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Lucent Technology CEO Henry Schacht, pictured left, is to speak at the UMBS commencement.Photo courtesy of Dean's Office. |
TO: UMBS Community
FROM: B. Joseph White
SUBJECT: Commencement Speaker
I am pleased to announce that Henry Schacht, the founding Chairman and Chief Executive Officer of Lucent Technologies, will deliver this year's University of Michigan Business School commencement address and receive the School's 1998 Business Leadership Award.
Henry Schacht was the first chairman and CEO of Lucent Technologies. Lucent, as most of you know, was one of the major companies spun off in AT&T's massive 1995 reorganization. While, by some accounts, AT&T struggled, Lucent took off. Mr. Schacht inspired employees, attracted top talent, and led Lucent to remarkable success. There were tough times, too. Lucent started life with some very difficult layoffs. Mr. Schacht simultaneously handled the human toll of reorganizing while building confidence and loyalty among employees to ensure success and jobs for the future.
In February 1998, Henry Schacht retired as chairman of Lucent to move into a senior advisor position. In its January 12, 1998 issue, Business Week named Schacht one of the top 25 managers of 1997. Mr. Schacht held both the chairman and CEO positions from October 1995 until October 1997 and then relinquished the CEO post to his successor, continuing as chairman until February of this year.
We will present our 39th annual Business Leadership Award to Mr. Schacht at commencement. It is awarded each year to an extraordinary manager who has also demonstrated an exemplary commitment to corporate responsibility. Henry Schacht clearly has set a high standard in both areas throughout his career.
Prior to joining Lucent, Mr. Schacht had a long and successful career at Cummins Engine Company. He joined the company in 1964, became president and a board member in 1969, added CEO to his title in 1973, and chairman four years later. His many successes at Cummins helped lead to his appointment as chairman and CEO of Lucent, a post he took shortly after retiring from Cummins in 1995.
It may be that leadership begets leadership: It is interesting to note that Mr. Schacht was the successor to J. Irwin Miller, the longtime chairman and CEO of Cummins. Irwin Miller received our Business Leadership Award in 1973.
With his many achievements, inspirational and effective management style, and range of contributions to both business and society, Henry Schacht is an ideal choice to be our commencement speaker and Business Leadership Award recipient. I look forward to seeing you in Crisler Arena at 6:00 p.m. on Friday, May 1.
The University of Michigan Business School, in conjunction with Catalyst and the Center for the Education of Women (CEW), has launched a detailed study to explore why women are under-represented in top tier business schools.
According to Mary Mattis, Vice President for Research and Advisory Services of Catalyst, the study is intended to discover why applications and enrollment of women in the top business schools has leveled off and started declining, whereas female enrollment in other professional programs increased steadily during the 80's and 90's. Catalyst is a nonprofit research organization that aims to help women achieve their full professional potential and to assist corporations and professional firms in capitalizing fully on the talents of women.
Women make up over 40% of the enrollment medical and law schools, while they average no more than 29% of b-school enrollments, according to BusinessWeek's 1996 rankings of the top ten business schools.
"The numbers suggest that the corporations that drive the success of our economy are missing out on a vast pool of potential business talent," said Dean B. Joseph White. "We need to get way beneath the surface if we hope to have any real impact on changing things. I want Michigan and all business schools to have a thorough understanding so we can take substantives actions."
Carol Hollenshead, Director of CEW, explained that "as you look at women's experience over time in professional degree programs, enrollment in other fields, especially medicine and law, have increased in top schools at more rapid rates than enrollment in business programs."
According to Hollenshead, the study will survey MBA students who graduated from top-tier schools between 1980 and 1995. It will explore similarities and differences between the experience of male and female students, what they view as the benefits of the experience, and how the MBA program prepared them for the workplace, among other areas.
"Students may be happy about their MBA experience, but have differing experiences moving in and through the career phase," she said.
"The goal is to learn what is going well, what isn't going well, and what needs to be done in those areas where there might need to be improvement," Hollenshead said. "A great deal of progress has been made in understanding how to attract women to science and engineering careers, and we hope to replicate that trend for women and business."
Mattis said the study will also ask graduates for their reflections on the business school programs themselves and will try to identify differences in career paths of men and women after receiving their MBAs.
She also explained Catalyst's perspective on the project. "In many cases, not having an MBA will hold you back, and if we see women as an important business resource, why do they not feel they want to get an MBA?"
The research is sponsored by a consortium of 13 companies: Amoco, Chase Manhattan, Citicorp, Cummins Engine, Deloitte & Touche, Eli Lilly, Equity Group Investments, Ford, Kraft Foods, McKinsey, Motorola, Procter & Gamble, and Whirlpool.
The report is expected to be published in 1999.
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Photo supplied by the UMBS 1997 photo book |
While most MBA1s were back in Ann Arbor and looking forward to their MAP projects on March 9, it was not until March 19 that Nan Jiang was able to return to the U.S. and join her MAP team. A Chinese citizen who had returned to Beijing for the break, Jiang was denied a reentry visa to the U.S. She believes that the reason for her detention was U.S. government concern over illegal immigration.
Jiang reported she was denied a visa twice that during this ordeal. The first time embassy officials claimed that she was not a serious student, because she had attended Western Michigan prior to UMBS. They dismissed her argument that UMBS, as a top-10 business school, offers a more challenging environment. The embassy officials also delayed issuing a visa because they doubted Jiang could afford the tuition at Michigan. However, both Jiang and her MBA2 husband, Jin Qian, had worked for multinational corporations in China prior to attending UMBS--they had planned and saved for their education abroad.
The second time the embassy questioned Jiang's motives for returning to China while her husband remained in the U.S. "The Dean and his office were quite helpful in assisting my appeal to the U.S. embassy and I am especially grateful," Jiang said. "The Asian Business Association (ABA) also helped a lot. I'd like to thank Frank Chong, the president of ABA."
Both Jiang and Qian, are committed to returning to China upon completion of their studies at U-M. "We both want to get back and work for multinational companies in China." Prior to UMBS, Jiang worked for Hewlett-Packard, and Qian worked for several automotive companies including Ford, Mercedes Benz, and Chrysler's Jeep division in China.
Zen Buddhist and savvy businesswoman: Geri Larkin, giving the UMBS a lively and entertaining presentation. Photo by Kathleen Judd |
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by Jeanine Fukuda, MBA1/Co-President, SRB
On Monday, March 23 the UMBS community was treated to a lively, entertaining conversation with Buddhist priest and savvy businesswoman, Geri Larkin. A proponent of right livelihood business, Larkin spoke to a crowd of 70 students about her journey from wealthy childhood to business consulting to Buddhist priesthood. Honest and engaging, she captivated the audience with her stories and words of wisdom. The following are excerpts from the conversation.
Q: How did Larkin make the transition from consultant to Buddhist priest?
A: At 35, Geri Larkin was earning over $100,000 a year as a consultant with Deloitte and Touche. She owned a huge house in Burns Park, drove a Saab, and traveled internationally with her daughter twice a year.
She explains, "Our house was so big that my daughter and I used to move to different wings for a change of scenery." While on assignment at IBM she developed a chronic eye twitch. Due to her eye doctor's insistence, Larkin enrolled in a meditation class. Within three weeks, the eye twitch disappeared. She continued the meditation classes and eventually decided to enter the seminary. She would wake early in the morning to meditate and engage in rigorous exercises before taking off for her job as a consultant.
Without realizing it, her perspective began to change. She explains, "When you start to sink deep into spiritual practice, you start to notice things that you never noticed before." She noticed that people were unhappy; there was a lack of balance in their lives. She noticed that the values of companies were upside-down. She found a disconnect between the Buddhist principles she studied and her daily work.
Larkin decided to leave Deloitte&Touche. She moved into the Buddhist temple but continued working as an independent consultant. She promised herself from that point forward that she would only work with people who genuinely sought right livelihood business.
Q: How does Geri Larkin define a "right livelihood business?"
A: There are three components to a right livelihood business. First, the business follows Buddhist precepts: respect for all living things, importance of cultivating honesty and integrity, commitment in a loving relationship, and cultivation of loving speech and deep listening. Second, it recognizes the importance of balance. Third, the business grows at its natural rhythm. It grows of its own accord. Larkin explains, "It's just the opposite of venture capital where you're pushing businesses to grow at seemingly impossible rates."
Q: Is there a conflict between Zen Buddhism and profit?
A: Contrary to popular belief, no, there is not. Buddha believed that profit is healthy. He believed that one-third of your profit should go to you and your family, one-third should go towards retirement, and one-third should go back to the community.
Q: What are some examples of right livelihood businesses?
A: One example is Avalon Bakery in Detroit. Two women came to Larkin's business plan seminar with an idea to start an organic bakery in Cass Corridor, an economically depressed area of Detroit. Larkin was skeptical about their idea, but the women were determined to make it work. Funded with money from Larkin's workshops, the women opened the bakery. It has met with huge success and is looking to expand. The bakery sells most of its baked goods daily. However, it gives unsold products to those in the community who can't afford to pay. Larkin noted that while other stores in the area are prone to robbery and vandalism, Avalon Bakery is protected by the entire community.
Q: It seems that it is more difficult for large corporations to maintain their integrity. Can large companies qualify as right livelihood businesses?
A: Yes, definitely so. A good example is Interface, a carpet leasing company that was recently featured in Fast Company magazine. Carpet tiles, like Styrofoam, are one of the products which clog our landfills. CEO Ray Anderson developed a new business model for carpeting. By leasing carpets instead of selling them, he found that he could service customers better while reducing the company's effect on the environment. By recycling carpet tiles, he also found that he was able to save a substantial amount of money.
Q: Is it the idea or the energy that makes a right livelihood business successful?
A: Both, really. If the business is aligned with your values, you throw out all the shoulds and the have-tos. You fall in love with it! The hardest part is getting past the shoulds and the have-tos. In order to do so, you need to balance your doubts with something that means a lot to you: a person or a vision of an ideal lifestyle.
Q: If right livelihood businesses are so successful, why aren't more people doing it?
A: "That's a really tough question that I often struggle with. I think you almost need to get a taste of 'traditional' success and realize that it's not all that you're looking for. Ultimately, our society is just so addicted to power and money."
Q: Do you have any advice as to how to screen companies?
A: First and foremost, gather any information on the company and ask yourself, "Is the world a better place because of this company?" Second, look at their Board of Directors. Are there any women or people of color sitting on the Board? Third, call people in the middle of the organization and get their feedback. Lastly, visit the company and sit in the reception area for thirty minutes. Watch how the employees treat their customers as well as how they treat each other. It's amazing how much you can learn by sitting and watching. When asked about financials, Larkin mused, "Oh please, numbers will say anything you want them to. Why are people still pretending that numbers tell you anything of importance?"
Q: Many of us will be entering large companies that are not necessarily values driven. What advice do you have for those of us who want to change companies from within?
A: During Buddha's time, there were four kingdoms. Buddha was able to impress three of them. However, there was one, Vamsa, which never accepted him and refused to feed his monks. There will always be a Vamsa and it's up to you to decide whether or not you're up for the battle. Usually, if there are incremental improvements, you can handle it. But sometimes, it's best to walk away and let it die its natural death.
Geri Larkin is the author of Stumbling Towards Enlightenment. This event was sponsored by Students for Responsible Business (SRB).
The kick-off of the Class of 1998 Student Pledge Campaign began in earnest on Monday and was accentuated with the promise of matching funds from the Dean's Office. The goal of the campaign is to raise funds for the UMBS Class of 1998 Student Initiative Fund. This fund will enable great new ideas to continue to advance the educational excellence of the B-school. Student leaders hope to raise at least $150,000 in pledges by the end of April. The funds will be dispersed over a number of years at approximately $30,000 per year to support a broad range of student initiatives. The amount of funds to be disbursed to a particular project will be determined by the Dean's Council, which is comprised of the presidents of all the B-school clubs.
The Dean stated that he will match any donation that is made by the student. This donation is AFTER any potential corporate matching that is made by the student's employer. Because of this, a student's potential donation can potentially grow to four times his/her original donation (i.e., their donation is matched by their employer which is subsequently matched by the Dean). Scott Reed, a member of the Class Gift Executive Board, played a critical role in obtaining the Dean's commitment to match these funds. "The commitment made by the Dean has legitimized our efforts to help the Class of 1998 give back to UMBS through the Student Initiative Fund. It also demonstrates the value that student led activities have added to the school which makes it one of the top rated schools in the country," said Reed.
The fund will allow any student to suggest and initiate a project that will add value to the educational experience of the school, or to the community at large, irrespective of funding limitations from traditional sources . Previous examples of projects that were initiated by students with limited funding include: the Business School Follies, MBA Games, and the Business School Habitat for Humanity House.
The 1998 Class Gift Executive Board challenges graduating MBAs to pledge $150,000, with a 75% participation rate (after corporate matching). Dean White has stated that he is more concerned with the participation rate than the overall value of the total gift. Participation rates demonstrate the commitment that the Class of 1998 has for the continued success of the Business School and demonstrates their desire to be active alumni leaders (either financially and/or through participation in school activities).
Any questions regarding the Student Pledge Campaign of 1998 should be directed to any of the following members of the Class Gift Executive Board (Catherine Crane, Tom Glomski, Andrew Hendry, Sally Katovsich, Eamon Moran, Scott Reed, Brad Schorer, Amy Sheren, or Steve Weinstein).
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Pictured from left to right, Dean White, Kofi Bruce, Shannon Bryan, Janeene Fears, C.K. Prahaalad, Shedriaa Nyutu, and Duaane Hart pose for the camera at the BBSA Gala Banquet. This Banquet celebrated the success of the BBSA's 22 annual Business Conference. At this dinner, Judith Goodman was celebrated for her 19 years of service as Director of Admissions and Student Services and dedication to making the University of Michigan Business School one of the most diverse programs in the country. See related articles on the next two pages. Photo by Ellen Hodo |
by Shannon Bryan and Duane Hart, MBA2s
The Black Business Students Association presented its annual Business Conference and Alumni Weekend during the weekend of March 1922, 1998 at the Ypsilanti Marriott and Conference Center. This year's theme, "Beyond the Horizon: Capitalizing on the Globalization of Business," provided an opportunity to actively discuss and examine issues involving globalization with respect to the black business community. The BBSA welcomed over 200 participants comprised of alumni, corporate partners, prospective students, current students, and other members of the University of Michigan and business community who were able to take full advantage of the many educational, professional, and social opportunities during the weekend. Even though the weather did not want to cooperate--Friday and Saturday featured an ice and snow storm--the conference went off without any problems and conference participants praised this conference as "the best ever."
Historical Perspective
This was the 22 consecutive year for the BBSA conference. In 1975 there was a consensus among the BBSA students that there was a need to have some event to bring Black alumni of the B-school back to campus in order to share their experience, knowledge, and insight with current students. It was also felt that this would give alumni and students a chance to network among themselves. Furthermore, the outstanding business achievement of the many successful alumni could be recognized. A decision was made that an annual alumni conference would be the best avenue for achieving these goals. The first conference was held in March 1976 and had approximately fifteen attendees. The goals originally set out for the event were achieved. The Annual BBSA Business Conference and Alumni Weekend has grown over the past 22 years to become the largest single activity of the BBSA and one of the largest B-school events of the year.
Event Highlights
Friday afternoon, Dean White hosted a welcome reception, attended by corporate sponsors, students, and alumni, which provided the first opportunity for conference attendees to interact with each other. A special recognition was given to all six Black members of the UMBS MBA class of 1978. These alumni traveled from across the U.S. to the conference to celebrate their 20 year reunion.
Conference participants were transported into the world of spoken-word poetry by D-Knowledge and Maurice Henderson. Combined these two artists have appeared in films such as Higher Learning and Panther, and shows such as the Arsenio Hall Show, Ricki Lake, Politically Incorrect, and the NBC Nightly News. Following the poetry the audience was quickly brought back down to earth by comedians Bruce Bruce and Tony Woods as several audience members became targets for the performers. Both Bruce Bruce and Tony Woods are currently headlining throughout the country and when not on tour have performed on HBO's Def Comedy Jam, BET's ComicView, and N.Y.P.D. Blue.
The Executive Skills Program combined with the BBSA to present workshops on Power Dynamics at Work and Global Executive Success. To summarize, MBA Alumnus Vincent Harris stated "It is the best personal development workshop that I have attended at a BBSA conference (I've been to four). It helped me identify some meaningful action items. The simulation exercise was outstanding."
Janet Hill was the featured speaker for the conference luncheon. Though most notably known outside of the business community as the mother of NBA all-star Grant Hill, Mrs. Hill consults major corporations on how to effectively develop and coordinate comprehensive diversity programs focused on the recruitment, advancement, and retention of women and minorities. She delivered a motivational message showing how to capitalize on the value of a diverse workforce and keys to succeeding as an entrepreneur. During the luncheon program the BBSA also presented several scholarship awards to first-year MBA and BBA students. The annual awards, from the BBSA Scholarship Award and the Alfred E. Edwards Scholarship Award funds, are given to students based on academic achievement and financial need.
Saturday afternoon featured panels on a variety of topics that addressed the global theme of this year's conference. Each panel featured a variety of industry experts who discussed their personal experiences with the various topics and answered questions from those in attendance. Each of this year's panel discussions was extremely well received by the numerous students, alumni, and corporate representatives in attendance.
Global Investments: Forging New Frontiers
This panel covered a wide variety of topics including portfolio investment, foreign direct investment, import-export, and other international career opportunities. Particular attention was paid to the emerging opportunities in Sub-Saharan Africa.
Selling to the World: Global Marketing Strategies
This panel featured marketing professional from various backgrounds including product management, advertising and sales. The topics of discussion centered around opportunities for marketers in the global marketplace and the challenges that are often faced when looking to capitalize on these opportunities.
Intrapreneurship: Achieving the Entrepreneurial Spirit From Within an Organization
While entrepreneurship is a popular topic of conversation for those in business school, there is a role for those who are already within a corporate setting to fulfill their own entrepreneurial spirit. Members of this panel conducted a lively discussion on the various ways that organizations are able to support these efforts to maximize profits and optimize the working environment.
Wall Street: Maximizing Returns through Workforce Diversification
Panelists in this discussion discussed the various myths and realities of life on Wall Street. The discussion also covered the debate over whether diversity is more effectively attained through increased emphasis on recruitment or retention of those minorities on Wall Street.
The conference concluded with a Sunday morning praise service and jazz brunch featuring the Marcus Belgrave Quintet. The conference co-chairs, Janeene Fears, MBA2, Duane Hart, MBA2, and Shedria Nyutu, BBA2, all agreed the 22 Annual BBSA conference achieved its theme "Beyond the Horizon: Capitalizing on the Globalization of Business."
The team of David Elien, Julian Evans, and Carl McGowan won the case competition at the Black Business Students Associations' 22nd Annual Business Conference and Alumni Weekend. This competition, held on March 20, is an annual event of the conference. These three will go on to represent the University of Michigan at the National Black MBA conference to be held in Detroit, MI, September 17-19 1998. Ernst and Young sponsored this year's case competition with the panel of judges also including representatives from Andersen Strategic Services and Deloitte and Touche Consulting.
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BBSA Case Competition winners Julian Evans, David Elien, and Carl McGowan bask in the glory of their achievement at the BBSA Gala dinner. Photo by Ellen Hodo |
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