how business is done

there,” says Mather. “The first ‘awakening’ usually comes with seeing

business through the eyes of another culture.”�

John McClain MBA ’07 Joseph Akpan MBA ’08 Lydia Perr MBA ’08, Christopher O’Leary Erren Lester MBA ’08and Brian Cole MBA ’07

“As a project manager in the U.S., I might manage a team inanother country. The people sitting around me could be fromanywhere. The better I understand the relationships anddiversity, the better I can understand my workspace and thebetter I can do my job and take advantage of creativity andresources out there in the world.” – Geoffrey Bent, MBA FlexTime candidate 2008

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businesswireI MAKING NEWS AROUND THE WORLD

Innovations Report / Professor joins Norges Bank WatchMarvin Goodfriend, Professor of Economics at the Tepper School

of Business, has joined the Norges Bank Watch 2007. The group of

macroeconomists was invited by the Centre for Monetary Economics

at the BI Norwegian School of Management to evaluate monetary

policy in Norway.

U.S. News and World Report / Soft skills important, but the hard stuff is crucialWhile MBA candidates get a strong dose of soft-skills training at the

Tepper School, Dean Kenneth Dunn cautions that analytical skills are

also crucial. Dunn notes that if schools cut back on core subjects such

as accounting, finance and marketing to focus on more qualitative

learning, the United States will be at a competitive disadvantage

because it will have to outsource analysis to the rest of the world.

The Straits Times / “Tepper Prepper” mentoring programwins acclaim for MBA student MBA candidate Colin Raney’s mentoring project, in which second-

year Tepper School students tutor first-years, helped clinch him as

the winner of the Graduate Business Conference’s student leadership

award. Raney, whose program is known as Tepper Prepper, says he

believes in lifting team members up as high as possible so they can

experience success.

Pittsburgh Post-Gazette / Tepper School initiatives reflect growing interest in sustainabilitySustainability is an important area in the MBA curriculum, and the

Tepper School has or is developing several initiatives as a result,

says Art Boni, John R. Thorne Chair of Entrepreneurship, Associate

Teaching Professor of Entrepreneurship, and Director, Donald H. Jones

Center for Entrepreneurship. For example, the school’s McGinnis

Venture Competition added a special prize in sustainable technology

this year, and plans to make it an ongoing part of the competition.

New York Newsday / Consumers who favor full-servicedepartments will pay more for seafoodConsumers who are likely to stay loyal to full-service seafood departments

at supermarkets tend to spend more on their selections, according to

research by Vishal Singh, Assistant Professor of Marketing. Singh also

found that the arrival of a Wal-Mart Supercenter and its self-service

seafood department results in an almost immediate 17 percent sales loss

for nearby grocery stores.

The Economist / Checklist helps students evaluate a business school’s characterThe Tepper School of Business believes that identifying a school’s

character is a factor on par with traditional ranking figures. That’s why,

as part of its “MBA Reality Check” campaign, it has devised a checklist

of questions students should ask when picking a school.

CNBC / Tepper School MBA candidate appears on CNBCArthur Hyder, an MBA candidate 2008 at the Tepper School, appeared

on Fast Money’s “Grade the MBA” feature.

USA Today / Electric rate freezes now trickling down to worker shortagesThe impending shortage in utility workers is fallout from deregulation,

according to Lester Lave, Harry B. and James H. Higgins Professor of

Economics and University Professor, Director of Green Design, and

Co-Director of the Electricity Industry Center. As many states froze

electric rates in the 1990s, utilities cut payrolls to fatten profits and offset

losses from the low-priced sale of power plants, Lave says.

Scientific American / Scientific American spotlights organizational behavior researchA 1995 experiment by a team of researchers, including Linda Argote,

Carnegie Bosch Professor of Organizational Behavior and Theory, and

Director, Center for Organizational Learning and Innovation, demonstrated

how team members benefit from their collective knowledge when they

learn together. The researchers trained college students to assemble

transistor radios either alone or in groups of three, and found that groups

that trained together got better results.

BusinessWeek / Good networking starts from the ground upSummer interns who are looking to network should start by reaching out

to people who can still identify with a student intern, advises Ken Keeley,

Executive Director of the Tepper School’s Career Opportunities Center.

Waiting until later in the summer to talk to higher-ups also increases the

chance that a colleague will put in a good word for the intern, he notes.

Tepper School of Business alumni, faculty, staff andstudents make news around the world. Below is asampling of recent media highlights that include the Tepper community. For more information, pleasevisit www.tepper.cmu.edu/pressclips.

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TEPPER School of Business

The Economist / Lerrick: World Bank should invest in capital marketsThe World Bank’s income is really the return on cost-free capital that

belongs to its shareholders, and not money made from projects in middle-

income countries, says Adam Lerrick, The Friends of Allan H. Meltzer Chair

in Economics; Director of the Gailliot Center for Public Policy. Lerrick says

the bank should invest these funds in capital markets and use the income

on projects in the poorest countries, instead of lending it to governments

that don’t need it.

Wall Street Journal / Wall Street Journal Ranks TepperSchool No. 5The 2007 Wall Street Journal’s rankings of M.B.A. programs ranked

the Tepper School of Business at No. 5 in the U.S. among 19 nationally-

ranked programs. The special report, titled “The New Battle for M.B.A.

Grads,” also ranked the Tepper School as second most improved school

in the country and fourth best for graduating M.B.A.s who are creative

and innovative leaders – two new rankings in this year’s report. Tepper

School graduates also were ranked eighth for having high ethical

standards, and recruiters ranked the school ninth best in the country

for recruiting minority M.B.A. graduates.

Wall Street Journal / Companies should act on problemsidentified by workersIt is good practice for companies to track employee attitudes, according

to Robert Kelley, Adjunct Professor of Organizational Behavior and

Theory. However, such efforts can backfire if companies don’t act on

problems that workers identify, Kelley notes.

Christian Science Monitor / Enforcement of power grid reliability may be tough, says AptHeavy fines levied by the North American Reliability Corporation for

power outages may be difficult to enforce, since the organization is run

in part by the power companies it regulates. Jay Apt, Executive Director,

Electricity Industry Center, Associate Research Professor, and

Distinguished Service Professor in Engineering and Public Policy,

says plans for NERC to enforce a federal mandate for grid reliability

will make for an interesting experiment.

Forbes.com / Dunn reappointed as dean of Tepper SchoolCarnegie Mellon University’s Board of Trustees has appointed

Kenneth B. Dunn to a second five-year term as dean of the Tepper School

of Business. Dunn’s new term begins in July.

Associated Press / Spatt to leave SEC, return to Tepper SchoolAfter serving three years as the chief economist for the Securities and

Exchange Commission, Chester Spatt is returning to the Tepper School,

where he is the Mellon Bank Professor of Finance and Director of the

Center for Financial Markets. While at the SEC, Spatt conducted analyses

of the impact of securities regulations, touching on almost every area of

securities law.

Wall Street Journal / More regulation is not the answer for hedge fundsAlthough Congress is about to propose new rules governing hedge funds,

more regulation is not the answer, according to Allan Meltzer, Allan H.

Meltzer University Professor of Political Economy. Meltzer says it is far

better to change some incentives for excessive risk-taking.

Pittsburgh Post-Gazette / Students roll up sleeves for ethics trainingApproximately 240 first-year students from the Tepper School’s MBA and

MSCF programs got their hands dirty as part of the ethics training during

Orientation Week. The idea behind the program is that business relies on

the community for its success, so it benefits students to improve their

surrounds, says John Hooker, T. Jerome Holleran Professor of Business

Ethics and Social Responsibility, Professor of Operations Research.

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C’mon in, surf’s up.

Introducing The Tepper Web ExperienceIt’s a great time to visit the new Tepper School web site. As a source of B-school news and

knowledge, tepper.cmu.edu now has a new design and new online features that makeit easier than ever to learn, network and stay connected with your professors and classmates.

Multimedia:video, podcasts, iTunes U

Lifelong Learning: executive speakers, faculty research

Online Community:Tepper bloggers, alumni directory

News & Information:alumni chapter events, RSS, Tepper in the news

www.tepper.cmu.edu

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networkI FALL ’07

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Rosenberg have started an

institutional third party marketing

firm, Ocotillo Capital, LLC.

James Mechtel (BS) has moved to

Brick, N.J., and has started another

business, Powrgroup, which provides

practical education to businesses.

Last year, Yair E. Orgler (MSIA, Ph.D.)

stepped down as chairman of the Tel

Aviv Stock Exchange after serving 10

years in this position, the maximum

allowed by Israel’s Securities Law.

He is presently serving on the boards

of directors of several large Israeli

companies, including Bank Hapoalim

and Israel Chemicals Ltd., and on

the executive committees of several

nonprofit organizations.

1969David Bree (Ph.D.) is emeritus

professor at the School of Computer

Science at Manchester University,

U.K., which recently amalgamated

with the Manchester Institute of

Science and Technology. David was

recently appointed at the Institute for

Scientific Interchange, Turin, Italy, to

work with a European research group

on multi-agent systems, modeling

economic and biological phenomena.

In 2002, he married Wendie Shaffer,

translator of art and historical works

from Dutch to English. If you’ve been

to an Amsterdam museum, you’ve

read her texts.

34see page

32see page 1956

Joel Levinson (BS) continues his work

as an industrial appraiser and has just

had his second book published, Wings

for J.R., which follows Spiral Bound.

He has a photographic essay entitled

“Pittsburgh: Views in the 21st Century.”

Gordon Cohn (BS ’69), ShlomoFinkelman, Rabbi MordechaiFinkelman

Joel Levinson (BS ’56)

41see page

1965The book, The Political Economy

of Poland’s Transition, co-authored

by John Jackson (BS, MSIA),

Jacek Klich and Krystyna Poznanska,

received the Minister’s Award from

the Polish Ministry of Science and

Higher Education. John is the M.

Kent Jennings Collegiate Professor

of Political Science at the University

of Michigan.

1966James Yanni (MSIA) has retired from

Yanni & Company Investment Advisors.

He is in the process of setting up a

family foundation devoted to charitable

activities.

196740-year Class ReunionOct. 26 – 27, 2007

Having spent the last 30 years in

institutional investment management,

Elliott Gartner (MSIA) and Seth

Gordon Cohn (BS) is a professor of

accounting at Touro College in New

York and has published two new

articles on the Jewish perspective on

the requirement to pay taxes.

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2007

KEYTepper School Degree and Program Codes

BSIM Bachelor of Science in IndustrialManagement

IWM International Wealth Management

MBA Master of Business Administration

MSCF Master of Science in ComputationalFinance

MSEC Master of Science in ElectronicCommerce

MSIA Master of Science IndustrialAdministration

MSQE Master of Science in QuantitativeEconomics

PFE Program for Executives (ExecutiveEducation)

Ph.D. Doctor of Philosophy

Carnegie Mellon College Codes

CIT Carnegie Institute of Technology

CS Computer Science

HSS Humanities and Social Sciences

HNZ H. John Heinz III School of PublicPolicy & Management

MCS Mellon College of Science

network I U P DAT E S, E V E N T S, T E P P E R K N OT S & T E P P E R T OT S

1974Peter Saretsky (BS, MSIA) recently

became CFO of Achieve3000, a six-

year-old rapidly growing company that

provides web-based educational

content and training to children, adults

and teachers to improve reading and

writing skills. Achieve3000 sells directly

to school districts and currently has

more than 700 customers in 37 states

and more than half a million users of

their products. They are building a

strong company and helping kids at the

same time. A great combination!

After nine years as partner with the

Boston Consulting Group and more

than 32 years working for large

consulting firms, Stuart Scantlebury

(MSIA) has retired. He is now a senior

advisor to BCG, a member of the

President’s Advisory Committee at

Berklee College of Music and taking on

select consulting assignments.

30

1970Rawley Thomas (MSIA) became vice

president of practitioner services of the

Financial Management Association

(FMA), chairman of the practitioner

research committee and chairman of

the CFA Society of the Practitioner

Demand Driven Academic Research

Initiative (PDDARI) Task Force. Its

mission is to bridge the gap between

Practitioner Professional Association

needs for academic research and

academic supply from FMA’s members.

He is president of LifeCycle Returns,

working in advanced automated DCF

valuations and risk measurement

with Stable Paretian Distributions for

portfolio construction.

1971Doug Linton (MSIA) was elected to

the board of directors of Bradley

Pharmaceuticals in October 2006 and

will be moving to Charlotte, N.C.,

in January 2008. He is a self-employed

consultant in pharmaceutical

distribution in association with

ValueCentric LLC.

F. Doug Tuggle (MSIA ’67, Ph.D.) is

a professor at the George L. Argyros

School of Business and Economics,

Chapman University, and has joined

Insight Consulting Partners, LLC on

a part-time basis. Doug has also been

elected to the board of advisors of the

University of Creative Leadership of

Entrepreneurship in Breda, Holland.

After retiring from IBM Japan, Ltd., in

2001, Yoshihiko Mikami (MSIA) moved

from Tokyo, Japan to Dalian, China,

working for Dalian Software Park Co.,

Ltd., four days a week. He now invites

the world’s largest companies, such

as IBM, HP and Sony, to come to China

to do ITO (software development

outsourcing) and/or BPO (business

process outsourcing). Last year, Yoshi

opened a coffee shop in Dalian,

starting his own business for the first

time since graduating.

197235-year Class ReunionOct. 26 – 27, 2007

George Brown (BS ’69, MSIA ’69,

Ph.D.) relocated to Rhode Island from

Florida. He continues in the position

of CEO of Blue Canyon Partners, Inc.

and recently published a paper titled

“Business-to-Business Economics”

that provides a conceptual basis for

pricing and value capture in

supplier–customer relationships.

Besides running his private equity

business, Eduard M. Brunner (MSIA)

is also the president of the ETH Alumni

Association, which is the association

of the graduates of the Swiss Federal

Institute of Technology in Zurich,

Switzerland.

Since September 2006, Yuzo Fujioka

(MSIA) has been a lecturer at the

Graduate Institute for Entrepreneurial

Studies, Niigata, Japan. The graduate

school was founded in 2006 as a

business school with some help by

Babson College in Massachusetts.

Jeff LaRochelle (BS/MCS ’72, MSIA)

has had work responsibilities for the

past twelve years that have involved

almost 100% travel to locations where

client engagements need the detail-

oriented support and assistance that

his experience at the business school

helped to sharpen. The past three

years have been spent in support of an

engagement with the Navy and Marine

Corps from offices in the Washington

D.C. area. Jeff’s son, Jarrett, holds a

BS from Tepper, Class of 2000.

Stuart Scantlebury (MSIA ’74)

Yoshihiko Mikami (MSIA ’71) and his family, Tomoko, Ayako and Haruko

Join us for AlumniReunion Weekend.

October 26 – 27, 2007.

Special celebrations for

classes of 2002, 1997, 1992,

1987, 1982, 1977, 1972, 1967,

1962, 1957 and 1952. For

more information, go to:

www.tepper.cmu.edu/

alumni/reunion1975

Marc Onetto (MSIA) has moved to

Seattle and is senior vice president for

Amazon.com.

1976Manuel Amaya (MSIA) was selected

by Avery Dennison to lead their office

product North America (OPNA)

outsourced business. Manuel’s new

position of senior manager, purchased

finished goods OPNA, combines into

one department a business that had

been managed by three different

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D’Lane Wisner (MSIA) formed his own

consulting firm, in 2003, that promotes

beneficial and safe uses of polymers,

especially in green building. D’Lane

and Ann have recently re-located their

home and the business to Raleigh, N.C.

197730-year Class ReunionOct. 26–27, 2007

Ted Milkovich (BS) accepted a new

role within Novell, Inc. and is now

director, Americas Global Strategic

Partners (IBM, HP and DELL). During

his 18 years at Novell, he has held a

number of positions, including director

of Linux Sales, Southeast Area; director

of Partner Sales, Southeast Area;

director of Sales, U.S. Federal; and

director of Sales, mid-Atlantic district.

J.B. West (BS) is the CTO of his

company, LuminTerra, LLC, with four

other colleagues. They are in the third

successful year of “downsized” work,

with a good measure of time for other

pursuits such as restoring a 1938 log

house on the Whidbey Island coast.

1979John Ball (MSIA) is the co-founder of

a professional services firm, XRoads

Solutions Group, which services

financially distressed firms.

business unit managers in the past.

His home continues to be Southern

California, where he has coached his

Foothill Storm Girls club soccer team

to second-place finishes two years in a

row. Manuel and Patti celebrated 30

years of marriage this past year, and

they both are excited about attending

next year’s graduation for both of

their sons, Kevin and David, as they

receive their medical and law degrees,

respectively.

It has been a wild ride for Rita Resick

(MSIA) since graduation. Rita rose to

CFO of Medrad, a manufacturer of

medical imaging equipment. She left to

run her own business in radio broad-

casting, then sold it and retired to their

farm, Laurel Vista Farm, to grow green

beans, sweet onions and potatoes for

the Pittsburgh region’s growing

demand for local food. Together with

her husband, Rick Stafford (BS/MCS

’68, MS/HNZ ’72), she is also doing

consulting work in rural economic

development to integrate produce

growers and organize their connections

to formal markets like wholesalers,

food service/restaurants and grocery

stores.

Upon the completion of his master’s

degree, Tadamichi Tomita (MSIA) was

sent by Mitsubishi Corp to Germany to

take responsibility for Mitsubishi’s

automobile business over five years.

He attended the executive seminar of

INSEAD in France in 1985 and, in 1986,

joined Daimler Benz in Japan as senior

vice president. After that, in 1995, he

switched his job from marketing to

finance. During that time, he attended

the executive management seminar at

Stanford University. In 2007, Tad retired

from management and became the

senior advisor of DaimlerChrysler

Financial Services. Tad and Kyo have

been married for over 39 years and

have three children, Hirono, Naomichi

and Tadateru, and two grandchildren,

Yuu, 9, and Shogo, 1. Tad and Kyo had a

great time seeing old friends at their

reunion in October 2006.

After 27 years with Ford, Paul Meisel

(MSIA) cut the umbilical cord and

recently started as controller/CFO for

Scott Process Systems, a custom pipe

fabricator serving the energy industry.

John Ridge (BS) is the contact center

director for Home Properties. He and

his wife, Marjorie, have a 24-year-old

son, Austin, who is in the Marine

Reserves and is graduating from

SUNY Brockport in May. In addition to

spending time with his family, John is

an avid hiker.

1980Jay Aronson (BS/CIT ’75, MS/CIT ’76,

MSIA, ’78, Ph.D.) is professor of MIS at

the University of Georgia (UGA) and

has been there since 1987. In the

summer of 2006, he worked in Costa

Rica on a strategic plan for a UGA

facility. He travels regularly to Europe,

Central America and South America

to teach and work. In addition, he has

been performing improvisational

comedy in the Athens, Ga., area for

about two years as part of a group

called MindTeazers. Jay, his wife,

Sharon, and daughter Stephanie live in

Athens. Their other daughter, Marla,

graduated from Georgia Tech in the

summer of 2006 and works in Atlanta,

and their son, Michael, is a second-

year chemical engineering student at

Georgia Tech.

Dan Skantar (BS) has volunteered as a

board member for Management Game,

a required course for seniors in the

business school. This was his first

connection to current Carnegie Mellon

students in more than 25 years. Dan

enjoyed seeing all the changes to

campus such as the spectacular

University Center, which is quite a

change from the Skibo of his era. He

was very impressed with the student

team members, Vlad Loktev, Joy Ho,

Dennisse Navas and Lauren Hoffman,

who are exceptionally bright and

made him proud to be an alumnus. He

found this to be a very rewarding way

to give back to the school and hopes

to be invited back next year.

1981George Walsh (BS/CIT ’77, MSIA) and

his wife, Melanie, recently celebrated

their 25th wedding anniversary. They

live in Wilmington, Del., with their two

daughters, Laura and Nicole. George is

an R&D project manager at Agilent

Technologies, responsible for chemical

detectors and robotics.

198225-year Class ReunionOct. 26 – 27, 2007

Thornton May (MSIA) recently

completed a trip to Delhi where he had

lunch with the finance minister, P.

Chidambaram; dinner with the former

president of Pakistan, Benazir Bhutto;

breakfast with Vijay Amritraj; and in

the afternoon met with the lumerati

of Bollywood including Mira Nair, the

director of Namesake.

Daniel Nichols (BS) is the PMO

director of applications development

for the City of New York’s department

of finance.

1983Jim Dean (MSIA ’80, Ph.D.) has been

named senior associate dean for

academic affairs at the University

of North Carolina at Chapel Hill,

Kenan-Flagler Business School.

1984Robert Byrne (MSIA) was named a

2007 Provider Pro to Know by Supply &

Demand Chain Executive magazine.

Julie Glover (MSIA) is in her 23rd year

with Verizon. Her husband, Mark

Satinsky (MSIA ’84), was an American

Airlines Road Warrior finalist this

January. He is CEO of Agile Mesh, a

start-up selling rapidly deployable

video surveillance equipment to

government and police departments.

Prior to starting Agile Mesh, Mark,

along with Eric Fleischman (MSIA ’84),

created Valchemy, a company selling

merger and acquisition software.

Family of Tadamichi Tomita (MSIA ’76),granddaughter Yuu, Kyo Tomita, daughterHirono, son Naomichi, grandson Shogo,daughters-in-law Motoko and Kayo, andson Tadateru

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198720-year Class ReunionOct. 26 – 27, 2007

Mark Nichols (MSIA), having left IBM,

is now the business unit controller for

IDT in San Jose, Calif.

Scott Good (MSIA), president of New

Mission Consulting, is working in the

People’s Republic of China on an

interesting project involving religious

freedom expansion. He and his son

Kai traveled to Beijing, where he ran

the Great Wall Marathon, albeit very,

very slowly.

in Paris and moved to London to start

European Venture Partners (EVP),

Europe’s first dedicated venture debt

provider. They successfully launched

their first fund, EVP I, before the VC

markets crashed. EVP now has offices

in London, Tel Aviv and Stockholm and

has committed over $420 million while

managing third-party institutional

money from a dozen different financial

sponsors, and has expanded funds EVP

II and III. In late April, they will change

their name from European Venture

Partners to Kreos Capital to coincide

with the addition of a new partner, a

new COO and an expanded product

offering.

Ross, his wife, Suzanne, and 10-year-

old daughter, Alexandra, live in

Mallorca, enjoying a bit of the island

sun and sea.

1989Thomas Cucuzza (MSIA) recently

produced an original film with his

brother Robert, who wrote and

directed the film. The Armed Boy was

premiered in Detroit, Mich., in March

2007 as part of a multi-media live

concert, “The Armed Man: A Concert

for Peace.”

Douglas Jack (BS) has taken a new

job as senior OD consultant with

Legg Mason, the fifth-largest asset

management firm. For this Baltimore-

based firm, he will be building talent

management initiatives around senior

leader selection and development, and

succession management processes in

international offices and in New York

City and Stamford, Conn.

Albert Johnson (BS ’83, MSIA) is on

the board of directors and is chairman

of the finance committee for the

Industrial Research Institute, and he’s

also on the board of the University-

Industry Demonstration Project at the

National Academies.

Dave Sikora (BS) was promoted to

senior director of operations of the

transportation management systems

division of Orbital Sciences

Corporation. Dave and his wife, Valerie

(BS/H&SS ’88), moved from Spring

Hill, Fla., back to the Columbia, Md.,

area this summer.

Ross Ahlgren(MSIA ’88)

Scott Good (MSIA ’87)

Dave (BS ’89) and Valerie (BS/H&SS ’88) Sikora

1985Sumru G. Altug (MSIA ’82, Ph.D.)

is a professor of economics at Koç

University in Istanbul, Turkey, and a

research fellow at the Centre for

Economic Policy research in London.

She has published papers in the areas

of business cycles, intertemporal

models of consumption and labor

supply, investment, productivity and

growth, and banking and financial

market phenomena.

Thomas Nyiro (MSIA) is still with

Deutsche Bank in Risk Management,

now in London as global head of

exposure management.

1986Lauth, one of the nations’s leading

development and contracting

companies, announced the addition

of Anthony Amendola (BS/H&SS ’84,

MSIA) as vice president of development

operations. Before joining Lauth, he

served as vice president of development

for Concord Estridge, where he

developed projects within five

geographic markets in the Western

United States and was the linchpin

of their public–private partnership

delivery mechanism.

Twenty years after his father’s

graduation, Hemant Chordia’s (MSIA)

son, Atishe Chordia, has enrolled at

Carnegie Mellon as an undergraduate.

Ginger Halstrom (MSIA) recently

received the President’s Volunteer

Award for the more than 1,000 hours

she has committed to Girl Scouts.

Scott Minor (BS/CIT ’78, PFE) is the

CEO of CyberUtility, LLC in Cleveland.

Owner and CEO Paul Posner (MSIA)

reports that Pocket Communications

recently signed up its 100,000th

customer. Pocket has 500 sales

locations around the San Antonio area.

David Vurdelja (BS), continuing

his nine-year career in the telecommu-

nications industry, is now a business

development manager in the corporate

development group at Sprint. Projects

are centered on early-stage evaluation

and development of new products

and partnerships in broadband

product lines, including their new

fourth-generation wireless broadband

product. In other community involve-

ment, he is now serving as vice

president in the Washington, D.C.

Carnegie Mellon alumni chapter.

1988After graduation, Ross Ahlgren

(MSIA) joined American Airlines for

almost two years. He then moved to

American International Group (AIG) in

New York to work with Jeff Adams

(MSIA ’88). After more than eight years

with AIG, the last five being in Paris,

Ross left AIG Europe in 1998 as the

COO of the European operations based

Heather Burns (BS) is a partner with

the law firm of Upton & Hatfield, LLP

in Concord, N.H., where she practices

employment law and medical

malpractice law. Heather is currently

the president of the New Hampshire

Trial Lawyers Association. She lives

in Concord with her husband, David

Burns, their two sons, Thomas, 8, and

Matthew, 4, and their new golden

retriever, Gryffindor.

Toyoaki Ishikawa (MSIA) is a

managing director at BearingPoint Co.,

Ltd. and is responsible for the financial

services groups of both Japan and

Asia Pacific.

After 17 years as an investment

banker, Lee Shepard (BS/MCS ’85,

MSIA) decided to completely

change careers and is now practicing

corporate law in California.

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Kevin Stoll (MSIA) was recently

promoted to BU president for key

accounts and distribution of Astec

Power, a division of Emerson. Kevin,

his wife, Edith, and Erica, their

8-year-old daughter, are living in

Orange County in Southern California.

1990MSA, the global leader in sophisticated

safety products, announced the

election by the MSA Board of Directors

of William Lambert (MSIA) to the

newly created position of president and

chief operating officer of the company.

He is responsible for MSA North

America, MSA Europe and MSA

International. William had served as

president of MSA North America since

January 2003.

Dave Trapani (MSIA) recently joined

AstraZeneca Pharmaceuticals as

director of asset strategy and

capabilities after 16 years of working at

Capgemini. Dave and his wife, Jocelyn,

just celebrated the first birthday of

their son, Garrett. They live just outside

of West Chester, Pa., and invite

any alumni, especially class of 1990,

to stop by.

1991Sujit Bhattacharya (BS ’91, MSIA) has

a new role in TXU as strategic sourcing

principal consultant, in which he

focuses on transactions that range

from five-figure to nine-figure deals.

Douglas Donehoo (BS) is a relationship

manager with First Republic Bank in

Los Angeles. Additionally, Doug is one

of two managing members of a new

restaurant opening in West Hollywood.

Marie Colantoni Pechet (BS/MCS ’84,

MSIA) is enjoying semi-retirement

from business and is spending most of

her time with her two sons. Marie

recently joined Gina Dokko (MSIA ’91)

and other friends for a weekend at the

Kripalu Center for Yoga and Health in

western Massachusetts. In addition to

practicing yoga and generally

unwinding, they also took a knitting

course with Karen Allen, the actress

from Raiders of the Lost Ark. The

class was a blast, and Gina, as usual,

received accolades for her work in

the class.

For the past nine years, Adam Walden

(BS) has been the president of Gen Art,

a national arts and entertainment

organization dedicated to showcasing

emerging talent in film, fashion, art and

music. Gen Art produces more than

120 events annually through its head-

quarters in New York and offices in

Los Angeles, Miami, San Francisco and

Chicago. Adam frequently sees Peter

Stern (BS/CIT ’89), Susan Abdalla

(BS ’94), Greg Bradshaw (BA/CFA ’92),

Christy Moore (BS/H&SS ’94), Robert

Bethge (BS ’90), Andrew Milmoe

(BFA/CFA ’91), Colin Brice (BA/CFA

’93) and Ella Leers (BS/MCS ’91).

33

199215-year Class ReunionOct. 26 – 27, 2007

Francisco D’Souza (MSIA), president

and CEO of Cognizant Technology

Solutions, and Rajeev Mehta (MSIA

’92), chief operating officer, global

client services, Cognizant Technology

Solutions, together with other mem-

bers of the Cognizant and NASDAQ

leadership team made history by

recently being the first American

company to open the NASDAQ

remotely from Chennai, India.

Christopher Carfi (MSIA), principal

at Cerado, Inc., reports that their new

Haystack™ networking service for

businesses and organizations is

growing by leaps and bounds. He

recently facilitated a case study

session at SuperNova in San Francisco

and was in New York at the Corante

Innovative Marketing Conference,

and Cerado was selected to present

at last month’s TechDirt Greenhouse,

where they posed the question,

“Is the enterprise ready for social

networking?”

In October 2006, Louis DiCriscio

(MSIA) took the position of senior vice

president and CFO of the Corcoran

Group, the largest residential real

estate company in New York City

with offices also in the Hamptons and

Palm Beach.

At the end of 2006, Lloyd Fletcher

(MSIA) retired as the head of IT at the

Institute of Physics Publishing. Now,

in addition to some consulting

projects, he’s taking time out to

work on more creative, volunteer and

“home” projects.

Frederick Perreand (MSIA) was

promoted to vice president,

procurement for Emerson Process

Management, St. Louis.

1993Deepak Ahuja (MSIA) has recently

returned to the states after a four-year

stay in Johannesburg, South Africa. It

was a fantastic experience learning

about African history and culture,

exploring the beautiful landscape and

visiting the game parks. Working as

the CFO of Ford Southern Africa

provided him with a good perspective

the dynamic growth happening in

developing countries these days.

Larry Bortner (MSIA) has accepted

the position of director of business

intelligence at TheLadders.com. On

February 13, Larry, his wife, Carolyn,

and 2-year-old daughter, Jennifer,

welcomed their newest family member,

Lauren Sophia Bortner.

Eric Bradley (BS) is counsel for ECHO

Real Estate Services Company in

Pittsburgh. He is also the president of

ECHO Settlement Services, LLC and

has been named a Pennsylvania Super

Lawyers – Rising Star in both 2005

and 2006. Eric, his wife, Jill, and their

2-year-old daughter, Paulina, live in

Pittsburgh.

Sujit Bhattacharya (BS ’91, MSIA ’95), his wife, Richa, and daughters Sarina, 4, and Sonia, 4

Rajeev Mehta (MSIA ’92), Cognizant COO, Global Client Services; Gordon Coburn,Cognizant Chief Financial and Operating Officer; Hon. David T. Hopper, U.S. ConsulGeneral in Chennai, India; Francisco D’Souza (MSIA ’92), Cognizant President & CEO;Charlotte Croswell, President of NASDAQ International; Lakshmi Narayanan, CognizantVice Chairman; and Chandra Sekaran, Cognizant President, Global Delivery

Paulina Eve, daughter of Eric Bradley (BS ’93)

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met with Chris Abouchar (MSIA ’94)

when he visited them last spring

before his family’s move to Arizona.

Ryan Knutson (MSIA) has been

promoted to controller for purchasing

and supplier quality at PACCAR, Inc. in

Bellevue, Wash. Previously, Ryan was

the director of engineering accounting

for PACCAR’s Peterbilt Division in

Denton, Texas.

In April 2006, Irene, Maya, 4, Radha, 1,

and Byas Nambisan (MSIA) moved to

Bangalore, India on a 2- to 3-year

assignment with Intel. Byas is director

and CFO of Intel India, while Irene is

with Intel South Asia sales and

marketing. Bangalore is where he

grew up, so it is a sort of homecoming,

although it’s been 16 years since he

left and a lot has changed.

Sharon Bluestein (MSIA) married

Jonathan Sadinoff on May 28, 2006, at

the Omni William Penn in Pittsburgh,

Pa. The couple now resides in

Manhattan. Sharon continues her

12-year career with Ford Motor

Company with a new position as the

national port operations and logistics

manager for Jaguar and Land Rover.

David Seiner (MSIA) has been a

financial advisor with Ameriprise

Financial since graduating from the

Tepper School in 1995. He is a Certified

Financial Planner and a Senior

Financial Advisor, working in the

Monroeville, Pa., office. David recently

was a panelist for the Journal of

Financial Planning Frontier Awards. He

achieved a second-degree black belt in

Seidokan Karate in 2005 and enjoys

being the assistant percussion

instructor for Penn Trafford High

School Marching Band and

eighth-grade religious school teacher

at Temple David in Monroeville, Pa.

Leah Chiavacci Shuldiner (MSIA) has

taken a position as the director of

resource development for Child Health

Services, a clinic that provides medical,

psychosocial and nutritional care for

disadvantaged kids in Manchester,

N.H. Leah will head the fundraising

and community relations activities for

the organization.

Nicholas J. Colella (MS/MCS ’79,

Ph.D./MCS ’86, PFE) joined Incubic

as a venture partner in January 2007.

He serves on the science advisory

board of Zyvex Corporation, a

nanotechnologies company. He also

serves on the board of Ultracell

Corporation, a privately funded

company manufacturing reformed

methanol fuel cells. From August 2001

through December 2006, he served on

the senior executive team of Tessera,

Inc. During his nearly five-year tenure

at Tessera as senior vice president,

Nick built and led the company’s

product miniaturization division and

contributed to corporate strategy.

Douglas Frank (MSIA) completed his

Ph.D. in managerial economics and

strategy at Northwestern University in

June 2006. Doug, his wife, Lisa, and

daughters, Emma, 3, and Clara, 1,

moved to France, where he is assistant

professor of strategy at INSEAD in

Fontainebleau.

Clara, 1 and Emma, 3-1/2, daughters of Doug Frank (MSIA ’95)

Dave Drach (MSIA ’94) and Matt Wagner(BS/MCS ’90, MSIA ’94)

Stephanie Horwitz (BS) completed

her MBA this spring at the University

of California at Berkeley, Haas School

of Business, and also studied

abroad as an exchange student at

the Indian School of Business in

Hyderabad, India.

Jordan Rosner (MSIA) is a volunteer

EMT (emergency medical technician),

volunteering 20 – 30 hours per month.

Recently he was awarded a Life Saving

Citation by Westchester County

Emergency Medical Services and a

Life Saving Medal from the Town of

Scarsdale for helping to bring back

to life a person who had suffered a

stroke. This person was able to return

to his family after a short stay in

the hospital.

Ted Wadsworth (MSIA) is now a

promotional inventory manager at

Boston Beer, makers of Samuel

Adams. Ted and Leila welcomed their

second daughter, Emma Lee, who

was born on March 27. Emma joins

3-year-old Anna Mae.

1994

Nurca (MSIA ’94) and Erkan (MSIA ’94)Bozkurt, with sons, Arman, 5 and Tolga 1-1/2

Nurca (MSIA) and Erkan (MSIA)

Bozkurt moved to Chicago in 2000 and

are both working for Kraft Foods.

Erkan is the director of analytics for

the grocery sector, while Nurca is

shopper analytics manager for Kraft’s

shopper insights & analytics group.

They are happily busy raising their two

boys, Arman, 5, and Tolga, 1. They last

Matt Wagner (BS/MCS ’90, MSIA),

owner of Bob Wagner’s Flooring

America, his wife, Jenn, and their kids,

Sam, 11, and Emma, 8, visited Amy and

Dave Drach (MSIA ’94) and their kids,

Thomas, 17, and William, 12, in

Highlands Ranch, Colo., in August 2006,

for a whirlwind vacation of hiking,

swimming, eating Mexican food and

reliving Game. The Wagners continued

on to Denver where they discovered the

best bowling alley and passed, punted

and kicked at Mile High Stadium.

1995After two great years in New York City,

Marlene and Ernesto Arteta (MSIA)

have moved back to Chicago. They will

miss the excitement of the city and all

the Tepper alums in the area, but are

happy to be back in Chicago. They

announce the birth of their first child,

Graham Sebastian, who was born

January 18. Ernesto joins fellow Tepper

alum Steve Kroah (MSIA ’95) at Lotsoff

Capital Management, where he is an

assistant portfolio manager in the

hedge fund group.

In 2006, Babak Bazmi (MSIA) took a

new position within Merck & Co., Inc.,

as senior director of marketing

Communications for GARDASIL.

He is responsible for managing the

global promotion and advertising of

GARDASIL to health-care providers

and consumers.

Sammy Kashy (MSIA) has joined

PayNet, Inc., the leader in predictive

analytics for the business lending

industry. Their growing database of

over $400 billion in lending history

allows them to most accurately predict

the performance of small to

medium-sized business borrowers.

Michael Kim (BS) has started a

software and systems engineering

consulting company, Counterpointe

Solutions, Inc., in Washington, D.C.,

with two friends. They are on the verge

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of winning their first prime contract.

He has been happily married to his

beautiful wife, Jane, for almost seven

years now, and they have a

3-year-old daughter, Rayna, and a

1-year-old son, Isaiah.

Yutaka Osawa (MSIA) is the president

of Pinpoint Marketing Japan Inc.

in Seattle. They help Japanese

manufacturers find appropriate sales

partners in the United States.

Dimitris Papageorgiou (MSIA) lives in

Athens, Greece, working as a freelance

business consultant. Currently, he is

working on two large government

projects concerning the

implementation of IT systems for

the public sector and is also doing a

change management project for a

private company.

1996After a year and a half of coursework

and studying, Andrew Barrow (MSIA)

passed the 10-hour comprehensive

CFP exam and is now a Certified

Financial Planner professional.

Tristan Brandt (MSIA) recently joined

News International to head up a

development program to re-launch

the websites for The Times and The

Sun newspapers.

Katie and Ben Hur Castro (MSIA)

welcomed their third boy on October

23, 2006. Adam joins Ty, 5, and Luke, 3.

Ben has also joined Seagate, via the

Maxtor acquisition, as the director of

product line management for the

Seagate Branded Solutions group.

Scott Foust (MSIA) was promoted to

senior vice president of product

operations at First Data Corporation

at the end of 2006. Working within the

First Data commercial services group,

his duties include strategic planning

for the product group, product

communications and the new product

development process. Scott, his

wife, Michele, and their kids, Katie

and Ryan, continue to enjoy living the

Colorado lifestyle.

199710-year Class Reunion

Oct. 26 – 27, 2007

Brian August (MSIA) relocated to San

Francisco after leading a successful

sales effort in the pulp and paper

industry and is now vice president,

director of strategy at AFR Holdco.

He is enjoying the warm weather,

ample outdoor activities and proximity

to the ocean.

Lyenda Simpson Delp (MSIA) and

Warren (Phil) Delp (MSIA) proudly

announce the arrival of their second

daughter, Wren Penelope Delp, who

was born on February 18. Their older

daughter, Willow Paige, is 3 years old

and is excited about her baby sister.

The Delps reside in Glen Ridge, N.J.

Lyenda continues to work at Goldman

Sachs Asset Management and Phil at

Global Crossing.

Michael Lin (BS) has left UBS and

is now in a new position at

Deutsche Bank in the Structured

Equity Finance group.

Kayra, nearly 1, and Evren, 5, children of Pinar Keskinocak (MSIA, 94,Ph.D. ’97)

Krista Markert (MSIA ’97) with sons, Casy,Ryan, Conner and Reagan

Massimo Cerri(MSIA ’97)

Wren and Willow Delp, daughters of Lyenda Simpson Delp ( MSIA ’97) andWarren (Phil) Delp (MSIA ’97)

Roshini Nibbs Cope (BS ’97) and Adima Cope

Having co-founded the France alumni

chapter, in 2005 Massimo Cerri (MSIA)

joined Alcoa, European Mill Products

as business and marketing manager

for Circles & Shapes, Europe.

Reporting to the company’s

headquarters in Geneva, he is based

out of the French office and travels

extensively. He is responsible for

initiating, facilitating and supporting

actions involving sales, technical,

logistics and production colleagues

with the accountability of profitably

reaching the yearly plan in volume

and value. Massimo, his wife, Florence,

and 3-year-old son, Alessandro, live

in Paris.

Roshini Nibbs Cope (BS) was married

to Adima Cope onboard Royal

Caribbean’s Navigator of the Seas

while docked in Miami on November

11, 2006. Laura Seejattan (BS ’99),

Tyrone Rouse (BS/CIT ’97) and

Kellee Brownlee (BS/CIT ’00) were in

attendance. The couple honeymooned

for two weeks on a western then

eastern Caribbean cruise.

Pinar Keskinocak (MSIA ’94, Ph.D.) is

associate professor at the H. Milton

Stewart School of Industrial and

Systems Engineering, Georgia Institute

of Technology. Pinar and Bulent are

the proud parents of Kayra, nearly 1,

and Evren, 5.

Dan and Krista Markert (MSIA)

welcomed Reagan Gunnar to the

family in October 2006. He joins big

brothers Casey, 8, Ryan, 4, and Connor,

3. In January 2007, Krista’s employer of

almost seven years, Good Technology,

was acquired by Motorola, and she

joined the Motorola Mobile Devices

Group and manages a small PMO.

Kerim Paker (MSIA) is now the

managing director of the Turkish

subsidiary of Vedior, a global HR

consulting company.

Richard Pentuk (MSIA) has spent nine

years marketing financial derivatives

for regional banks in Pittsburgh and

Seattle. He was very successful in that

endeavor, but has left to start two

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1998Kimberly Brown Brannon (MSIA)

completed a 14-week Chief Information

Officer (CIO)/Advanced Management

Program at the Information Resources

Management College (IRMC) at the

National Defense University (NDU) in

December 2006. The program is

designed to prepare future CIOs and

IT leaders from defense, military and

government organizations.

David Eiben (MSIA) began his seventh

year with Boehringer Ingelheim

Pharmaceuticals with a new job,

assuming the role of associate director

in the promotional services role of the

marketing organization. In this new

role, David supports the FDA

submission process for all physician

and DTC branding pieces for all BI

Respiratory brands. David, Tracey, twin

three-year-olds Matthew and Steven,

and six-year-old golden retriever

Hannah are still hunkered down in

Ridgefield, Conn.

Mark Harris (MSIA) recently moved

to Connecticut as the Prestone supply

chain leader with Honeywell.

Glenn Harbold (MSIA) married Patty

Kim in September 2006 at his

undergrad alma mater, Cornell

University. They are living in Cleveland

Heights, Ohio, and he is still working

at GasTran Systems.

Shawn and Jennifer Kane McGurrin

(MSIA) welcomed Jack Christopher on

February 22. Jack joins older brother,

Flynn, who is 3.

John Moyer (MSIA) has launched

a new security software company,

BeyondTrust, after selling

DesktopStandard to Microsoft in late

2006. DesktopStandard was the first

software venture he co-founded upon

graduation from Tepper. Among

the founding BeyondTrust team is

Scott McCarley (MBA ’04), director

of marketing.

Ajay Parkhe (MSIA) moved to

Milwaukee to join GE Healthcare as

global pricing executive. He moved

there from Pittsburgh after spending

six years at McKinsey. Ajay and Manju

have two daughters, Annika, 2, and

Avanti, 5.

1999Claudia Alcala (MSIA) married Michael

Alexander Bressler II on March 16

in Caracas, Venezuela. They reside in

Chicago, where Claudia is a senior

associate with Booz Allen. Fellow

classmates attending the wedding

were Jasmine Chung (MSIA),

Jyotsana Garg (MSIA), Amberish

Ratanghayra (MSIA), Jorge Huenufil

(MSIA) and Rob Wu (MSIA).

Claudia Alcala(MSIA ’99)and Mihcael

Alexander Bressler II

Patty and Glenn Harbold (MSIA ’98)

Ajay Parkeh (MSIA ’98) and wife, Manjuand daughters Annika, 2, and Avanti, 5.

new ventures. He is president of two

companies, RPMarketing Associates

(RPM) and RPFinancial Associates

(RPF). RPM performs specialized

marketing and advertising for small

businesses. RPF provides derivatives

consulting to corporate and middle

market clients. While in Bellevue,

Wash., he and his wife, Allie, set up

the HeLP Preemies Fund to assist

premature and special-needs babies

and their families at Overlake Hospital.

The fund is named in celebration of

their daughter Heleyna, who spent 58

days in the hospital’s NICU.

Nana and Takumi Sakagami (MSIA ’97)

Takumi Sakagami (MSIA) has started

a new private equity firm, Ridgeway

Capital Partners Limited, with five

partners focusing on buy-outs of

Japanese and Asian companies.

Paul Yeakel (MSIA) recently joined

Curtis Financial Group, LLC, a

boutique investment banking firm in

Philadelphia. He will be focused on

traditional I-banking activities and

ramping up a real estate financing

group within Curtis. Paul and Pilar

celebrated the arrival of their third

child, Russell, on June 6, 2006. He joins

Mae, 8, and Wes, 5.Jim Tragakis (MSIA) is now the chief

of staff for Deloitte’s Federal

Government Services, focusing on

operational improvements, and merger

and acquisition activity for this fast

growing practice.

Sam Chang (MSIA) recently relocated

from the Bay area to even sunnier

San Diego and is working for Conexant

as a director of marketing, focusing in

the IP video market. Sam and his wife,

Diane Kim, have two daughters, Julia,

4, and Grace, 1.

Carlos Eduardo Espinal (BS) is

currently working for the venture

capital fund of the private equity firm

Doughty Hanson in London.

Allen Go (BS) moved to New York City

to work for Mystic Capital Advisors

Group, an investment bank that

focuses on the insurance industry,

where he is senior associate.

Eric Hoffmann (MSIA) has left Sapient

and now works for KPMG in London.

During the summer of 2005, Kathleen

Rai (BS/CIT ’90, MSIA) was able to

spend some time in Taiwan as she was

invited to share U.S. practices with

the Taiwanese government, a number

of private firms and universities. She

was able to get together with fellow

classmates Linda Chang (MSIA),

Amy Chen (MSIA), Jean Lin (MSIA)

and Wanli Wang (MSIA). Kathleen

is working from home on an NSF

research project and on a start-up

that specializes in high-end coating

development.

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2000Linda Bliss (MSIA) and her husband,

Chris, recently relocated to

Massachusetts. She is manager of

supply planning and launch projects

with EMD Serono, Inc., a German-

Swiss biotech company with U.S.

operations in Rockland, Mass.

Bill Carey (MSIA) and his wife, Staci,

are proud to announce the arrival of

their son, Liam, on August 16, 2006.

He weighed in at 7 lbs. 11 oz. Bill is a

director at Capital One Financial

Corporation, managing the MIS team

that provides reports to their U.S.

credit card businesses.

Michael Chian (BS) received an

MBA from UCLA Anderson. He is

now a senior pricing manager at Wind

River Systems.

Emily Chiu (BS) resides in Los Angeles

and is now an assistant vice president

at JPMorgan in the global trade group,

managing relationships with a focus on

corporations on the west coast as well

as Asian multinational corporations.

Nick (BS/CIT ’01) and Elayne Crain

(BS) are pleased to announce the

arrival of Benjamin Camden Crain,

born on September 30, 2006. The family

will be relocating to Austin, Texas, this

summer so that Nick can pursue his

Ph.D. in finance at the University of

Texas at Austin, where he has a

Harrington Fellowship.

Patrick Toole (BS) married Estee

Naggar on September 3, 2006.

Linda and Jake Witherell (MSIA)

welcomed Nathan on December 6,

2006. Nathan is pestered constantly by

his two older sisters, Abby and Kailey.

John J. Zanardelli (PFE) is the

executive director and CEO of United

Methodist Services for the

Aging/Asbury Heights in Pittsburgh.

He has been appointed to work with

the Academy of Management, Tepper

School of Business and Heinz School

of Public Policy and Management on

the Evidence-Based Management

Collaborative, which is headed by

Denise M. Rousseau, Ph.D.

Kathleen Rai (MSIA ’99), Linda Chang(MSIA ’99), Amy Chen (MSIA ’99), JeanLin (MSIA ’99), and Wanli Wang (MSIA ’99)

Mimi Pauliana, Lou Campero (BA/CFA’00), Ben Kartzman (BS/H&SS ’00),Douglas Jones (BS ’00), Sharif Siddiqui(BS ’00), Thomas Seier (BS/H&SS ’01),John Petrillo (BS/H&SS ’01)

Jason Stone and Jordan Pierce, sons of Jun(Jim) Zhao (MSIA ’99) and Sherri Chea(MBA ’02)

Benjamin Camden Crain, son of Nick(BS/CIT ’01) and Elayne Crain (BS ’00)

Yaniv Grinstein (MSIA ’97, Ph.D.),

assistant professor of finance at the

Johnson School, is working at the

Securities and Exchange Commission

as a visiting academic scholar until

June 2007. He will continue his

research efforts in corporate

governance and corporate finance,

as well as in other areas, for the SEC.

His current projects at the Johnson

School involve an analysis of the effect

of the new governance rules in the

United States on corporate value, an

examination of executive compensation

in U.S. corporations and a look at the

role of corporate boards in monitoring

firms. Yaniv has published in several

journals, including the Journal of

Finance and the Journal of Financial

Economics. His research has been

widely cited in major publications such

as The Economist, Financial Times,

Newsweek, New York Times, Los

Angeles Times, Forbes magazine, Time

magazine and Washington Post, as well

as in Congressional hearings on the

new governance rules. He is the

recipient of the Best Paper in

Corporate Finance Award from the

Southwestern Finance Association in

2005 and of the Clifford H. Whitcomb

faculty fellowship in 2004–2005.

Rubina (BS) and Jishnu Guha (BS)

have moved to New York City, where

Jishnu is vice president, equity

research compliance with Bank of

America.

Douglas Jones (BS) started a new job

in January 2007 as senior manager,

web producer for Quinstreet in San

Francisco. Doug and Mimi Pauliana

were married on September 30, 2006.

Fellow alumni in attendance were Lou

Campero (BA/CFA ’00), Ben Kartzman

(BS/H&SS ’00), Sharif Siddiqui

(BS ’00), Thomas Seier (BS/H&SS ’01)

and John Petrillo (BS/H&SS ’00).

After 22 years in Pittsburgh, Tomio

Inomata (BS/MCS ’89, MSIA), his wife,

Colette, and their children, Felicia, 9,

Carter, 6, and Parker, 3, moved to

Atlanta last spring. Tomio is client

delivery manager with SBC Systems.

SBC Systems is a small software

company that develops benefits

administration software.

One of Daniel Kuhlman’s (MSIA)

fellow classmates told him that he

didn’t go to business school to learn

how to be in the corporate world but to

learn how to run a business. With that

in mind, Dan just opened TASTES Wine

Bar & Bistro with his wife, Kristel in

Denver, Colorado. They are already

looking at opening number two this

year. Raising their 18-month-old son,

Gustave, and running a new venture at

the same time is indeed difficult.

Ani, Frances andJose Li (MSIA ’00)

On May 11, 2006, Jason Stone and

Jordan Pierce were born to Jun (Jim)

Zhao (MSIA) and Sherri Chea (MBA

’02). Jim has left Federated Investors’

New York office and joined

Oppenheimer Capital as a vice

president/research analyst. He is

now covering the cyclical stocks

for Oppenheimer Capital’s

international team.

This past January, Ani and Jose Li

(MSIA) traveled from Memphis to

Peru to visit their families and baptize

their daughter, Frances Naomi, who is

8 months old now. Ani is marketing

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manager for Autozone, and Jose is

principal retail and eCommerce for

FedEx. They have also started an

import/export company that leverages

Asia/China sourcing and sells/

markets products to U.S. and Latin

American markets.

Ian Lomax (MSIA) and his wife, Kim,

were thrilled to welcome Vivian Jayne

Lomax into the world on March 14.

Weighing in at 7 lbs. 15 oz. and

measuring 21 inches long, she’s skinny

and beautiful. Kim and Ian have

relocated back from Germany

to Portland, Ore., and he is still in

marketing with HP.

Jennifer Jo Kaniecki MacNeil (MSEC)

was married on November 11, 2006

to Dr. Joseph H. MacNeil in Pittsburgh.

Jennifer is a project engineer for

Bechtel Plant Machinery, Inc. in

Monroeville, Pa.

Steve Novak (MSIA) and his wife,

Linda, are happy to announce the

birth of their son, Logan Anthony, on

September 19, 2006 (which is also

Steve’s birthday). Logan weighed in

at a Texas-sized 9 lbs. 6 oz., and was

21 inches long at birth. The Novaks

are doing well in Dallas, where Steve

is a business planning manager at

Texas Instruments.

On October 14, 2006, Alicia Quan

(MSIA) married Darryl Brown.

Matthew Saalfeld and Anna

Reszetucha (BS) were married

November 7, 2004, in Miami with Jo

Gentle (BS ’00), Vikas Sood (BS ’00),

Kim Martin (BS/MCS ’00), Alice Wu

(BS/CIT ’00, MS/CIT ’01) and Geoff

Barbanell (BS ’01) in attendance. They

welcomed their first child, Isabella

Maria Saalfeld, on July 11, 2006. She

weighed 8 lbs. 10 oz. The Saalfelds

reside in Kentucky and are managers

at Procter & Gamble in Cincinnati.

Nancy Sansom (MSIA) and her

husband, Dave, welcomed Noah

Benjamin into the world on December

20, 2006. Noah’s big brother, Gabriel, 3,

was very excited about his arrival.

Matthew Snyder (MSIA) earned the

CFA Charter in October 2006.

Alwin Sulaiman (MSIA) recently

transferred to Sun Microsystem’s

office in Hong Kong on a temporary

assignment with responsibilities that

range from supplier management to

helping build Asian Operations.

David (MBA) and Jill (MBA ’01)

Uhryniak, with sons Cal and Owen,

are delighted to announce the birth of

Sarah Jane on March 21, 2006.

2001Pamela (MBA) and Shane Barnhill

(MBA ’03) welcomed their second son,

Sean, on January 8. He joins his proud

big brother, Bretton, 4. Pam is vice

president of InnSuites Hotels, and

Shane was recently promoted to

IT Manager at Honeywell.

Khang Hiu (MSIA) and his brother

started a business and IT consulting

company, HTS Infosys, Inc. where

Khang is co-owner and president.

Reena Kaushik (MSIA ’01) recently

joined ProSource Strategy Consulting

Company as a managing partner in

New York. ProSource is a strategy

consulting firm that is focused on

helping clients across the globe

improve operations and grow their

businesses by leveraging their network

of global service providers. By

providing a combination of strategic

consulting services and hands-on

execution support, they help their

clients exceed their business

objectives. ProSource works directly

with their client decision-makers to

develop and implement business

strategies that transform organizations

leveraging global competencies of

service providers across international

geographies.

Ann Tongwarin Koerner (MBA) and

her husband, Rick, recently relocated

to Denver, Colo., and love it. They

have two children, Jenna, 3, and

Caden, 1. Ann transferred from AOL

to MapQuest and is a director of

program management.

Mark Kim (MSEC) was promoted to

manager in the Samsung Corporation,

Korea.

Joey Rahimi (BS), founder of

CollegeProwler.com, was featured in

the New York Times, the Washington

Post, the Los Angeles Times and

the San Francisco Chronicle, and in

Reader’s Digest and on CNN. The

company has purchased and

rehabilitated six properties in the

Pittsburgh area.

Alex Saunders (BS) has been living in

Sydney, Australia, for the last two

years and recently took on a new role

as a project manager at Deloitte

Australia.

Logan Anthony Novak, son of Steve Novak (MSIA ’00)

Sean and Bretton Barnhill, sons of Pamela(MBA ’01) and Shane Barnhill (MBA ’03)

Michael Bett (BS/MCS ’86, MBA) is

managing director of the 170-person

Pittsburgh Science of Learning Center,

a joint center between Carnegie Mellon

and University of Pittsburgh.

Ajay Dugar (MSEC) recently moved

to Los Angeles as product director of

ClickStar, Inc.

Eric Evans (MBA) has left J&J for a

promotion to vice president finance

of Tyco Healthcare’s $1.2 billion

pharmaceuticals division. Eric and

Marta have relocated to St. Louis.

Harrison Flakker (MSIA) raised capital

and launched LegalScience, a software

development company offering a wide

range of e-discovery, litigation support

and consulting services to law firms

and corporate clients. Premised on the

idea that the delivery of legal services

can be quantified and improved,

LegalScience’s business and

technology solution permits attorneys

and clients to measure and gauge the

effectiveness of their litigation process.

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On May 11, 2006, Jason Stone and

Jordan Pierce were born to Sherri

Chea (MBA) and Jun (Jim) Zhao

(MSIA ’99). Jim has left Federated

Investors’ New York office and joined

Oppenheimer Capital as a vice

president/research analyst. He is

now covering the cyclical stocks

for Oppenheimer Capital’s

international team.

David Eidsaune (PFE) is a commander

at Eglin Air Force Base in Florida.

John Gledhill (MBA) has moved back

to his native area, Massachusetts, and

has joined NorthCoast Partners, a

mergers and acquisitions advisory firm.

John helps privately held companies

in the lower middle market sales of

about $2 to $25 million to successfully

transfer their business ownership.

Neena Ellen Kayande was born August

18, 2006, to proud parents Samir (MBA)

and J.J. (MBA) Kayande.

Peter Lee (MBA) married Ji Yeon Park

last fall. Peter is currently a marketing

manager with Philips Medical

Systems, and the couple is currently

residing in San Francisco.

Chad Luce (MBA) received a promo-

tion in November 2006, becoming the

regional finance manager for Pepsi

Bottling Group Northern New England.

In September 2006, Felix Malpartida

(MBA) moved from Geneva to London.

He has left P&G after eight years

to join AllianceBernstein, an asset

management firm, as buy-side

research analyst, focused on

telecommunications companies in

Europe, Asia and Latin America.

Ashwin Mehta (MSCF) is currently

working with Ambit Capital, a

brokerage house in Mumbai, India,

in the area of equity research, tracking

IT and real estate sector stocks.

Paul Minor (MBA) and his wife,

Joy, live in Raleigh, N.C. He recently

accepted a position as a senior

business analyst with Fidelity

Investments in Durham.

Jill (MBA) and David Uhryniak (MBA

’00), along with sons Cal and Owen,

are delighted to announce the birth of

Sarah Jane, on March 21, 2006.

Shirley Wang (MBA) has left HP and is

now working at Symantec as principal

financial analyst supporting the global

channel office. Shirley, her husband,

Jonathan Shen, and daughter,

Katherine, 2, live in California.

20025-year Class Reunion

Oct. 26 – 27, 2007

Sergey Arefiev (MBA) left Deutsche

Bank and has joined Citigroup as a

director in the rates structuring group.

David Betts (MBA) was recently

promoted to manager in Strategy &

Operations, Healthcare with Deloitte

Consulting, LLP. On April 15, David

completed the 140.6 miles of the Ford

Ironman Arizona triathlon in Tempe,

Ariz. His first competition since taking

up for the sport in 2004 proved to be a

challenge. However, Dan says that

Tepper helped to teach him how to

focus on solving problems, and the

competition was essentially three very

long and difficult problems strung end

to end that required significant focus

and determination to “solve.”

Camilo Muñoz (MBA) married Luisa

Lozano in March 2006, and they reside

in Bogota, Colombia. He continues

working at McKinsey & Co., Andean

Pact, and was recently promoted from

engagement manager to associate

principal.

Paul Nguyen (BS) was awarded the

inaugural Federal Computer Week

Rising Star Award for his development

of an information security metrics

program as the chief information

security officer for the Federal Court

Services and Offender Supervision

Agency.

James Moore (MBA) and his wife,

Gong Yanlin, welcomed Tianna Lin

Moore on June 12, 2006. James is the

director, supply chain for Performance

Motorsports Inc. in Mentor, Ohio.

Kaori Negoro (MBA) joined Mozilla

Japan last July. Mozilla provides open-

source products such as Firefox and

Thunderbird.

Debi and Allen Reihman (MBA)

adopted their son, Mateo Allen Diaz

Reihman, in November 2004, and then

added Sofia Clare Paau Reihman in

December 2006. Both children are from

Guatemala. After stints in corporate

development and division finance,

Allen got his P&L two years ago at

Eastman Chemical Company. A recent

promotion landed him with global

business management responsibility

for a $150 million adhesives business.

Andreas Rindler (MSIM) joined the

financial services practice of

BearingPoint UK as a senior

consultant. His responsibilities are

focused on business process

management and enterprise content

management, but also include systems

integration and strategy consulting.

Rick Yoon (MBA) has moved to

Johannesburg in South Africa as a

new OA/IT director for Samsung

South Africa.

2003Shane (MBA) and Pamela Barnhill

(MBA ’01) welcomed their second son,

Sean, on January 8. He joins his proud

big brother, Bretton, 4. Pam is vice

president of InnSuites Hotels, and

Shane was recently promoted to

IT Manager at Honeywell.

Stephen Bassett (MBA) recently

relocated to San Diego to build a

business in the biotechnology sector

and enjoy the beautiful weather.

David Betts (MBA ’02) crosses the finish line

Camilo Muñoz (MBA ’02) and his bride,Luisa Lozano

Olivia Izabella Carleton, daughter of KentCarleton (MBA ’03)

Nicole and Kent Carleton (MBA)

welcomed Olivia Izabella on December

18, 2006. Kent is a business manager at

PPG Industries in Pittsburgh.

Andrew Johnson (BS) joined Carnegie

Mellon spin-off SureLogic, which

incorporated in spring 2006, and works

in marketing and communications.

While the company is based in

Pittsburgh, Andrew recently moved to

San Francisco, where he works from

his home.

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Lloyd Foster (MSIA) joined AIG on

March 1 as vice president and actuary,

risk finance. He also had his novel,

Identical Mistakes, published.

Last summer, Peter Johnson (MBA)

took a position in Microsoft’s

entertainment division to help develop

the strategy for bringing the Zune

media player to market. Since his time

at Tepper taught him that you can

never be too busy, he and his wife are

building a house in Seattle as well.

Todd Justman (MBA) was recently

promoted to vice president, senior

eCommerce product consultant at

Bank of America. He manages the

development of identity and

credit decision capabilities for the

account opening process on

BankofAmerica.com.

Mukund Kumar (MSCF) recently

moved to Orange County, California,

to join PIMCO as a senior

developer/financial engineer.

After graduating, David Lee (BS,

MS/Heinz ’04) moved to Washington,

D.C., to work for the federal

government. He initially joined OMB

and then went on to the Department of

Commerce, working on international

trade promotion and export control

issues. After two years, he returned to

OMB and now works on homeland

security issues as a program examiner.

Sophia Elizabeth Marks was born on

June 9, 2006, to Tanya Sander-Marks

(MBA) and Brian Marks.

Idan (MBA) and Eynat Mor (MBA) are

pleased to announce the arrival of

Omri Mor, born on December 24, 2006.

Omri joins big sister Maya, 4, at home.

Idan has joined Evergreen Venture

partners, one of the leading venture

capital firms in Israel, as an investment

manager dealing with communications

early-stage ventures.

Smitha Murthy (MBA) and Achuth

Rao (MBA) were blessed with a sec-

ond baby boy, Ishir, on December 9,

2006. He joins his big brother, Mihir.

Neil Walter (MBA) and his family –

wife, Michelle, and daughters Grace

and Emma – moved to St. George,

Utah, in 2005 to help out with a family

business. They are enjoying the

benefits of small-town life, including

horseback riding, a little farming and

spending time with family. This past

summer, Neil became a CFA

Charterholder.

Vivien Xiong (MBA) and her husband,

Harry Mei, launched a start-up venture,

Advanced Energy and Environmental

Technology, LLC, which will require

moving back to China. Vivien and

Harry are enjoying 2-year-old Micah.

Angela and Clovis Young (MBA)

moved to Sydney in December 2006 to

start a Mexican restaurant-taqueria

concept. They hope to have their first

location open by September and, with

some luck, will be ready to roll out

additional locations soon thereafter.

Sydney is a great city, and they

would love to see some Tepper faces

down under.

2004

Their video is currently airing on all

music channels in India, including

MTV, Channel V and Zee Music.

Michelle Ng Chang (MBA) was

married to Tyrone Chang on April 16,

2005 in New York. She is the product

manager for Norton AntiVirus at

Symantec.

Nicholas Gammell (BS) has taken

a new job and is now a financial

analyst, marketing and product

management with Google, Inc. in

Mountain View, Calif.

Anindya Ghose (MSIA ’02, Ph.D.) is an

assistant professor at the Stern School

of Business, New York University. He

was recently awarded the prestigious

NSF CAREER award from the National

Science Foundation, which is a

$500,000 grant. The Faculty Early

Career Development Program

(CAREER) is a highly competitive,

foundation-wide activity that offers

the NSF’s most prestigious awards for

new faculty members. The CAREER

program recognizes outstanding

scientists and engineers who, early in

their careers, show exceptional

potential for leadership at the frontiers

of knowledge and are most likely to

become the academic leaders of the

21st century.

Yuko Horiuchi (MBA) has switched her

job from structured credit to real

estate finance in Nikko Citigroup. She

is providing finance to equity investors

for their property acquisitions.

Compared to the U.S. and European

markets, the real estate and CMBS

market in Japan has not yet matured,

but it provides higher yield and attracts

foreign money. Given that situation, she

is very excited to work in this area.

Patrick Hung (MBA) and his father

started a business supplying the needs

of discount retail stores in the San

Francisco Bay Area. In his spare time,

he has undertaken the ground-up

restoration of a 1963 Alfa Romeo

Spider. It took him a year to tear

everything down; it’ll be another

two years before it will be ready for

the road.

Palak Jain (MBA) recently started

boutique merchant bank, Clear Trade,

located in India and New York. He has

been splitting his time between India

and the United States.

Helen Wei and Danny Li (MBA) were

married in May 2006 in southern

California. Danny has been promoted

to vice president of financial analysis at

Countrywide.

40

Ankur Bhasin (BS ’04)

Tyrone and Michelle Chang (MBA ’04)

After graduation, Ankur Bhasin (BS)

started an animation studio and works

predominantly for the German market,

producing cartoon series to teach

children how to play soccer. On April

11, musical duo Dhunn, of which he is

half, launched an album in Mumbai.

They were featured in the April issue

of Generation Y magazine and were in

Rave magazine as well.

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Patrick Rutherford (MBA) relocated to

Atlanta with Home Depot after more

than two years of moving around with

Black & Decker.

Priya Shenoy (MBA) has moved from

financial services to consumer

packaged goods, now working for

Playtex Products. Priya married

Rohit Prabhu in June 2006.

Heather Yin (MBA) relocated from

Chicago to the New York City area in

July 2006 and is working for Prudential

Investment Management’s fixed

income group.

Anthony Ventura (MBA) is the vice

president at Source Capital, Ltd. in

Pittsburgh.

Qian Wang (MBA) was promoted to

Finance Director of Asia-Pacific region

by Goodyear. She will move to

Shanghai headquarters in 2007.

2005James Barlow (MBA) recently moved

to Philadelphia to begin a market

research rotation at Merck’s U.S.

human health headquarters. This is his

second rotation in Merck’s marketing

leadership program.

Rebekah and Doug Dent (MBA) are

pleased to announce the birth of their

third child, John Moses Dent. “Jack”

was born in Frisco, Texas, on January

24. Jack’s older siblings, Abraham, 6,

and Anna, 4, are very happy to have

him around.

Sandy and Patricio Gamboa (MBA)

report that life in Chicago is great.

Regina is almost 3 years old, and Dario

is 1. Patricio is now finance manager

within Sara Lee.

David Harel (MBA) reports that his

fund, Reticle Partners, completed

its acquisition and are now the

proud owners of Columbia Northwest,

a leader in lightweight RV

manufacturing.

Greg Gonzalez (MBA) and Jeff

Holden (MBA) traveled to Dubai to

visit Barkha Ohri (MBA). On the way

there, they stopped in Dublin and

saw Hugo Losada (MBA), his wife,

Cecilia, and bouncing baby boy,

Diego. On the way back, they met with

Vivek Acharya (MBA) in London.

Byongsu Christopher Kim (MBA)

has recently been promoted to the

position of director, business planning

and operations with Novartis

Pharmaceuticals in Cambridge, Mass.

Lisa and Jason Lambert (MBA) were

blessed with the birth of their son,

Jason William, Jr., on August 9, 2006.

They live in Connecticut, where Jason

is a manager in Deloitte Consulting’s

strategy and operations practice.

In June of 2006, Hugo Losada (MBA)

and his wife, Cecilia, moved to Dublin,

Ireland, where he is strategic planning

manager for Cemex. On October 13,

2006, their son, Diego, was born.

David Schiffer (BS) switched jobs in

mid-March to the Situs Companies,

where he is an Analyst II, specializing

in the underwriting due diligence of

CMBS loans.

Gregory Shumavon (MBA) and his

wife, Tricia L. Shumavon, welcomed

twin girls Katelyn and Alexandra on

July 18, 2006.

Srinivas Suri (MBA) and Tricia

Robinson (MBA ’07) were married on

February 21 and live in Danbury, Conn.

Srinivas received a promotion at IBM

to financial analyst of storage systems,

and Tricia was promoted to director of

service, northeast at GE Healthcare.

Radha and Kamesh Varadarajan

(MBA) were blessed with a beautiful

baby daughter on November 3, 2006,

whom they named Vandana, which

means “worship” in Sanskrit. Kamesh

is still with Avaya and works as

operations finance manager for the

IT organization.

Ryan Will (MBA) and his wife, Kelley,

were blessed by the birth of Kaylin

Ann on February 3, 2007. The family

lives in Pittsburgh, where Ryan is a

relationship manager with PNC

Real Estate Finance.

Chris Xia (MBA) married Alice Aili

on December 30, 2006, and the couple

lives in Hartford, Conn. Chris is a

senior manager with IBM Business

Consulting Services.

Fred Chang (MBA ’04), Steve Cheung (MBA ’04), Min Cheung, Sehan Bong, Wanda Yu(MBA ’04), Helen Wei, Danny Li (MBA ’04), Jason Judd (MBA ’04), Amy Judd, HanwookKim (MBA ’04), and Lisa Tsui (MBA ’04)

Christine Tang (MBA ’04) and KevinWilson (MBA ’04)

John “Jack” Moses Dent, son of Doug Dent(MBA ’05)

Gregory Shumavon (MBA ’05) with twingirls Katelyn and Alexandra

Grace Hwang (BS ’05), Misty Muscatel (BS ’05), Laura Graf (BS ’05) and Kavita Shah (BS ’05)

Christine Tang (MBA) and Kevin

Wilson (MBA) tied the knot in

Newport Beach Harbor aboard the

Destiny on September 3, 2006. Fellow

Tepper alumni in attendance included

Dan Green (MBA ’04), Siqi Tan

(MBA ’04) and Yan Yan Zheng

(MBA ’05). Christine is a manager

with Diamond, and Kevin is a senior

consultant with CGI.

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42

network I U P DAT E S, E V E N T S, T E P P E R K N OT S & T E P P E R T OT S

In March, Grace Hwang (BS), Misty

Muscatel (BS), Laura Graf (BS) and

Kavita Shah (BS) took a vacation to

the Bahamas for several days. It was a

great time to hang out and spend time

on the beach! Misty, Kavita and Grace

are in New York City, and Laura still

lives in Pittsburgh. Misty works at

Google, Laura works at Alcoa, Kavita

works at Lehman Brothers and Grace

works at Barclays Capital.

2006Carolina Carvalho (BS) is working at

Deutsche Bank in the global prime

finance equity sales division in New

York City.

Pradeep Kanwar (MBA) and Dr.

Himabha Verma were married on

December 12, 2006. Pradeep is an

associate in credit training at

JPMorgan Securities Japan Co., Ltd.

They live in Tokyo and are enjoying

getting to know the country together.

Tricia Robinson (MBA ’07) and SrinivasSuri (MBA ’05)

In MemoriamIsabelle Frommann (MSEC ’01) passed away on April 10, 2007, from a metasta-

sized malignant melanoma. She was an active leader of the Tepper London Alumni

Chapter who coordinated alumni events and kept connected with other business

schools in London.

Jim Schornhorst (MSIA ’97) passed away on September 28, 2006, in a car accident

in Michigan.

Jeffrey R. Sanders (MSIA ’78) passed away on March 23, 2006.

Student-Alumni golf outing winning team –Josh Beck (MSIA ’07), Christian Wuerth(MSIA ’07), Dan Wyse (MSIA ’07) andNathan Succop (MSIA ’07)

Neil Sanyal (BS) is a financial analyst

for Goldman Sachs, covering the

brokers in global investment and

research. He also recently purchased

a home in Jersey City, N.J.

On August 5, 2006, Thomas Scherr

(MBA) and Alia Huggins were married

in Morgantown, W.V., with many of

their friends from the class of 2006 in

attendance. Thomas is a high yield

bond analyst for Federated Investors

in Pittsburgh.

Upon graduation from Tepper, Peter

Sukits (BS) was commissioned a

second lieutenant in the Army. He

completed basic field artillery officer

training and airborne (parachutist)

school and is currently a fire direction

officer in the 18th Airborne Field

Artillery Brigade at Fort Bragg, N.C.

2007Daylian Cain (MBA ’03, Ph.D.)

successfully defended his dissertation

and accepted a tenure-track position

at Yale University. He teaches

negotiations and designed a course,

Leadership and Values, at the Yale

School of Management.

Tricia Robinson (MBA) and Srinivas

Suri (MBA ’05) were married on

February 21 and live in Danbury, Conn.

Srinivas received a promotion at IBM

to financial analyst of storage systems,

and Tricia was promoted to director of

service, northeast at GE Healthcare.

New in Lifelong LearningThe Speaker Presentations section offers:

� The 2007 Tepper Graduate Diploma Ceremony with guest speaker,

James Rohr, Chairman and Chief Executive Officer of PNC

Financial Services.

� Ken Keeley, Executive Director of the Career Opportunities Center,

moderating an alumni panel for Welcome Weekend 2007. Alumni

panelists: Angela Blanton (MSIA ’99), Jim Mavros (MBA ’01),

Peter Mwanza (MBA ’01), James Ostry (MSIA ’94) and Connie

Wendzicki (MSIA ’91).

� William Pounds (BS/CIT ’50, MSIA ’59, Ph.D. ’64), Dean/Professor

Emeritus of MIT’s Sloan School of Management discussing

Corporate Governance.

Watch the video interview of Don Moore, Associate Professor of

Marketing, discussing conflicts of interest, negative consequences

associated with conflicts and offering options, and incentives that

practitioners can make to reduce them. These videos and more can

be accessed in Expert Commentary.

In Faculty Research, read The Monetary Policy Debate Since

October 1979: Lessons for Theory and Practice by Marvin Goodfriend,

Professor of Economics.

www.tepper.cmu.edu/lifelonglearning

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“Generosity has itsrewards. My family and I have found that we receivejust as much back in personal fulfillmentwhen we support relevantphilanthropic causes.”

Additional information about the W.L. Mellon Society can be found atwww.tepper.cmu.edu/mellonsociety.

Your philanthropic supporthas a transformationalimpact on the Tepper School.As a venture capitalist who has managed more than 30 private dealsthroughout his career, John Levinsonknows a good investment when he seesit. Understanding the importance of good returns, exceptional leadershipteams and market growth, he transformsraw potential into reality – both as a private investor and as a philanthropist.

It’s this belief in giving back that linksJohn to the Tepper School’s W.L. MellonSociety. Membership starts at $1,000 andincludes participation in a global alumnirelations network that annually pledgesits support to student scholarships, faculty research and facility renovations.Your gift creates a lasting impact by building upon the decades of supportthat have fueled the Tepper School’s reputation for excellence.

Giving is not only an expression of support for an academic experience that contributed to your career success –it’s also easy to do! Simply return the enclosed envelope or visit www.tepper.cmu.edu/give to make your gift via our secure web site.

John Levinson (MBA ’80)

�Early-stage investor in tech companies

�Founder, Cannupa Foundation

�Husband and father of two

�Competitive sailor and avid skier

�Music enthusiast

�Member, W.L. Mellon Society

Making an impact

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Nonprofit Org.

U.S. Postage

PAIDPittsburgh, PA

Permit No. 251

DM/CB 10/07 23M/FI

Tepper School of BusinessWilliam Larimer Mellon, Founder

Office of Advancement

Carnegie Mellon University5000 Forbes AvenuePittsburgh, PA 15213-3890

www.tepper.cmu.edu

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