12 BLUE OCEAN STRATEGY

‘Manageable growth’ levels vary from gested they sometimes avoided publicity to timely fashion, credibility will be lost and
time to time and from firm to firm. One keep competitors at bay, and were often resources wasted.
subject noted that at times, his firm has indifferent to it, since it served little pur-
“literally slowed down our growth while pose in their markets. The answer may lie in the fact that
we try to get the organization more tuned. owners of rapid growth firms are most
If we didn’t do that, we wouldn’t be The obvious gap that exists between the comfortable learning and obtaining advice
around today.” perspectives of firm owners and external from their peers – in particular, owners of
resource providers may correspond to a role other rapid growth firms – but they may not
The viewpoints of firm owners reflect that governments are well suited to play. have the time or access to develop effective
previous research findings indicating that Firm owners are skeptical of, and sometimes peer networks.These owners require access
growth is not an unmixed ‘good’, and con- hostile toward, external resource providers to a wide range of information, but at
trolled growth needs to be a higher priority who might offer valued information at criti- unpredictable times and with a short shelf
than rapid growth. While government pol- cal times.Yet rapid growth business owners life. They prefer to obtain it in a reactive
icy makers and private sector resource want (in addition to a positive overall busi- rather than proactive manner, focusing on
providers appear to laud rapid growth per ness climate) timely and appropriate the specific information that is required in a
se, it is telling that firm owners themselves information. Governments can help to specific situation. This importance of peer
often do not. address this gap in a way private sector and just-in-time support suggests that a net-
resource providers do not; the challenge work-based approach to policy initiatives in
Conclusion for them will be providing for the needs of the area is likely the most appropriate way
firms in a wide variety of industries and to support rapid growth firms.
As a group, rapid growth firms have mixed stages of development, and satisfying
feelings about being identified as such – these needs in the ‘just-in-time’ fashion Rebecca Reuber is an associate professor of Strategic
much less targeted for support.Those firms required by firms operating with narrow Management at the Rotman School. Eileen Fischer is a pro-
that do become known tend to seek public- windows of opportunity. If rapid growth fessor of Marketing at the Schulich School of Business,York
ity for specific strategic reasons (i.e. firms cannot reliably access information and University. This is an excerpt of a paper that recently
attracting outside investors). On the other introductions from their governments in a appeared in the Journal of Small Business Management.
hand, the firm owners in our study sug-

Management Challenges Related to Growth

Rapid growth is arguably more difficult has grown three-, four- or five-fold in a numbers of new people with specialized
to sustain than to obtain, and is often a matter of months. Firms sometimes com- skills, who may be difficult to locate
mixed blessing for the growing firm. pound the problem by trying to adopt and/or attract. Recruiting and training
Common managerial issues associated formalized, bureaucratized procedures new people takes the time of key staff
with rapid growth are related to people, which fit poorly both with their existing members within the firm, putting pres-
processes and resources. culture and their need to stay nimble and sure on yet another scare resource – their
be innovative. attentional resources.
The issues related to people stem
from the fact that rapid growth firms will Finally, issues related to resources Given the difficult management issues
double or even triple in size very quickly; also relate to those involving people. One associated with rapid growth, it is not sur-
the constant influx of new employees scarce resource is cash flow: the funds prising that it can result in ultimately poor
means that stress levels are high, skill lev- needed for working capital drain away the performance. The same characteristics that
els are often inadequate, disaffection from profits that growth can bring. Because of are associated with high growth rates can
the organization is common, and turf bat- constant change, rapid growth firms can- also be associated with high failure rates.
tles abound. Furthermore, the founders not realize efficiencies that may be Examining the growth of Inc. 500 firms
may have strong start-up skills, but they possible in more stable environments. over a four-year period, researchers found
may not possess the skills required to Moreover, these firms always have to plan that sales growth is unrelated to profitabil-
manage subsequent growth. for and operate in business environments ity and, indeed, that employment growth is
that are larger than their current financial negatively related to profitability.They con-
The issues related to processes are resources. This means, among other cluded that rapid growth is likely to place
interrelated with those of people. The things, that existing employees who are strains on a firm’s ability to operate effi-
communication and decision-making sys- pushed very hard may feel inadequately ciently and effectively.
tems and processes that exist in firms compensated. In addition, rapidly grow- by Rebecca Reuber and Eileen Fischer
prior to a surge in growth are rarely ade- ing firms often need to recruit large
quate when the number of key managers

Rotman Magazine Fall 2005 • 49

Point of View: George Stalk

China:The Time is Now
ForYou andYour Company

The growth of the Chinese economy is off the scales compared to anything we’ve
witnessed in the last 50 years. If you and your company are not executing a strategy
for China today, my advice is: you should have started yesterday.

The China phenomenon is eye opening since economic reform began in China, real share beyond its big cities. Tremendous
along many dimensions. Among them: per capita income has increased seven growth is happening beyond the obvious
times.This compares to a six times increase locations – Shanghai, Beijing and
• China doesn’t just boast low labour costs for Japan in the 60 years since the end of Guangzhou. By 2008, fully 50 per cent of
and cheap quality, but low labour costs and WW II and 2.5 times for the first 100 years affluent households will be outside of the
high quality. Like other newly-industrializ- of the industrial revolution. top 40 cities, and succeeding in the hinter-
ing countries before it, its growth is fuelled lands means overcoming some unique
by low labour rates compared to those in Some western companies, like challenges: highly fragmented and hetero-
the U.S., Canada and Western Europe. Procter & Gamble, Coca-Cola, geneous markets; intense competition from
Chinese exports have moved quickly Danone, SC Johnson, PepsiCo and
from being principally cheap, labour-
intensive goods to very sophisticated and Western companies in China need to
low costs ones. For instance, China is now prepare themselves to battle for market
the leading producer of panels for flat share beyond its big cities. By 2008,
screen televisions. fully 50 per cent of affluent households
will be outside of the top 40 cities.
• China represents 80 per cent of
the world’s investment in infrastructure, Wrigley, are emerging as successful both MNC and local players; demanding
ranging from ports and power generation Chinese enterprises. And Chinese consumers with low brand loyalty; and
to rail roads, highways, and elevators. companies like Haier and Huawei establishing reach and depth with complex
Technologies are moving onto the global sales and distribution systems.
• Its economy is not just about small con- scene as world-class competitors. The suc-
sumer categories growing fast, but large cessful western companies are not just in But the greatest threats to success for
categories growing very fast: in China, China to pursue growth opportunities: they western companies in China are often self-
the demand for fast food, colour TVs, are putting themselves in a position to com- inflicted. Succeeding there depends on
beer, soft drinks, PCs, mobile phones is pete with their new competitors. They are three key things.
number one, two or three in the world intentionally in ‘harm’s way.’ The biggest
and among the fastest growing. reason Whirlpool needs to be in China is 1. Organizing the home front to support
Haier. If you don’t want to have to fight a China thrust.
• It didn’t entail waiting for GDP per capita Chinese-based competitors in Indiana or
to hit that magical US$ 5,000 that is Montreal, you better be in a position to Ford, like many companies, is building a
held up as the threshold of a middle class pick a fight with them on their own turf. major purchasing capability in China. The
(this is more than $2,000 on average in potential cost savings from purchasing low-
China today): its economy already has 200 Western companies in China need to cost production components in China are
million households in the middle, upper prepare themselves to battle for market huge. The capabilities required include
middle (20 per cent compound annual identifying which companies to purchase
growth rate) and affluent (30 per cent
compound annual growth rate) categories
known in the west.

The speed at which all of this is happening
is setting historical records. In the 20 years

50 • Rotman Magazine Fall 2005

from based on capacity and quality. But the are effectively on task for about a year.They bly narrows the productivity gap to 50 per
real issue for Ford is that its engineers in rarely finish anything they start, or start cent. Lastly, build your local organization
Dearborn, Michigan don’t give a hoot anything they have to finish. as fast as possible: use ‘golden handcuffs’ –
about China. A low-cost component from not just money, but face and status.
China cannot just ‘sub-out’ an existing South Koreans wake up to discover Consolidate your activities in China to have
component sourced elsewhere. The new they are to be in China on Monday with no one Chinese company persona, and HR
component must be qualified and warran- guaranteed return ticket. They are special- activities to have more throw weight in the
teed. Even if the part looks exactly the ists acting as specialists, and they report to recruiting and retention.
same, this requires some engineering. But a boss who has been in-country for years,
do the engineers in Dearborn want to do and is staying himself. They rarely bring Some companies seem to ‘get it’: the
this, for part after part? No! They want to their families.They live in the economy and head of Siemens’ automation business in
focus on new products. A critical oversight work constantly. They stay for four to five China has been there for 10 years. He
often made is preparing the home organiza- years.They finish what they start. built the business from scratch, is a deep
tion support their company’s China effort. China expert, and has built a fully local
Pick a form of competition outside of staff. At Nokia’s China HQ, the two top
2. People, people, people business (Formula 1, baseball, golf, etc.) executives are Australian. They speak
and ask yourself, what results to expect Chinese and have eight years of experi-
If China is a growth opportunity for your when pitting these two forms of talent ence in the region.
company, you’ve got to resource your building against each other? It’s not pretty:
effort to reflect this, which means sending a simple back-of-the-envelope analysis My advice for young MBAs interested
your best people there, and being respon- based on comparing time-on-task and in being leaders in the global economy is
sive to them back at headquarters. By experience effects says that assuming each to go to China now. It won’t be easy.
sending your best, the people back home individual is of equal capability, the South Your management will think you do not
are biased to help – but more is often Korean will be about twice as productive know your company well enough and that
needed. Making sure they report in to a (a big assumption because the Korean you have no China experience. Promise to
level of the organization that makes sense will likely have had more than one of learn. Promise to stay. Don’t ask for a
for the execution of the China strategy. I’m these types of assignments in his career) return ticket. Tell them you’ll earn one.
amazed how often the China operation as the two ‘ex-patriots’ the U.S. or If the growth opportunities for your com-
reports into Asia (or in one situation – Canadian company throws into the compe- pany are intimately involved with China,
Canada!), which reports into International, tition in the same elapsed time. This is a then growth opportunities for you in that
which reports into - sometimes - market- huge competitive disadvantage for the company are involved with China. In multi-
ing. This is not good enough. For success Americans and Canadians. national companies with China ambitions,
stories like Corning, Kodak, Nokia, those who are reluctant to make the neces-
Motorola, and others, the China opera- What to do about this problem? There sary moves will be taken off the fast track,
tion reports either to the CEO or to an SVP are a few options. First, do nothing and plain and simple.
who reports to the CEO. This way, deci- carry on, or throw extra people at the
sions get made and things get done in problem and bear the costs. Maybe another George Stalk, Jr. is a senior vice president and director of
weeks, rather than months. source of competitive advantage can be The Boston Consulting Group. The co-author of Hardball:
found to offset the increased costs. Second, Are You Playing to Play or Playing to Win, he serves on the
3. Facing up to ‘ex-patriot’ competition keep ex-patriots in China for four years Rotman Dean’s Advisory Board and is an adjunct professor
and more. All else being equal, this proba- at the Rotman School.
Companies with hopes for success in China
will be sending entire families – and lots of
them – and they will have to go for more
than two years (more like four or five), so
getting them to go is going to be difficult.
The Koreans, and even some Europeans
competing for their share of the China
opportunity, seem to know what it takes.
But Americans and Canadians are often spe-
cialists acting as ‘presidents’:They typically
go for short, two-year assignments to
replace someone coming home; their
sojourn is timed to fit the school years of
their children; they have duties that are cer-
emonial; they are insulated by a local,
bilingual staff; live a‘western life style’; and

Rotman Magazine Fall 2005 • 51

Point of View:William Buxton

Innovation vs. Invention

Innovation is far more about prospecting, mining, refining
and adding value than it is about pure invention.

There is no question in my mind that with Today, we have a comparable example relied on their previously successful for-
appropriate management, we can improve in Apple and Dell. Apple is now below mula of efficient process, but boring
the levels of innovation and creativity Acer in PC market share, but they have design, Apple has triumphed on both fronts
within organizations. There is no magic beautiful, design-intense systems. Dell’s in their iTunes and iPod product lines.
here. Innovative people are no more ‘born’ computers, on the other hand, are boring Apple not only dominates the music mar-
than Olympic gold medallists or virtuoso and have virtually no technical or design ket, their sales in that sector now exceed
musicians. Yes, some of us are gifted innovation. But Dell’s process has given those of their PCs – transforming the very
with more initial aptitude, but as music them a dominant market share. Some busi- nature of the company, to the point where
and sports show, the ‘natural’ or the ‘child ness publications (e.g., Fast Company, Jan. the tag-line on their new iMac computer is,
prodigy’ frequently does not graduate to 2004) have come to the dubious conclusion “From the company that brought you the
the top level. Hard, focused and appropri- that this says that innovation may not be all iPod.” This, despite the iPod being launched
ately-directed work trumps natural talent that it was cracked up to be. Of course, only in 2001 – 24 years after their first
in virtually every case. The question is, what they miss are two things: (a) the dis- computer, the Apple II, in 1977!
where to focus? Let us start by looking at tinction between innovation in product and
the anatomy of the beast. process, and (b) the following rule, which I Let’s look at another aspect of all of
this, the difference between ‘innovation’
Too often, the obsession is with ‘invent- and ‘invention’. The closer one gets to
ing’ something totally unique, rather Route 128 in Boston and Silicon Valley, the
than extracting value from the creative more it seems that people confuse the two.
understanding of what is already known. Too often the obsession is with ‘inventing’
something totally unique, rather than
One key lesson that I took away from have decided to decree: innovation in extracting value from the creative under-
Lester Thurlow’s book, Head to Head, is process + design trumps innovation in standing of what is already known.
the observation that, “Innovation in process process alone.
trumps innovation in product.” Thurlow In a recent study, the U.S. National
was contrasting the research investment This, of course, should be obvious, Research Council tracked a number of
strategies between the U.S. and Japan in but it sure went over the head of the telecommunications and computer tech-
the post-war years. His observation was Fast Company writers. If you want to nologies from first conception to the point
that the U.S. took a materialistic approach compete with Dell, ‘all’ you have to do is where they reached a billion dollar indus-
to their investment, focusing on products, match or exceed their innovation in manu- try.The key thing to note is that the average
while the Japanese focused on process. His facturing and service, and do so with time from invention to market was 20-plus
observation was that while the U.S. innovative products. years. So much for fast moving tech sector!
invented DRAM, the VCR or the LCD, it Which brings us to one of the most insight-
also incurred the highest up-front costs, To find an example that illustrates this, ful quotes that I have encountered, from
while the Japanese reaped the primary we need look no farther than, yet again, William Gibson: “The future is already
profit due to their superior processes of Apple. Forget their PC business for the here. It is just not uniformly distributed.”
manufacturing and distribution. moment. In the music business, in which
both Dell and Apple are competing, Apple Here is the business lesson: innovation
is the hands-down winner. While Dell has is far more about prospecting, mining,
refining and adding value to‘gold’ than it is
about alchemy. Rather than focusing on
the invention of the ‘brand new’, one
might better strive for creative insights on
how to combine, develop and leverage

52 • Rotman Magazine Fall 2005

what is already out there, but hidden, or organization; likewise, it would be an equal “how to become a designer,” and it is this:
not understood. disaster to have an engineer running a success in capitalizing upon design and
design organization. Herein lies the prob- innovation is primarily a cultural thing,
So now we come to the big debate: lem. Nobody would dream of the former. It and shaping corporate culture is an execu-
who is a designer, and who should be a is obviously absurd. On the other hand, the tive responsibility.
designer? For a start, let’s look at the most latter is the norm (to the extent that there
recent book, Emotional Design, by my friend is a design organization). Why is Apple still in business? Because
Don Norman. It has an epilogue entitled, on his second day – not month, not week –
“We Are All Designers”. To this I say, My problem with Roger’s statement is Steve Jobs called in key analysts and told
“Nonsense!” We are no more all designers that it is too close to that of Don Norman. them exactly how he was going to do it:
because we chose the colours of our walls, When everyone is a designer, the term risks through design. He took the lead, from the
and furniture arrangements, than we are all losing all meaning, and we risk – yet again top, and then executed brilliantly.
mathematicians because we can count – discounting the specialized skills of the
change when we go to the corner store. If designer, while at the same time diluting Now compare your own organization
we were all designers, then that would the skills of the manager by making them a to Apple. Is design leadership an executive
imply that design already pervades our second-rate designer. level position? Do you have a Chief Design
entire business process, so there would be Officer reporting to the president? My
no need to be having this conversation. Alan Kay was one of the lead people view is that if you do not, you are not
Design would not be an issue. at Xerox PARC back in the 70’s. I met him serious about design or innovation.
around 1978, and he is responsible for my Furthermore, you are telegraphing this fact
So if we are not all designers, and yet
design is important to business, then how You have to spend as much time direct-
do we incorporate it into our process? ing your innovation and creativity to
fostering a culture of creativity and a
Rotman Dean Roger Martin’s view is receptiveness to innovation as you
that design is relevant at all levels in busi- spend on the ideas themselves.
ness, and I agree. However, while essential,
design itself is clearly not sufficient. Design long association with PARC. One of the to all of your employees, along with a clear
expertise must be complimented by most important things that I have heard him message that they need not be either. As a
expertise in other distinct disciplines. The say is this: “It takes almost as much creativ- result, you might as well fire all of your cre-
complexity of today's business and the ecol- ity to understand a good idea as to have it in ative people, since you are setting them up
ogy within which it functions demands high the first place.” to fail anyhow.
standards of depth and competence among
a broad range of specialties, of which design The statement hit close to home and As an executive, of course you have to
is (an all-too-neglected) one, but only one helped me understand the problems with have creative and innovative ideas. But at
of many. In light of this, I think that the corporate culture within which I was the top of the list should be ones that reflect
Martin’s statement [from his article, “The working at the time. From the perspective (a) how important innovation is to the
Design of Business”, Rotman Magazine, of the innovator, here is what this said to future of your company, (b) the role of
Winter 2004], “Business people don’t need me: that it was not enough to simply have design in this, (c) a recognition that innova-
to understand designers better: they need great ideas. If you wanted the ideas to come tion cannot be ghettoized in the research or
to be designers,” requires qualifications. to fruition, you had to spend as much time design departments, since it is an overall
The main risk is that it will prompt readers directing your innovation and creativity to cultural issue, and (d) an awareness of the
to swing the pendulum too far in the direc- fostering a culture of creativity and a recep- inevitable and dire consequences of ignor-
tion of some new bandwagon called tiveness to innovation within the company, ing the previous three points..
‘Design’ at the expense of doing what really as you spend on the ideas themselves. If you
needs to be done. do not, don’t be surprised or disappointed William Buxton has been involved in the design of tech-
if they come to naught. nologies for creative endeavour for over 20 years. The
Here is why. Design, like accounting, one-time chief scientist at Alias Research and SGI Inc. is
law, etc. is a distinct and very specialized From the perspective of the execu- currently the principal of Buxton Design, a guest lecturer at
discipline. Designers think differently, yes. tives, shareholders, or the board of a the Ontario College of Art, and a visiting professor at the
Their cognitive style is appropriate for the company, there is a key lesson in all of this. UofT’s Knowledge Media Design Institute.
type of work that they do. But remember, Fortunately, it is far easier to learn than
other work requires other cognitive styles.
A design mentality in those cases may be
just as much a liability there, as their cogni-
tive style is a liability in a design studio. For
example, it would be a disaster to have a
designer running a software engineering

Rotman Magazine Fall 2005 • 53

Point of View: Laurence Booth

Anticipating the Big Boom

Despite rumours to the contrary, the working population supporting the Baby
Boomers will not bear a greater burden than either the Boomers themselves
or their parents.

Is it any wonder that the Baby Boomers U.S. they are not, since their respective the list, with replacement rates over 100
attract so much interest? After dominat- replacement rates are 78.4, 47.6 and 29.8 per cent across all income levels: clearly it
ing the economy for the last 50 years, per cent for the U.K. and 61.4, 51 and 39 pays to retire on time in Luxembourg!
now they’re getting blamed for growing per cent for the U.S. As we might expect,
old and wanting a pension. the U.K. is stingy across the board, However, just looking at replacement
although not as bad as Ireland, which is at rates is only part of the story. We might talk
I admit it: I’m a Baby Boomer, but about ‘funded pensions’ etc., but at an aggre-
I’m not going to cause any retirement
problems, since the University of Toronto Canada, the U.S. and the U.K. all have
has abandoned mandatory retirement. weak public pensions. Average and
But that’s another issue. The real issue is particularly upper-income earners
whether or not Canada faces a retirement are generally on their own: the public
problem. It’s easy to assume that we do, pension scheme is not designed to
since we are bombarded with U.S. news, meet their needs.
and the Americans certainly do have some
problems – from huge budget and trade the bottom of the list, whereas U.S. state gate level, all pensions are‘pay as you go’.The
deficits, to a looming retirement deficit. pensions are less generous for lower and pension contributions I make today go to pay
But what about Canada? average income earners and more gener- the pensions of people who are currently
ous for higher income earners. retired. Similarly, when (and if) I retire, my
The fact is, we don’t have a very gener- pension will be paid out of the savings or
ous public pension scheme. The OECD In an absolute sense, Canada, the U.S. ‘non-consumption’ of the next generation. In
keeps track of things like pension obliga- and U.K. all have weak public pensions, this sense, all retirement programs are essen-
tions across its members. The critical since they are designed on the principle tially inter-generational transfers. So the
number is the percentage of pre-retirement that the state pension is targeted to lower question is: are the Baby Boomers in aggre-
net income – that is, income after taxes and income earners, who would otherwise gate going to impose too big a burden on the
pension contributions, replaced at retire- impose a burden on the state. However, working population of the next generation,
ment. The normal rule of thumb among average and particularly upper income to the point that they begrudge the burden?
financial planners is the “70@65” rule: that earners are generally on their own, since
people ‘should’ aim for 70 per cent income the public pension scheme is not designed The figures do look alarming. The
replacement at age 65. The OECD tracks to meet their needs. In contrast, the OECD OECD, for example, looks at the propor-
these numbers for three income groups, average of 84.1 per cent income replace- tion of the population over age 65 as a
assuming that they have had these income ment for low income earners, 68.7 per percentage of the population aged 15 to
levels throughout their employment life: cent for average earners and 59.4 per cent 64, which is their ‘old-age dependency
average earners, low earners (half the aver- for high income earners is more in line ratio’. For Canada, this number is just
age) and high earners (twice the average). with the European philosophy of ‘a com- below 20 per cent, and is expected to
As we would expect, most public pensions prehensive state pension for all income increase to 44 per cent by 2050. There is
are geared towards the low income earn- earners’. Luxembourg, for example, tops no doubt that in isolation, this looks
ers. In Canada the replacement rate is 89.4
per cent for the low income earners,
decreasing to 57.1 per cent for the average
earners and 30.6 per cent for high earners.

Are these replacement numbers
excessive? Compared to the U.K. and

54 • Rotman Magazine Fall 2005

ple, period. That is, we should consider

Figure One: Percentage of Canada’s Population Over Age 65 the combined children and old age
dependency ratio, since both are a bur-

% Population Over 65 den on the working population.

Figure Two gives the child depend-

ency ratio as the percentage of those under
20.0 18 divided by the working population

17.5 (18-65). The chart may be a bit mislead-

15.0 ing, since in 1921 lots of people under 18
were in the work force; but then social

12.5 development and economic and demo-

10.0 graphic forces cause these social changes.
What the chart highlights is the dra-

7.5 matic reduction in the burden of the

5.0 workforce in bringing up children. As
recently as the 1950s through the 1960s,
1921
1926 the child dependency ratio was over 70
1931
1936 per cent: every ten people in the work-
1941
1946 force, on average, supported seven
1951
1956
1961
1966
1921 1971
1926 1976
1931 1981
1936 1986
1941 1991
1946 1996
1951 2001
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
alarming. Figure One shows the over 30 per cent, which will be one of the children. Of course, these children were

Canadian Institute of Actuaries def- lowest in the OECD. the Baby Boomers, but it wasn’t our deci-

inition of the old age dependency ratio, However, just because we have the sion to come into the world! However,

which uses the percentage of people over same demographics as other countries the dramatic decline since then – to a

65 divided by the working population doesn’t mean to say we don’t have a current figure of 3.5 children per ten

between 18 and 65. problem. After all, if your house burns workers – clearly is our decision. The

The ‘over 65s’ percentage was con- down it’s no consolation that your Boomers obviously have smaller families

sistently increasing up until the early neighbour’s house has also burnt than their parents – and their children’s

1950’s, after which it stagnated for 30 down. Here I am reminded of Lord families are even smaller.

years, before starting to increase again. Palmerston’s famous statement to the If we put the two graphs together, we

The reasons for the 30-year stagnation are House of Commons 150 years ago, that have the overall dependency ratio, as

complex, since they involve issues of “there are lies, damn lies and statistics.” shown in Figure Three. Clearly the

immigration, war and advances in med- In this case, the key is what is left effects of the Baby Boomers are still

ical technology. unsaid, rather than what is said, since there: the huge bulge in the 1960s, when

Again, we should not look at Canada the critical question is not how many the dependency ratio peaked at close to

in isolation, since the Canadian old age older people are being supported by 90 per cent, was while they were children

dependency ratios are marginally less working age people, but how many peo- and their grandparents were relatively

than the OECD averages of 20.6 per cent

as of now and 47.4 per cent for 2050,

respectively. To put things in perspective,

if we have a problem, then Italy, Greece, Figure Two: Canada’s Child-Dependency Ratio

Spain and Japan have huge problems,

since their old age dependency ratios are

projected to increase to over 60 per cent

– with Japan’s well over 70 per cent. 80

Think about what will that do for the

Japanese economy; certainly Nintendo 70

and PlayStation sales won’t be any- 60
where near what they were.

What about the UK and U.S.? Both 50
have slightly higher old age dependency

ratios than we do at the moment, but nei- 40

ther are expected to increase as fast. In

the case of the U.S., significant immigra- 30

tion is expected to slow the increase in its

old age dependency ratio down to just

Rotman Magazine Fall 2005 • 55

Figure Three: The Overall Dependency Ratio
Dependency %
90
80
70
60
50
40

1921
1926
1931
1936
1941
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001

few and far between. In contrast, the them, just try telling that to the powerful be more willing to see their tax dollars
current workforce supports fewer teacher’s union. Closing schools and going into schools for their children –
dependents than any other generation: rationalizing public education in the face even if those schools are half empty –
although they are supporting more grand- of declining demand is a challenge that than into retirement pensions for their
parents, they are supporting fewer Ontario’s Harris government took up, parents. In the same way, medical
children. So in terms of the economy as a but whether it imposed any common advances that help young children with
crippling diseases seem to get more sup-
The current workforce supports fewer port and public sympathy than similar
dependents than any other generation: advances that help the aged.
although they are supporting more
grandparents, they are supporting Overall, however, the working popu-
fewer children. lation supporting the Baby Boomers will
not bear any greater burden than either
whole, the working generation is cur- sense remains to be seen. Quite obvi- the Boomers themselves or the parents of
rently not supporting more dependents, ously, we still have many schools the Baby Boomers – the generation that
it is supporting less – and this is also gen- operating at uneconomic levels, and in genuinely made real sacrifices. The ques-
erally true for the projections out to many cases, declining enrollments have tion is whether this working generation –
2050. Consequently, what is happening is simply turned into ‘higher quality’ the children and grandchildren of the
that the pension burden is replacing the instruction through smaller class sizes. Baby Boomers – will bear even this lower
education burden. Consequently, the social cost of the burden. However, this is a question of
declining child dependency ratio hasn’t social values, and if the Baby Boomers
This raises a number of social ques- shown up in similar financial savings. have created the wrong values in their
tions. While it is easy to see that children and grandchildren, they have
education and the other expenses of the So where does this place the retire- only themselves to blame, and will reap
young should be getting less important ment burden of the Baby Boomers? In the consequences.
simply because there are relatively few of social terms, the working generation may
Laurence Booth is the CIT Chair in Structured Finance and
a professor of Finance at the Rotman School. He is the
recipient of the 2003 Financial Post Leaders in Management
Education Award, which pays tribute annually to outstanding
professors at Canadian schools of management.

56 • Rotman Magazine Fall 2005

Point of View: David St. Germaine

My Lunch with Warren

In September of 2003, along with 250 other intrepid students, I embarked
upon the Rotman MBA journey. Little did I know that towards the end of the
program, a memorable final chapter would be added to my Rotman story: a
trip to Omaha, Nebraska to meet with investment legend Warren Buffett.
Following is my diary of this once-in-a-lifetime experience.

September 2004 with the man himself, and join him for Prof. Ben Graham?”; “How did you come
lunch at his favourite restaurant, Gorat’s. to the decision to dissolve the Buffett
It’s the beginning of second year, and Prof. Partnership at the top of the market in the
Eric Kirzner has just announced that our Naturally, I’m excited and somewhat 60’s?”; and “What do you feel is lacking
Applied Portfolio Management class will be anxious about meeting Mr. Buffett – after from the formal business education that
accompanying he, Dean Roger Martin all, I’ve held him in high regard for many universities offer their MBA students?” I am
and Prof. Laurence Booth to Omaha years. I never miss his annual letter to sure I will think of more questions on the
next April to meetWarren Buffett. As Prof. shareholders and have read a number of plane ride to Omaha tomorrow. With
Kirzner announces the plans for the trip, books and articles about his life and opin- hopes for a couple of souvenirs of my visit,
I pack my digital camera and my copy of the
It’s not every day you find out that The Intelligent Investor by Ben Graham, in
you’re going to meet face-to-face with hopes Mr. Buffett will sign it for me.
a business legend that is held in almost
universal high regard as an investor Buffett Minus-One
and a corporate citizen.
Our group arrives in Omaha a day before
our class falls silent, in a state of disbelief. I ions. Prior to this trip, I purchased a copy our meeting with Mr. Buffett so we can tour
look over at my friend Matt, and we of a fairly comprehensive biography enti- a couple of his businesses, Borsheim’s and
exchange a look that says, “Is he serious?” tled Buffett: The Making of an American Nebraska Furniture Mart. Borsheim’s is
Our collective shock is understandable: it’s Capitalist by Roger Lowenstein. But the second-largest jewelry store by sales vol-
not every day you find out that you’re going after reading the first few chapters, I stop: I ume in the U.S. (behind Tiffany’s flagship
to meet face-to-face with a business legend want to be able to form my own opinion of store in New York), while Nebraska
that is held in almost universal high regard him rather than be influenced by someone Furniture Mart is the nation’s single-largest-
as an investor and a corporate citizen. We else’s perspective. Somehow, I think it will volume home furnishings retailer. These
collectively start counting the days. be even more enjoyable to read the book businesses represent a small portion of
after meeting him. Berkshire’s total revenue; Borsheim’s CEO,
Buffett minus-two days Susan Jacques, jokingly refers to
What does one ask a man who has so Borsheim’s as the “freckle on the face of
In two days, 30 ‘Rotmanites’ will fly to much to tell? Some of my classmates will Berkshire”.The opportunity to hear from the
Omaha to meet the investment world’s no doubt ask questions about the intricacies managers of these businesses gives our group
Sultan of Swat, the Oracle of Omaha – the of value investing, but my plan is to seek valuable insight into Berkshire’s culture and
chairman of Berkshire Hathaway Inc. answers to questions that are more experi- Mr. Buffett’s management style. He has often
Our class will tour some of Mr. Buffett’s ential in nature – things like, “What was stated that he looks for exceptional manage-
businesses, participate in a Q&A session your biggest takeaway from [your mentor] ment in his investments, and from our tours,
it is apparent that Borsheim’s and Nebraska
Furniture Mart fall into this category.

Susan had her own success story to
share with us: she spoke of how she started
out at Borsheim’s as a four-dollar-an-hour

Rotman Magazine Fall 2005 • 57

sales representative, learning about the popular mattress and box-spring set called retailers. Buffett empowers his employees to
store’s inventory by cleaning individual ‘The Warren’. Bob is the grandson of the embrace these values through constant reas-
pieces of jewelry. She had no idea that years store’s founder, the late Rose Blumkin, surance. An example of this is a memo from
later she would ascend to the role of man- who worked until the age of 103 serving him that Susan read to us, which stated in
ager, reporting directly to Mr. Buffett. Her customers from her motorized cart. part, “Berkshire can afford to lose money,
passion for the jewelry business is clear Describing how managers are given plenty even lots of money; but it can't afford to lose
from the moment she begins describing of autonomy, he characterized Mr. Buffett’s reputation, not even a shred of reputation”.
Acknowledging the frailty of reputation, the
Mr. Buffett breezed into the room and memo goes on to say that, “It can take 60
started the conversation off with a few years to build a great reputation, and it can
jokes; then, for the next hour and a be destroyed in 60 seconds”.
half, he left the floor open for us to
ask him questions. Walking around Omaha felt quite
comfortable to me – reminding me of my
Borsheim’s operations. Later, Mr. Buffett role in the operations of Nebraska hometown of Edmonton,Alberta.As we sat
would comment that if he forced Susan to Furniture Mart as more of a “business con- in our tour bus outside the Furniture Mart,
leave Borsheim’s, “she wouldn’t know what sultant” – and in Bob’s opinion, having an older gentleman looked up and gave us a
to do with herself.” Through Susan, we Mr. Buffett as a consultant to your business friendly wave and a smile; it is cliché for the
learn that Mr. Buffett is very much a is a powerful competitive advantage. Midwest – and sometimes the subject of
“hands-off ” manager: she receives a one- Interestingly, Nebraska Furniture Mart jokes from the urban crowd – but it was a
and-a-half page letter from her boss every learns about how to move crowds through prime example of the friendly demeanor of
two years, setting out goals and expecta- the store and please their customers from the people of Omaha. Frankly, I didn’t
tions for the business. Aside from this, Disney. Its staff members attend a two- expect that touring Mr. Buffett’s retail
Susan is in full control of Borsheims, know- day seminar at Disney once a year. operations would be a all that interesting,
ing that Mr. Buffett’s door is always open but it was a pleasure to meet with each of
should she need to seek his opinion. What struck me is that each of these his managers. I could write a whole other
managers spoke the same language when journal with learning points that I took
Comments about Warren Buffett’s describing Mr. Buffett: words like ‘typical’ away from listening to them. Bob and Susan
management style were further echoed by Midwest values, honesty, integrity, and com- served to increase my anticipation for our
Bob Batt, executive vice president of mitment to family and the business are meeting tomorrow with Mr. Buffett.
Nebraska Furniture Mart, which sells a etched into the cultures of each of these
The Big Day

The day started out with a Q&A session
held at Berkshire’s corporate offices in
downtown Omaha. Mr. Buffett breezed
into the room and started the conversa-

The Rotman contingent is pictured with Warren Buffett, at centre.

58 • Rotman Magazine Fall 2005

tion off with a few jokes; then, for the Berkshire gets the profit on one! everyday, playing bridge on the internet, and
next hour and a half, he left the floor open Throughout our meeting, Mr. Buffett spending time with his family and friends.
for us to ask him questions, each of which When asked, if he wasn’t Chairman of
he answered with the folksy wit and wis- seemed perfectly happy to be hanging out Berkshire, what he would do, he said he
dom for which he is known. One of the with a group of students, constantly joking would probably be a reporter, since that’s
many things I noticed (and envy) about with us and telling stories. Prior to meeting ‘essentially what he does now’, and that all
Warren is that he speaks in complete him, I knew that many in academia believe he has to do to be successful is make sure
focused paragraphs, and has a way of that his track record can be explained as that he is assigned ‘to the right investment
presenting information in a logical, being a ‘five sigma’ event, and that he is story’. Quoting Wayne Gretzky, he stated
straightforward manner. Listening to his simply the luckiest investor that ever lived. that as an investor “You don’t go where the
responses, you can’t help but be drawn Having previously read his rebuttal to these puck is; you go where it is going to be”.
into his thought process. naysayers in the appendix of The Intelligent
Investor (titled “The Superinvestors of With immense wealth at his disposal,
After the Q&A session, we were able Graham and Doddsville” – it can be found Mr. Buffett has a great humility about his
to join Mr. Buffett for lunch at Gorat’s. A online at www.tilsonfunds.com/superin- place in this world. Describing his life, he
few of us were saved from the long walk to vestors.html), I know that Warren does not outlined how he won “the ovarian lottery”
the restaurant when Warren offered us a have a fondness for academics, either. by being born as a white male in the United
States, a country that provided the oppor-
Quoting Wayne Gretzky, he stated that tunity for him to succeed. Taking nothing
as an investor “You don’t go where the for granted, he is not one for extravagance
puck is; you go where it is going to be”. either: his one extravagance is his private
jet. “The standard of one’s living does not
equate to the cost of one’s living,” he said,
when asked about his modest lifestyle.

ride – and I just happened to be one of the Therefore, his comments during the Q&A Buffett plus 1
lucky ones! I even somehow managed to met with my expectations.
get the front seat.This brief car ride was the I could never have imagined that my MBA
highlight of the trip, as it gave us and The underlying themes of his com- career would end off with such a great expe-
opportunity to share some time with Mr. ments around investing were: rience. Mr. Buffett’s comments and advice
Buffett in a smaller group setting. While in • ‘Mr. Market’ is generally efficient, but encouraged us to continually ask questions,
the car, we asked for his opinion on various stand up for what is right, always keep learn-
subjects, ranging from philanthropy to cur- sometimes he is grossly inefficient; ing and believe in our abilities. I think that my
rent formal business education. Much like • Diversification is protection against igno- classmates would agree that we all felt reen-
the Q&A session, his answers were witty, ergized after the trip. This is an experience
straightforward and complete. In response rance; that I will remember forever, and I hope that
to the question about his opinion of busi- • For the majority of investors, a passive I have the opportunity to cross paths with
ness education, he said if he were to teach a Mr. Buffett again in the future. I would like to
finance program about investing, “it would investment strategy in index funds is the thank him and his team for being such gra-
include only two courses: ‘How to Value a best approach; and cious hosts and for taking time out of their
Business’ and ‘How the Market Works’.” In • Volatility in prices does not equate to risk. day to spend with us. Mr. Buffett, next time
his opinion, that is all one needs to know. I’m in Omaha, the hot roast beef sandwiches
Interestingly, each of these comments con- at Gorat’s are on me!
In his annual report, Mr. Buffett sug- trasts with a major component of our
gests that when dining at Gorat’s, you can financial education at Rotman and a core I would like to leave you with my
“enhance your reputation as an epicure by part of financial theory: the Efficient favourite quote that Mr. Buffett has used in
ordering, as I do, a rare T-bone with a dou- Market Hypothesis. Mr. Buffett’s viewpoint his annual letter to shareholders. It is
ble helping of hash browns.” For lunch, was very valuable for us to hear, since it ‘Noah’s Rule’: “Predicting rain doesn’t
however, he decides to flaunt his mastery of offered a slightly different spin on financial count; building arks does.”
dining with a hot roast beef sandwich, theory that we will be forever able to carry
mashed potatoes, gravy and a Coca-Cola with us. Thankfully, Rotman had exposed As for me and my fellow classmates,
(perhaps the rare T-bone and hash browns me to the teachings of Graham and Dodd it’s time to build some arks!
would be his dinner selection.) Previously, (another teacher/mentor of Buffett’s),
at our reception, he had joked that we through Prof. Kirzner’s Security Analysis David St. Germaine (MBA’05) is now working as a sales and
should drink – or at the very least open – course. Much like Mr. Buffet, I believe that trading associate at TD Securities in Toronto.
the cans of Coke that were available, this material should be taught to all stu-
because for every 12 Cokes that are sold, dents as part of their core finance course.

It is apparent that Warren Buffett truly
enjoys his work and his life: he spoke about
how much he enjoys going to the office

Rotman Magazine Fall 2005 • 59

Questions for: Martha Amram

Valuing Growth Opportunities

The author and growth expert argues for a transparent approach to valuation
that works for all types of growth opportunities.

Karen Christensen: In your book Value Carlo simulations’,‘decision trees’ and real and in small companies, they drive their
Sweep: Mapping Growth Opportunities options. Unfortunately, the audience for small teams through managerial charisma.
Across Assets, you say that current valu- their work is befuddled by all the complex
ation methods and tools fail to diagrams and dense calculations. The ver- Identifying your own skills and poten-
effectively value growth opportunities. dict is stark: valuation results must be clear tial contribution to the mix is a better
Why is this? and quick to grasp, otherwise they are not self-marketing strategy than trying to
useful. Transparent valuation results are change yourself. Growth is always risky.To
Martha Amram: Let's consider how comprised of three components: succeed you'll need to know which issues
equity analysts value companies they cover. 1) A clear line of calculations on one or are going to keep you awake at night, turn-
Take Yahoo! Inc., for example. Many ing your stomach, and preventing you from
analysts use a discounted cashflow model two pages; working at your best, and which you can
(DCF), also known as NPV. Current 2) Verbal narratives that pinpoint the key manage your way through. Find your own
assumptions are that Internet advertising spot in the picture.
revenue growth will be 35 per cent per year arguments: “The path to sustainable
for the next 10 years or so, and thatYahoo growth is...(provide logic here)”; “A KC: One chapter of your book is titled
will increase market share in this segment, pessimist would say...(identify key “Designing Growth Opportunities.” Can
so its revenue growth from this service will risks here)”; and you give us a quick lesson on this?
be at least 35 per cent. This assumption 3) A match between the project's intrin-
forms the basis for the high valuation of sic structure and the valuation model. MA: Growth is an active process, and every
Yahoo, relative to current revenues. The model (DCF, real options, deci- project needs mid-course corrections. If
sion analysis) must be matched to the the valuation tool lays out these decision
But the model fails to address the risk asset type. When the model fits, the points – including information available at
in the growth. Recent academic studies first two steps are much easier. that time, and costs to proceed – managers
show that almost no public company has can anticipate being flexible and prepare.
sustained revenue or profit growth rates KC: Typically, growth accounts for 75 per Further, experience shows that once a lay-
above nine-to-ten per cent per year. Further, cent of a company’s value. What skills out of upcoming milestones and decision
something like 70 per cent ofYahoo's value does this imply are most in demand points is complete, managers can see the
in these DCF models comes from assump- these days? entire picture and revise their strategy a
tions about the far reaches of the forecast bit. This revision leads to huge increases in
horizon – in years 10 and beyond. What is MA: Growth options require cash expendi- value, because the project is better
the enduring value ofYahoo? How protected tures, so companies earn the right to designed to meet the risks it will face.
is their business model? The DCF analysis exercise their growth options by generating
appears authoritative, but it masks a series of cash from current operations. Thus, two KC: What signs of value and growth
assumptions that resemble a‘house of cards’. kinds of people are needed: those who can should investors be looking out for?
And this situation is not unique to Yahoo; it execute the current business; and those
applies to any fast-growing public company. who can deliver new opportunities. MA: Great question.Three things:
Modern management practices are better 1) Is the mature business opportunity prof-
KC: You argue for a ‘transparent at measuring operational performance, so
approach’ to valuation that works for all it is easier to identify good managers in that itable? What is the point of growing a
types of growth opportunities. What arena. But someone who can connect the project if there is no reward at the end?
might this look like? dots between R&D and new business 2) Is there enough money to complete
opportunities, and really make it happen, the project?What is the financing plan?
MA: Many MBA students and corporate will always have high demand for their 3) Who else is moving at the same speed
analysts become infatuated with ‘Monte services. In large companies, these individ- towards the same goal?
uals build consensus and force progress; Let’s apply these questions to Apple’s

60 • Rotman Magazine Fall 2005

iTunes and iPod products. With respect to salesforce.com, which came into enter- Despite this, most corporate analysts
number one, it is not clear whether there is prise software sales cycle management with assume their projects face significantly less
a lot of profit in hardware, and iTunes has a a new technology structure and found a pro- risk than this. The internal corporate data
lot of new competitors, making it very tected niche; it is doing quite well, while I've seen suggests that the risks are not that
questionable as to long-term profits; in most in the industry are struggling. different, it’s just that corporations are
terms of number two,Apple does have a lot more reluctant to close down failing
of cash, so no problem there; and with My point is that there are interesting projects. I’d like corporate analysts and val-
regards to number three, who isn’t going growth opportunities in established indus- uation professionals to adjust their models
towards the mobile music market? In terms tries, because they support variety. By to include these risks. It would result in sig-
of a valuation model, Apple’s long-term rethinking your business model, you can nificantly lower valuations – 20 to 50 per
value based on these products is both ques- find a good growth opportunity for your- cent of what we see today.
tionable and low. self. On the other hand, some of the
fast-growing, emerging industries (like KC: What are you working on these days?
KC: Which industries boast the best mobility) are brutally competitive, because
growth opportunities right now? there is no protected niche, and each com- MA: Two things; as you know, I have a long
pany faces the ‘survival of the fittest’ term interest in growth options, but I don’t
MA: I’ve been reading a fascinating book challenge. So, where are the best growth see it being taught in MBA programs, and I
about Alfred Kinsey, the sex researcher. opportunities? In the best of both worlds, believe that must change. I’m currently
Early in his career he studied gall wasps, an they are in fast-growing and profitable teaching part time at Santa Clara
insect that only moves about 40 feet during established industries. University, trying to figure out how to
its entire lifetime. He found that the com- work this stuff into the MBA curriculum
mon notion of ‘survival of the fittest’ did not KC: You have said that it takes more than and how to make it accessible to those who
explain the variations in the thousands of gall good growth projects to build corporate are teaching Finance. Like me, they were
wasps he collected – there was no weeding value; what other elements are important? trained in PhD programs that likely didn’t
out of weaker traits for those better suited to cover this. My challenge is to build up a set
survival. He found that gall wasp communi- MA: I mentioned execution earlier. In many of materials that is attractive to business
ties became isolated, and as a result, within cases, a firm has a pipeline of ideas, but then professors.This is a long term project.
those communities there was enormous fails to earn profits for a quarter or two; the
variety. I think the same thing happens in pipeline is put at risk, and may be aban- My other work involves working as a
industries.Their economics makes them iso- doned. So execution of the current business consultant to help clients figure out the
lated, and within that isolation, a variety of is a pre-requisite for growth projects to growth conundrum. The stock market has
business models can work to generate sub- thrive. The second prerequisite is organiza- 12,000 publicly-traded companies, and
tional culture. I've also seen great ideas that probably 3,500 to 4,000 do not have very
good analyst coverage; further, many of
Growth is an active process, and every these companies don’t even make money –
project needs mid-course corrections. they are pure growth option companies
such as biotech, drug development or soft-
stantial profits. Jim Collins’ Good to Great go nowhere in companies that are swamped ware companies, pre-profit. So how
chronicles this type of ‘within-industry with pointless meetings. The culture has to should they be valued, and how can all this
opportunity’ – traditional businesses turned support making decisions at meetings – not theory about growth options be applied to
into profit powerhouses. just showing up to share information. them? I’m seeking ways to capture the
data on what’s happening in the stock mar-
But when industries are no longer iso- KC: What is the most frequent mistake ket and use it in the feedback cycle to
lated – as in the case of the convergence of you see people making in valuing improve models and inform private trans-
communication and computing technologies growth opportunities? actions at the venture capital, private
– there is no longer protection, and a lot of equity or corporate project level. As you
experimentation and weeding out of weak MA: Being overly-optimistic is the most can see, I like challenges.
business models takes place. Palm Inc. is an frequent mistake I see. For example, less
example of this challenge: located at the than five per cent of patents earn any rev- Palo Alto-based Dr. Martha Amram is the author of Value
crossroads of phones and PDAs, it doesn’t enues; yet almost all valuation reports find Sweep: Mapping Corporate Growth Opportunities, and co-author
have much protection, and is therefore substantial patent value. Less than 20 per of Real Options: Managing Strategic Investment in an Uncertain
caught in a ‘survival of the fittest’ race: cent of venture capital-backed companies World. Dr. Amram is the founder of Growth Options
only time will tell if Palm or the phone succeed to an IPO, and less than 50 per cent Insights, which provides commentary, analysis and invests in
companies come out on top. An example of of these are still running five years later. companies with valuable growth opportunities. She holds a
an entrant into an established industry is PhD in applied economics from MIT, has advised Fortune
500 companies and startups, and currently teaches Business
Valuation at Santa Clara University. She can be reached at
[email protected].

Rotman Magazine Fall 2005 • 61

Live@Rotman: Business and Society Conference 2005

Corporate Citizenship:What’s a CEO to Do?

A filled Fleck Atrium was the scene of the 2005 Rotman MBA Business and Society
Conference, Corporate Citizenship:What’s a CEO to Do?, where a cross
section of students and business leaders heard the latest thinking from today’s leading
practitioners in the realm of corporate citizenship.

As a host of corporate scandals has revealed holders – from the media and NGOs to their strategic mindsets to include a whole
– from Enron to Hollinger and Nortel politicians and labour unions – is becoming host of new social, environmental and
right here in Canada – the public percep- more and more acute.” With this in mind, economic incentives.”
tion of corporations has never been lower, Rotman launched an annual Business and
and the push for corporate ethics and good Society Conference in the spring of 2003. The 2005 Conference, which featured
governance has never been stronger. the launch of the AIC Institute for
‘Transparency’ and ‘accountability’ are Corporate Citizenship at Rotman, was
As a result, “corporate leadership has more than buzzwords, added co-chair presented in partnership with Monitor
never been more challenging,” conference Emma KathleenWain (MBA ’05): “They Group and sponsored by the Institute
co-chair RossWallace (MBA ’05) told the are changing the role and the reputation for Corporate Directors and Hill and
crowd. “Demands from shareholders are of business in every corner of the world, Knowlton. Following are some highlights
increasing daily, while pressure from stake- and forcing corporate leaders to expand from the presentations.

Photos: Dario Ruberto Michael E. Porter bit as to how to frame this issue. Most to be discovered: every activity in a firm’s
firms are in reactive mode, doing whatever value chain overlaps in some way with
“There is no way to avoid paying serious they can to avoid a public relations disaster. social factors – everything from how you
attention to corporate citizenship: the Business is letting outside forces define this buy or procure things to how you do your
costs of failing are simply too high.Yet we agenda rather than proactively defining it; research – yet very few companies have
are in a dangerous period where many it must start to view corporate responsibil- thought about this. The goal is to leverage
companies are wallowing and wandering a ity as something that can be approached your company’s unique capabilities in sup-
systematically and strategically. Most citi- porting social causes, and improve your
zenship initiatives involve giving programs competitive context at the same time. The
that are unfocused and only tangentially job of today’s leaders is to stop being
related to business objectives. Firms defensive and start thinking systematically
should be using the talents of their employ- about corporate responsibility.”
ees to make change. Leaders need to
closely examine the intersection between - Michael E. Porter, Bishop William
their organization and society. There are Lawrence University Professor,
countless ‘win-win’ opportunities waiting Harvard Business School

62 • Rotman Magazine Fall 2005

“Those who are blessed – who are born in second thing you need to do to create wealth Michael Lee-Chin
countries that equip them with confidence is to optimize and compound financial capi-
and experiences that foster growth – have a tal. Despite the fact that the Bank is largely in Jamaica and they say, ‘maybe I should,
higher responsibility to those less fortu- Canadian-owned, we made a commitment too’. In 2003, the Jamaican stock exchange
nate. When AIC bought 75 per cent of not to repatriate one penny of its dividends saw a 45 per cent increase; and in 2004,
National Commercial Bank Jamaica back to Canada. Last year, this enabled us to it rose by 67 per cent. Today, there is a cool
Ltd. in January 2002, our purpose from reinvest $25 million in Jamaica; and this breeze of optimism blowing through
the beginning was nationalistic: to build a year, that should rise to $35 million. The Jamaica.”
better Jamaica. Rife with high crime, weak best part is, people see us spending money - Michael Lee-Chin, Chairman and
currency and infrastructure, and citizens CEO, AIC Limited; Lead Benefactor,
with low confidence, I asked myself, ‘if I AIC Institute for Corporate
were CEO of Jamaica, what would I do to Citizenship at Rotman
fix it?’ We realized that if the country was
wealthier, many of its problems would
likely disappear. The principles of wealth
creation are the same, whether you’re an
individual, a business or a country: first,
you must optimize and compound individ-
ual capital.We realized that if we could help
educate the population, we could create
and retain human capital. The result: the
Jamaica Education Initiative. We created a
credit card where one per cent of all charges
go to education, allowing everyday people
to be philanthropic in their consumption.
The resulting funds have already created 200
scholarships, and allowed 13,600 students
to write the exam that leads to college.The

Photos: Dario Ruberto Penny Collenette on an assessment of all stakeholders. This
new model does not seek to undermine
“After the ethical breakdown in both the taxes, but they also need state-of-the-art our culture of capitalism, but to make it
private and public sectors, I believe infrastructure to move their goods, which better and stronger.A challenge of the cor-
Canadians are searching for a new moral means that governments have to foot the porate responsibility doctrine is that not
compass, while recognizing the delicacy of bill. Our First Nations want their tradi- everyone worries about the future, and
such a journey. Regulatory agencies need tional ways to be respected, while that needs to change. We are definitely
teeth, but not so much that they will tear simultaneously needing to find new profit- challenged by global issues of terrorism,
out the creative entrepreneurship of busi- making models. To me, it’s clear that a natural disasters, climate change, corrup-
ness. Companies want lower corporate select give-and-take model must be based tion and disease, and yet too often we
remain focused on short-term results,
whether they are quarterly results or the
next election. From a corporate citizen-
ship perspective, both business and
government need a facelift. Both sectors
need to go through this debate together,
and hopefully we will come out stronger
as a country.”

- Penny Collenette, Executive
in Residence at the School of
Management and Adjunct
Professor, Faculty of Law, both
at the University of Ottawa

Rotman Magazine Fall 2005 • 63

Live@Rotman initiatives to make sure that it is tightly Paul Tsaparis
integrated into your business plan and what
“There are some discussions on whether you believe will provide competitive advan-
corporate citizenship is a new idea or not. tage. If we [at Hewlett-Packard] want to
As an HP veteran, I have to confess I don’t remain competitive, we think it’s going to
think it’s a terribly new idea. I’d like to talk be extremely important for us to not only
about a guy who thought about this in a have this as part of our core strategy mov-
much simpler way, and that guy was Dave ing forward, but also act on it in everything
Packard. Nearly 50 years ago, he said: that we do. For example, in 2004 HP pur-
‘The real reason HP exists, is to make a chased $52 billion in products and services
contribution; to improve the welfare of from 7,000 companies, and we hope to
humanity, to advance the frontiers of sci- raise the corporate citizenship standards of
ence. Profit is not the proper end of our suppliers.We have significant opportu-
management; it is what makes all other nity and responsibility to extend our social
aims possible.’ Knowing that CSR can help and environmental standards throughout
strengthen the economic value of a com- our product supply chain.”
pany by making it more attractive to
customers, partners, employees and share- - Paul Tsaparis, President and CEO,
holders, it stands to reason that this will in Hewlett-Packard Canada
turn make it more competitive. I would
encourage any company considering CSR

Don Tapscott to society. One view is that corporations some time. The starting point is to have
exist just to make money, full stop, and cognition, mainly on the part of CEOs,
“The companies at this conference are anything that takes away from that is actu- that baking business integrity into every
atypical, because most really don’t get it. ally not in society’s or shareholders’ aspect of your DNA is not just something
Underlying that are different views around interest. Then there is this other extreme, you do for compliance or because it’s a fad:
what a corporation is, and its relationship that the corporation is an institution of it will be the only way you can build a prof-
society; it’s granted certain rights in itable and sustainable enterprise. But until
exchange for certain obligations to give we achieve an awakening with CEOs, we
back to society in all kinds of different are going to continue to have CSR func-
ways. Then you have this view in the mid- tions seven levels down in an organization.”
dle that ‘you do well by doing good’,
except I don’t think that’s been true: lots - Don Tapscott, president of New
of companies do really well by being really Paradigm Learning Corporation and
bad. Because of transparency, that’s all Adjunct Professor of Strategic
about to change, but it is going to take Management at the Rotman School

Photos: Dario Ruberto Susan Shepard way I look at these things. I later became committed to ethics and compliance and
the commissioner of investigation for knows no other way to do things. It’s not
“I spent about ten years in law enforce- NewYork City, where I had to go into the nice for a company to have problems, but
ment, prosecuting cops and robbers, drug agencies and see what the problems were, in some ways it’s nice to walk into the sit-
dealers, white collar criminals, and politi- to do audits and develop internal controls uation that I did, and be told by your CEO
cians, and it has very much informed the – to ‘close the barn door before the that he wants you to design a model ethics
horses got out.’That has led me to the way and compliance program at a time when
I think about compliance today. I look for everybody in the company is sensitive
ways to minimize opportunities for mis- about what happened and understands
conduct. Training, risk assessment, and that it can’t ever happen again.”
creating an atmosphere conducive to
whistle blowing are three key tactics to - Susan Shepard, Chief Ethics
improving corporate behaviour. But cor- and Compliance Officer, Nortel
porate citizenship also requires a leader Networks Corp.
like Nortel’s CEO, Bill Owens, who is

64 • Rotman Magazine Fall 2005

Photos: Dario Ruberto Rose Patten BMO, we’ve put some distinct processes an annual employee survey of 35,000 peo-
into place that speak very clearly to our ple. This survey is administered externally
“Ethical leadership is very central to the directors’ charter of expectations. For and is completely anonymous, so we get
tone set at the top of an organization, start- example, at the board level, we establish very high participation rates. We were
ing with the governance of the board. At personal accountability and holding others brave, I believe, to include questions about
accountable through a peer evaluation. our values and principles and ask employ-
When we move from the board into the ees to comment on how they see them
executive group, our first principles are playing out in the workplace.This allows us
articulated and embedded in our perform- to see how our values are being carried
ance systems, training systems, reward out, and it’s been central to articulating
systems, and education systems, so every- what we stand for.”
one clearly knows what we’re holding
them accountable to. One of the measures - Rose Patten, Senior Executive Vice
I’m most proud of is that as we have President, Human Resources, and
defined what an ethical culture is and what Head of the Office of Strategic
our values are, we measure them through Management, BMO Financial Group

Corporate Connections Centre

“The war for talent really is back on.”

Wall Street Journal, March 3, 2005

XIAOMING HU MBA ’03 Are you in need of new talent to grow your organization?
Trying to get ahead of the pack to find it?
General Manager and Design Director,
2008 Beijing Olympics $100M Aquatics Facility If your organization would benefit from access to high-potential
leaders, the Rotman Corporate Connections Centre can assist you
in sourcing the right candidates. We can connect you with Rotman
students and alumni at any time throughout the year.

Please contact our office directly at (416) 946-7953 or visit us
online at www.rotman.utoronto.ca/career for more information
about how we can help build your organization for the future.

Rotman Magazine Fall 2005 • 65

News Briefs
School Receives $10-Million Boost for Integrative ThinkingTM

The Rotman School has received a signifi- creative business solutions are not the Dean Roger Martin with Dr. Marcel Desautels
cant boost for its quest to revolutionize result of simplification and specialization,
business education with a second $10-mil- but of what we at the Rotman School call interactive educational experiences with
lion gift from Canadian Credit Integrative Thinking.” a high faculty-student ratio. Integrative
Management Foundation (CCMF) Thinking modules have also been added
President Dr. Marcel Desautels. The establishment of this Centre has to Rotman’s One-Year MBA for
been pivotal to the Rotman School’s goal Executives and the School’s other custom
The Marcel Desautels Centre for to become one of the world’s top tier and open enrolment executive programs.
Integrative Thinking was established in business schools by leading an evolution The Marcel Desautels Centre for
2000 after an initial $10-million gift from of the traditional business school model. Integrative Thinking has attracted visiting
the CCMF. With the announcement of this The additional $10-million gift to the scholars, organized international aca-
additional $10-million donation, the Centre will strengthen its teaching and demic conferences and hosted more than
Centre will continue to make a major research activities and will include 40 sessions of the Rotman Integrative
impact on business education by bringing enhanced programs, curriculum develop- Thinking Seminar Series, which provides
together internationally-renowned scholars ment and the recruitment of new faculty, students, alumni, and the local business
to push the frontiers of Integrative among other initiatives. community with a rare opportunity to
ThinkingTM, conducting original research get ‘inside the heads’ of some of today’s
and making the Rotman School a focal “During my career, I recognized that leading integrative thinkers.
point for thinking and dialogue in this area. business students were not graduating with by Matthew Fox
the full complement of skills necessary to
“We are grateful to Marcel and CCMF help their new organizations address real-
for their continued and generous support world challenges,” says Desautels. “Roger
in the development of Integrative Thinking Martin and the Rotman School have already
as a new way of thinking about business,” made significant progress in developing a
says Roger Martin, dean of the Rotman new model. This second gift will help the
School. “As business becomes increasingly School achieve its goals.”
complex, formulaic approaches to problem
solving are increasingly ineffective. Success Since the foundation’s initial gift in
in today’s environment does not result 2000, the School has revamped its full-
from emulating others, but from using time and part-time MBA curriculum,
organizational assets to build unique mod- including the addition of the compulsory
els, products and experiences. Such Integrative Management Challenge and
the Integrative Thinking Practicum –

Five New Faculty Members
Join Rotman

Experts in real estate, organizations, Business School, compliment the School’s Photos: Ken McGuffin
finance, and marketing are among five new existing research and teaching capabilities.
professors who have joined the Rotman Andrea Wojnicki, one of five new Rotman
faculty for the 2005/2006 academic year. “We have been able to attract another faculty members
The appointments, drawing from a num- group of remarkable faculty to the
ber of the world’s leading institutions Rotman School,” says Prof. Peter Pauly,
including Harvard, Stanford, and London associate dean, research and academic
resources. “They will certainly support

66 • Rotman Magazine Fall 2005

Friends of Rotman Receive Honourary Degrees

Amongst the influential leaders in business, and Maritime Life. She is currently vice Drs. J. Douglas and Ruth Grant
academe, the arts, and philanthropy chair of the board of trustees for the
receiving honorary doctorates from the Hospital for Sick Children and chair of dean’s advisory board at the Rotman
University during June’s convocation the board of the Sick Kids Foundation. School. Fung serves on the board of
ceremonies were some close friends of the numerous organizations including Fung
Rotman School, who received Honorary Professor Emeritus Myron Gordon Yiu King Charitable Foundation,
Doctor of Laws degrees: Douglas (BA has done much to shape worldwide Chinese University of Hong Kong, and the
’59) and Ruth Grant (BA ’62), Rotman finance. His valuation formula, known as Hong Kong Institute of Bankers.
School Professor Emeritus of Finance the Gordon Dividend Growth Model, is used by Karen Christensen
Myron J. Gordon, and Patrick Yuk- around the globe to calculate returns on
Bun Fung (MBA ’73). stock investments, to estimate stock mar-
ket values, and to arrive at the returns
With their generous gift of $2 million public utility companies are allowed to
in 2001, the Grants established the J. earn. Before joining the University’s
Douglas and Ruth Grant Canada Research Faculty of Management in 1970, Prof.
Chair in Competitiveness and Prosperity at Gordon taught at Carnegie Mellon, MIT
the Rotman School, held by Professor and Berkeley. He has served as president of
Daniel Trefler. One of seven founders of the American Finance Association
Sceptre Investment Counsel, Douglas and as associate editor of numerous aca-
served as CEO of the firm from 1976 to demic journals. His previous honours
1990, and chair from 1986 to 2003. He is a include fellowship in the Royal Society
director of the Ontario Teachers’ of Canada and an honorary doctor of
Pension Plan and Plug Power Inc. A laws degree from McMaster University.
former member of the UofT’s Governing
Council and a longtime supporter of the A prominent figure in the world of
University, he was awarded the prestigious international banking, Patrick Fung also has
Arbor Award in 1994. Ruth Grant has a strong sense of social responsibility. The
worked tirelessly to enhance the city of chair and chief executive of Wing Hang
Toronto and the UofT. She has held numer- Bank, Ltd. of Hong Kong, Fung has main-
ous positions with the United Way of tained strong ties to UofT throughout his
Greater Toronto, Care Canada, and career. Currently, he is chair of the
Sunnybrook and Women’s College University of Toronto (Hong Kong)
Health Sciences Centre, to name a few, Foundation, where he plays key roles in
along with directorships with Aetna Life fundraising, student recruitment and
alumni relations, and is a member of the

our continued growth in all of our where he taught organization and strat- Stanford University. Her research interests
research areas and academic programs.” egy courses in the MBA program. His include housing and real estate, as well as
research is on trust in organizations and industrial organization.
David Goldreich is an Associate organizational networks.
Professor of Finance. He joins the Rotman Andrea Wojnicki is an Assistant
School from the London Business School, Sergei Davydenko will be an Professor of Marketing. She is currently
where he taught in the core MBA Finance Assistant Professor of Finance. He is finish- completing her DBA at Harvard
sequence. His research is in the areas of ing his PhD at the London Business University, with research on the role of
corporate finance and capital market issues. School, and his research focuses on firms’ word-of-mouth in marketing.
capital structures and credit risk. by Ken McGuffin
Bill McEvily joins the Rotman
School as an Associate Professor of Lu Han joins the Rotman School
Strategic Management. Previously he as an Assistant Professor of Business
was at Carnegie Mellon University, Economics. She is completing her PhD at

Rotman Magazine Fall 2005 • 67

News Briefs

The ‘Freakonomics’of Cheating

Steven Levitt Photo: Ken McGuffin Prof. Steven Levitt, the Alvin H. Baum trying to catch elementary school teachers
Professor in Economics at the University of cheating; sumo wrestlers and how they
Chicago, brought a fresh perspective on cheat; and “the lowest of the low, what you
economics with his presentation at the 44th learn from bagel thieves in office parks in
session of the Rotman Integrative Thinking Washington, D.C.”
Seminar Series on May 16. “I’m often intro-
duced as someone who calls himself an Prof. Levitt’s research on cheating and
economist, but never does anything that corruption served as the basis for his best-
other economists recognize as being about selling book (co-authored with journalist
economics,” says Levitt, the 2003 recipient Stephen J. Dubner) Freakonomics: A Rogue
of the John Bates Clark Medal awarded by Economist Explores the Hidden Side of
the American Economics Association as an Everything. His anecdotal approach generates
outstanding economist under 40 in the a level of interest in his work – which he
U.S. “I’ve always studied the questions I’ve defines as the study of incentives – that few
found interesting,” he says. Among them: economists can claim. Levitt tackles moun-
tains of raw data to answer such questions as:

Empathy is the Prescription for
the Abundance Gap: Pink

Best-selling author Daniel Pink, whose there is no telling how long this advantage Daniel Pink
book A Whole New Mind: Moving From the will last,” he says.
Information Age to the Conceptual Age chroni- The six key areas that right-brain
cles the end of the era of ‘left-brain’ In terms of abundance, Pink notes that thinkers are attuned to are all things that
dominance, was featured in a Rotman Knowledge North America is spectacularly prosperous, cannot be outsourced or automated, notes
Management Seminar on June 7th. which has created an ‘abundance gap’. “For Pink: design, story, sympathy, play, empathy
example, self-storage is a $17-billion indus- and meaning. Businesses and individuals
Until recently, says Pink, the character- try in the U.S., for the simple fact that we all whose signature ability is empathy will
istics that got people ahead in business were have too much ‘stuff’, and nowhere to put thrive in a right-brain world, he says. The
all‘left brain’ attributes: rational and sequen- it.” Living with such abundance leads people pursuit of ‘meaning’ and ‘purpose’ is huge
tial thinking; analysis and logic. “Today, if to search for meaning and purpose, says today, as a result of the abundance gap.
that’s all you have to offer, you’re in trouble,” Pink – and hence the move to right brain “People are getting wealthier, but studies
says the former chief speechwriter for U.S. activities. As for automation, machines long show we aren’t getting happier.This explains
Vice President Al Gore and author of the ago replaced human labour in many areas, why OprahWinfrey is such a cultural phe-
best-selling Free Agent Nation. “While still but computers are now replacing many ‘left- nomenon: her entire organization is built
important, this kind of thinking is no longer brain’ tasks, in fields from accounting to law. around empathy,” says Pink. For more about
enough; it must be complemented by right- Daniel Pink, visit www.danpink.com
brain attributes like empathy, synthesis, With his recognition of the importance by Karen Christensen
artistry and inventiveness.” of design principles and Integrative
ThinkingTM, “Dean Roger Martin is far
There are three key forces in the world ahead of any other business school,” says
that are tilting the scales from left to right- Pink, who points out that even General
brain thinking, says Pink: Asia, automation, MotorsVice Chairman Rob Lutz has been
and abundance. “We all know that China is quoted as saying, “I see us as being in the art
outdoing everyone on the manufacturing business; art, entertainment and mobile
end – the left brain side of things: tasks that sculpture.” With GM representing one per
are logical and sequential. The West is cur- cent of U.S. GDP, “if GM says it is in the art
rently ahead on the right brain side, but business, we are all in the art business.”

68 • Rotman Magazine Fall 2005

Why do more parents pick up their children and collecting the unsold inventory and September 11, the payment rate has spiked
late from daycare after a financially-penaliz- cash sales at the end of each day.True to his two per cent; and telecom employees are
ing system has been established?” economist training, Paul tracked his sales the worst culprits for not paying.
for two decades, revealing how much prod-
Levitt studied the habits of bagel uct, and at which location, was paid for The CIA asked Levitt to use his
thieves in Washington, D.C.-area. “A guy under the honour system. approach to catch terrorists. Although he is
approached me and said,‘I’ve collected this working on it, he’s not confident he’ll suc-
data for 20 years, and I’ve offered it to 50 “This was a great way to start thinking ceed: “You really need to be 99.9999 per
economists, and they’ve all said no, but about white collar crime,” Levitt says. “What cent accurate in separating out terrorists and
I think you might be interested in it.’” are the influencers of when, what, and how non-terrorists; probably impossible, but
The ‘guy’, or Paul F. as identified in much people steal in an office environ- these are the kinds of problems I like to
Freakonomics, is an MIT-trained economist ment?” Levitt’s conclusions about bagel tackle.”
who quit his public-sector job to start a thieves: generally speaking, most people are by Matthew Fox
simple business, delivering bagels and honest, as Paul F. collected 90 per cent of his
donuts to more than 100 businesses in sales; theft increases coincide with holidays
office parks, selling them using a drop-box that generate pressure to spend; since

Minister Outlines Health Plan for Ontario

The Honourable George Smitherman, In terms of increasing access to doctors, Health Minister George Smitherman
Ontario’s Minister of Health and Long-Term “Our aim is to expedite medical equivalency
Care, spoke at the Rotman School on World for immigrant doctors, and we are increasing health care.” Fourteen of these will be cre-
Health Day in April, outlining some of his residency program intakes.” As a result, ated across the province to improve the
Ministry’s key objectives and initiatives. “As “there will be 337 more family doctors by planning and delivery of health care services
good a system as we have here in Canada, it 2008, serving an additional 400,000 in local communities. LHINs are non-profit
has its frailties,” admits the Minister, “and it’s Ontarians.” Whereas the previous govern- organizations responsible for planning, inte-
up to us to solve them.” ment “treated nurses with contempt, we’ve grating and funding local health services
funded more than 3,000 nursing positions including hospitals, home care, long-term
Smitherman and his team inherited an already and are investing in mentoring pro- care, mental health as well as addiction and
“unsustainable system,” he says. Key chal- grams. Nurses deserve to be treated as the community support services within a spe-
lenges include the one million Ontarians heart and soul of health care, which they are.” cific geographic area. “Through LHINs, key
who are currently without a family doctor; health care decisions that are currently made
and long wait times for key medical proce- The Ministry’s priorities for wait-time centrally at the Ministry in Toronto will be
dures. The McGuinty government’s reduction lie in five key areas: cancer care, made at a local level by people who live in
comprehensive plan to improve health care cardiac procedures, hip/knee replacements, the communities served.”
in Ontario is based on three key objectives, MRI scans and cataract surgery. “We have
he says: a healthier Ontario; better access to made progress on these already,” he adds. Initiatives such as these will counter the
doctors; and shorter wait times. system’s ‘silo effect’, says the Minister, but
One signature initiative is ‘Family Ontario’s health system problems won’t be
Initiatives underway to address these Health Teams’ – multidisciplinary teams of solved overnight. “Say what you will about
include the Smoke-free Ontario Act, which is doctors, nurses, and other health care pro- our plan: we ain’t the status quo. We are
currently going through the legislature. “This fessionals working together to provide agents of change. We will be investing tax-
will be the toughest anti-smoking plan in comprehensive care, 24/7. “Team practices payer dollars, and Ontarians will be able to
North America,” says Smitherman. “We also can help up to 52 per cent more patients.” see continuous improvements.”
aim to drive care into the community. There will be 150 of these teams in Ontario by Karen Christensen
Disease prevention initiatives are critical. by 2008, says Smitherman.
This will free up hospitals for acute care, as
the majority of emergency cases don’t actu- Another key initiative is Local Health
ally need emergency care.” Integration Networks (LHINs), which
Smitherman calls “the next evolution of

Rotman Magazine Fall 2005 • 69

News Briefs

Studying What Not to Do

Turning the world of case studies on its “Success and failure boils down to one thing Photo: Matthew Fox Sydney Finkelstein
head, Prof. Sydney Finkelstein, the more than anything else, and it is people,”
Steven Roth Professor of Management at he says. “How people behave, how people Finklestein, which allows for connections
the Tuck School of Business, championed react, and how people deal with things.” to everyday business and everyday organi-
the study of failed business strategies in his zations. “If we could strip out the hate, [this
keynote address for the Rotman Board Finkelstein related the case of the example] is in its own way not much differ-
Effectiveness Speaker Series on June 17. Boston Red Sox (“this story was better a ent than other value-destroying, irrational
Finkelstein’s anecdotes were sourced from year ago than it is today,” he says of the strategies adopted by companies from
his book, Why Smart Executives Fail andWhat defending World Series champions), the Motorola to Wang Labs. In each case,
You Can Learn from Their Mistakes. last major league baseball team to integrate there is a fundamental series of choices –
black players – a move attributable to an sometimes by one person, often by many –
Convinced that “some of the best les- owner who might not have harboured that create disadvantage that can take years
sons may come from organizations that strong racist beliefs, but who shaped a man- to recover from.”
made the wrong decisions,” Finkelstein’s agement setting in which “racist attitudes
research team conducted hundreds of and actions met little resistance.” The Red Finkelstein’s current research is
interviews over a six-year period to learn Sox finally broke the colour barrier in 1959 searching for ways organizations can avoid
more about the ineptitude that occurred at – 12 years after Jackie Robinson first such pitfalls. “I’m trying to figure out
more than 50 companies, including broke into the major leagues with the what an early warning system might look
DeLorean, Fruit of the Loom, Brooklyn Dodgers. In the late 1940s, like, so that organizations will know what
ImClone, Iridium, Marks & Spencer, the Red Sox were one of the best teams in to look out for.”
Rubbermaid, and Saatchi & Saatchi. baseball, averaging 95 wins a season. From by Matthew Fox
1951 to 1959, however, they averaged only
Finkelstein groups the various failures 80 wins and finished well back in the stand-
into four categories: executive mindset fail- ings. Meanwhile, Robinson was voted most
ure (“getting the strategy wrong”); valuable player within two years of his inte-
delusions of a dream company (“something gration, launching an era in which nine of
that only afflicts really successful compa- 11 MVP’s were black.
nies”); organizational breakdown (“is
critical information getting to the right “We could say that the Boston Red Sox
people at the right time?”); and leadership made a conscious decision not to adapt to a
pathologies (“seven habits of spectacularly fundamental change in their marketplace –
unsuccessful people.”) A common element in this case the expansion of the talent pool
in each of them is emotion, he says. to include African-American players,” says

Beyond Profit: Business Students with a Social Mission

Photo: Ken McGuffin This past spring, MBA students launched across the social and private sectors. The
Rotman Nexus, a consulting agency serv- Skoll Foundation has approved a
The Rotman Nexus Team, from left: Sue Chun, ing the needs of clients in the social sector Directors Grant in the amount of
Lisa Cavion, Fernando Goettems, Eric May, exclusively. Itself a non-profit entity, Rotman US$25,000 for the project, and Rotman
and Arun Kandanchatha, all MBA ’06. Nexus will offer management consulting Nexus is seeking additional funding to
services to non-profit and social enterprise expand the agency to serve a greater number
70 • Rotman Magazine Fall 2005 clients at affordable rates, identifying innova- of social mission clients.
tive ways to measure social return and
blended value. “Our integrative approach to learning is
normally associated with business, but in this
Conceived, developed, and staffed case, our students have gone beyond – inte-
entirely by MBA students, Rotman Nexus grating business practices and social contri-
links business minds and social missions and butions,” says Rotman Dean Roger Martin.
will serve as a hub for knowledge sharing “This initiative promises to have a positive

MDS Funds Study on New Health Care Photo: Ken McGuffin
Delivery Model for Cancer Patients

Toronto-based global health and life sciences Golden. “Health professionals in general Prof. Brian Golden
company MDS Inc. will fund a collabora- are well able to meet the technical require-
tive study to be launched this year between ments of care. Where the cancer-care expertise in organizational sociology, opera-
the Rotman School and Princess system often fails, however, is in not being tions management, modeling, marketing,
Margaret Hospital, which will help patient-centred.To patients, the system can organizational behaviour, and oncology.
develop a better understanding of the bene- often seem to be provider-centred,
fits of a patient-centred health care delivery designed mainly for the convenience of “Few health care professionals and sup-
model for cancer patients. Patient-centred hospital staff and health professionals. port staff would suggest that these principles
care shifts the model by focusing on the Whether that’s in fact the ‘reality’ is irrele- are not sensible,” says Prof. Golden. “Sadly,
patient instead of just the disease. This vant to the patient who experiences the our health care organizations too often con-
delivery model incorporates multiple system in this way.” tribute to a patient experience that is not
dimensions, including: information and edu- based on these principles.” Prof. Golden,
cation; physical comfort; emotional support “MDS has always been focused on cre- together with other leading UofT
and alleviation of fear and anxiety; respect ating better outcomes in the treatment of researchers (Mike Carter and Rotman
for patients’ values, preferences, and disease, and we believe that patient-centred Profs. Oded Berman, Dmitry Krass,
expressed needs; and the involvement of care can make a distinct contribution to the Joseph Milner, and Dilip Soman) will
family and friends. health and well being of people around the seek to understand reasons for this disparity,
world,” says John Rogers, vice chair and by considering what attributes a patient-cen-
The research, funded by MDS’ dona- former president and CEO of MDS Inc. tred model of cancer care would have;
tion of $250,000 per year over two years, “The Rotman School has established itself identifying client expectations; conducting
will be led by Professor Brian Golden, as a leader in health sector strategy with its various gap analyses among patients and
Sandra Rotman Chair in Health Sector integrated approach to meeting the grow- clinicians; determining what prevents pro-
Strategy at the University of Toronto and ing challenges of health care delivery.” fessionals and support staff from acting in an
the University Health Network, and direc- enterprise-wide patient-centred way; pro-
tor of the Centre for Health Sector Strategy The Rotman School’s Centre for Health posing interventions to improve the patient
at the Rotman School. Sector Strategy, with colleagues from the experience; and assessing the impact of such
University of Toronto and MDS, will work interventions.
“The patient experience has two com- with the Princess Margaret Hospital to con- by Ken McGuffin
ponents: first, meeting or exceeding duct applied research. The Centre has
technical standards of care, and second, a organized a multidisciplinary team of lead-
patient-centred approach,” says Prof. ing researchers and practitioners with

ripple effect in many different ways, from Entrepreneurship class. “As a non-profit con- was the overwhelming response from
improved student education to improved sulting agency, this was one of the more clients, students, mentors, faculty and
effectiveness in social programming.” unusual student projects developed in my alumni,” says Liz McBeth (MBA ’05), one
course,” says Professor Becky Reuber. of the concept’s initiators.The first group of
Advised by Rotman Lecturer Ann “Increasingly, though, I am seeing students Nexus consultants, pictured at left, worked
Armstrong, who teaches a course in social explore business concepts that address a on a variety of challenging, real-world proj-
consulting in the MBA program, Nexus social need and integrate a more sophisti- ects for social mission organizations in
began providing services in May 2005. “This cated view of the relationship between Toronto and across Ontario this past sum-
initiative highlights what Rotman students business and society. One thing that set this mer. For more, visit Rotman Nexus at
can offer by combining business acumen and group apart was their determination to see www.rotman.utoronto.ca/nexus
creativity for application in other arenas,” the concept through to launch.” by Ken McGuffin
says Armstrong.
“From the outset, we intended to make
A group of enterprising students devel- the agency real. What we didn’t anticipate
oped Rotman Nexus as a project in their

Rotman Magazine Fall 2005 • 71

News Briefs Photo: Dick Loek /Toronto Star

MBA Students Receive $2-Million Boost
in Business Scholarships

Rotman MBA students interested in pursu- the foundation for my career in finance and Peter Godsoe
ing careers in international finance or international banking.”
financial engineering can receive a financial Financial Times survey of global MBA pro-
boost thanks to a $1-million gift from Under Godsoe’s 10 years of leadership grams, Rotman was ranked seventh best in
Scotiabank in the name of its former and guidance as chairman and CEO, the world for finance.The school’s interna-
chairman and CEO Peter Godsoe. Scotiabank grew to become Canada’s sec- tionally renowned team of finance faculty
ond-largest bank and expanded its includes Professor John Hull, the Maple
The gift has been matched through the international reach significantly. He hopes Financial Group Chair in Derivatives and
province’s Ontario Student Opportunity the creation of the two scholarships will Risk Management, and Professor Alan
Trust Fund, creating a $2-million propel Rotman students to the top of the White, the Peter L. Mitchelson/SIT
endowment to establish the Peter global business community. “I believe Investment Associates Foundation Chair in
Godsoe/Scotiabank Scholarship in Canadians are capable of competing at any- Investment Strategy. Together, they are
International Finance and the Peter thing, anywhere in the world,” says Godsoe. known for the Hull-White Interest Rate
Godsoe/Scotiabank Scholarship in “I hope these scholarships help to attract Model, which has been awarded the
Financial Engineering. the type of people who are interested in Nikko/LOR prize and is widely used in
making an impact globally.” trading rooms worldwide. Hull has
Scotiabank honoured Godsoe for his authored two books which are standard
nearly 40 years of service by donating the Dean Roger Martin agrees. “This texts for financial engineering classes in
million-dollar gift to his alma mater. “I am generous gift from Scotiabank and Peter most business schools.
very impressed with Rotman and its Godsoe will help Rotman produce world- by Matthew Fox
strength in international finance and finan- class leaders and is a fitting tribute to Mr.
cial engineering,” says Godsoe, who Godsoe’s legacy in Canadian and interna-
graduated with a bachelor of science tional banking and finance.”
degree from the University of Toronto in
1961. “The University is where I was intro- The Rotman School is internationally
duced to applied mathematics, which laid recognized for its expertise in finance,
including financial engineering. In the 2005

Kernaghan Professorship
in Financial Analysis Announced

A noted expert in financial accounting has the support of the Kernaghan Professorship, Photo: Ken McGuffin
been appointed the first holder of the he will continue his research on new venture
Edward J. Kernaghan Professorship in financing, entrepreneurs’ access to financial From left: Dean Roger Martin, Ted Kernaghan,
Financial Analysis at the Rotman School. markets, and aspects of value-based invest- and Professor Ramy Elitzur.
Ramy Elitzur, an associate professor of ment. Prof. Elitzur joined the Rotman
accounting, will hold the professorship, School in 1988. He has been a visiting pro- in the school’s MBA and executive pro-
which was established by a $250,000 fessor at the Recanati Graduate School of grams. He has published in various top
gift from Edward J. Kernaghan of Business Administration,Tel Aviv University journals in finance, economics and account-
Kernaghan Securities. and has taught at New York University's ing, and he holds CPA and CMA
Stern School of Business. He served as the designations in the United States.
Prof. Elitzur’s areas of expertise include Executive Director of MBA Programs at the
business valuations, initial public offerings, Rotman School from 1999 to 2001 and is
mergers and acquisitions, and leveraged well-known for his teaching of financial
buyouts. His current area of research is game accounting and financial statement analysis
theory applied to financial situations. With

72 • Rotman Magazine Fall 2005

Aeroplan CEO Discusses Loyalty Programs

On March 23, Aeroplan President and gram memberships), Duchesne said some Photo: Ken McGuffin
CEO Rupert Duchesne spoke to programs, such as Aeroplan (with its six
Rotman students and faculty about his orga- million members), or its chief rival, the
nization’s rewards program and recent Loyalty Management Group Canada
trends in the Canadian loyalty sector. “I Inc.’s Air Miles program, are becoming
believe that most loyalty programs in increasingly complex with rewards part-
Canada are actually mislabeled,” he said. ners in all three established loyalty
They’re really frequency and discounting categories: travel, credit card, and retail.
programs based on the very simple premise “In an age when companies are spending
of ‘the more you buy, the more you millions of dollars in an effort to create a
save’ he said, listing Shoppers Drug brand that will form an emotional bond,
Mart, Staples, Canadian Tire, and and hence a meaningful difference for con-
Chapters/Indigo as examples of this sumers, loyalty can play a role in making
cashback-as-retention ploy. Faced with a that difference,” Duchesne said. Duchesne
much more populated loyalty landscape is pictured at right with Rotman Professor
than that found five years ago (the average Joseph D’Cruz, the Murray B. Koffler
Canadian adult holds three loyalty pro- Chair in Pharmacy Management.

Prof. Joseph D’Cruz and Rupert Duchesne

Lorsch on Board Effectiveness U of T Honours
Rotman Student
Leaders

From left: Beverly Topping, Jay Lorsch and David Beatty Six Rotman students were honoured with
the University of Toronto’s Gordon
“Boards are being pressed to perform boards that would make them better Cressy Student Leadership Awards for
unrealistic duties given their traditional attuned to their oversight, decision-mak- 2005. Named after the former University
structure, processes, and membership,” ing, and advisory roles. The Rotman Board vice president, the awards recognize out-
says Jay Lorsch, the esteemed Kirstein Effectiveness Speaker Series is a joint presen- standing extracurricular contributions to
Professor of Human Relations at Harvard tation of the Rotman School and the a faculty, school, department, or the
Business School. Prof. Lorsch spoke in the Canadian Coalition for Good University as a whole. The March 31 cere-
ongoing Rotman Board Effectiveness Speaker Governance, and is sponsored by the mony was hosted by interim President
Series for senior corporate officers and Institute of Corporate Directors. Frank Iacobucci and the awards were
directors. The root cause of the problem? Prof. Lorsch is pictured, above centre, presented by Cressy, now president of
“Inadequate attention to the way each with Beverly Topping, president of the the Canadian Tire Foundation for Families.
board is designed to handle its responsibil- Institute of Corporate Directors, and Pictured below, recipients included
ities.” Lorsch, co-author of Back to the David Beatty, Conway Director of the Anusha Shanmugarajah (MBA ’05);
Drawing Board: Designing Boards for a Complex Clarkson Centre for Business Ethics and Jonathan Elias (MBA ’05); Tanbir
World, proposes a strategic redesign of Board Effectiveness @ Rotman. Grover (MBA ’05) and Charles Lesaux
(MBA ’05). Not pictured are: Angela
Ying Qian Bai (MMPA ’05) and Travis
Callahan (MBA ’05).

News Briefs

Student Consultants Provide Affordable Business Solutions

Photo: Ken McGuffin “The Impact Consulting Group has a
unique value proposition, in that we exam-
From left, Impact’s Navine Aggarwal, Katrin Lepik,Vincent Gladu, Sue Noble and David Smith, all MBA ’06. ine every client situation to find its nuances
and distinctive facets,” says partner David
Move over, McKinsey; step aside, Mercer. So, what do a former investment Smith. “We then analyze the situation as a
There’s a new team in town, and it is prov- banker; transportation engineer; insurance team, using our variety of perspectives to
ing to be a very effective solution for industry expert; industrial design profes- produce a distinctive solution that both
businesses looking for innovative manage- sional; and a literature, psychology and pushes the boundaries, yet remains prag-
ment consulting services for a fraction of education scholar have in common? The matic. Our work is not designed to sit on a
the ‘big firm’ price. answer might surprise you: integrative shelf; rather, it’s meant to be implemented
thinking and the ability to leverage their so that our clients can maximize their ben-
The Rotman School’s Impact diversity toward creative ends. This cou- efits from the experience. This is very
Consulting Group, pictured above, is a pled with a rigorous selection process to important to us, as a client’s satisfaction is a
full-service, MBA-student owned and man- ensure that each partner has the consulting source of pride for our team, and ulti-
aged firm that takes an unconventional skills and entrepreneurial instincts that are mately our School.”
approach to professional services, by hiring crucial for this type of work.
an exceptional team with a wide array of past The fact that the Impact team delivers
experiences, education, and perspectives. innovation for a fraction of the cost of com-
peting firms sets the group apart from its
peers. As the longest running student con-
sulting group at a business school, the
Impact team – in its 33rd year – also bene-
fits from an advisory board composed of
Rotman faculty members and professionals
from the business community. Contact the
Impact team at 416.978.4343, or visit
www.rotman.utoronto.ca/impact.
by Ken McGuffin

Participants Give OLGC-Rotman Partnership Program
Near-Perfect Score

Since December 2004, Rotman Executive The Program has been delivered to teamwork. In addition to the Launch Pad
Programs has been working with the managers and supervisors from a cross sec- Program, the Model includes an orientation
Ontario Lottery and Gaming tion of the corporation’s business units, for all managers and supervisors and ongo-
Corporation (OLGC) to develop the including Lottery, Gaming and Corporate ing development through Booster Modules.
leadership capabilities of OLGC’s managers Services. It has received positive feedback
and supervisors. from participants, with an overall average OLGC is the fourth-largest gaming
satisfaction rating of 98.8 per cent. organization in the world and the top lot-
The Launch Pad to Success Program, tery business in Canada. It directly employs
one of three elements in OLGC’s During the first six months of the part- about 8,400 people across Ontario (22,000
Leadership Excellence Model, is a three- nership, 349 OLGC managers and including staff at commercial casinos). The
day customized program that covers the supervisors participated in this mandatory corporation is committed to delivering a
cornerstones of effective management. training program. net economic benefit beyond the tradi-
This highly interactive program provides tional net profit to the province through
participants with experience in change The Launch Pad Program and the community involvement and revenue
management, conflict management, com- Leadership Excellence Model support sharing programs.
munications, coaching and team building. OLGC’s corporate objectives and commit- by Ariana Bradford
ment to accountability, commitment and

74 • Rotman Magazine Fall 2005

Rotman Alum Receives Advertising Industry’s Highest Honour

In June, The Association of Canadian John Cassaday (MBA ’81) President of Campbell Company of Canada.
Advertisers announced that John “Whether on the client side or the media
Cassaday (MBA ’81), president and CEO of Christians and Jews, the University of side, he has always stood for integrity, mar-
of Corus Entertainment Inc., had Toronto and the Canadian Public keting innovation and giving generously of
received the ACA Gold Medal Award for Relations Society. his time and talent to the wider social com-
2004. First presented in 1941, the award is munity. I can think of no one more
the Canadian advertising industry’s most “Over the course of his remarkable deserving of this honour than John.”
prestigious honour, and is presented to an career to date, John Cassaday has distin- by Ken McGuffin
individual who has made an outstanding guished himself as one of our industry’s
contribution to the advancement of market- most passionate and accomplished champi-
ing communications in Canada. ons,” said Philip Donne, chairman of the
Association of Canadian Advertisers and
Cassaday, who presides over one of
Canada’s largest media companies with
extensive holdings in radio, specialtyTV and
animated programming for children, was
recognized for the exceptional leadership he
has shown not only within his own organiza-
tion, but also in the wider business and
philanthropic communities. From 1990 to
1997, he was President and CEO of CTV
Television Network. He began his career
in packaged-goods marketing, and served in
senior executive capacities with Campbell
Soup Company and General Foods,
both in Canada and internationally. His con-
tributions, both professionally and
personally, have been acknowledged by,
among others, the Canadian Association
of Broadcasters, the Canadian Council

Vision Fund

Make a gift to the Rotman School online!

It’s never been easier to show your support.
You can now make a secure gift to the
Rotman Vision Fund online using your
VISA, MasterCard or AMEX. Simply visit
www.rotman.utoronto.ca/supportrotman
You can even make a payment on an existing pledge.

For more information,
please contact Heather C. Ullman,
associate director, annual giving,
at (416) 946-3975 or by
e-mail: [email protected].

Rotman Magazine Fall 2005 • 75

Live@Rotman: Life-Long Learning 2005

For the past seven years, Rotman alumni have been invited back to the School in
June to have their MBAs ‘updated’ with the latest in business thinking. This year,
the event outgrew the School, and it was moved to Toronto’s Fairmont RoyalYork
Hotel, where close to 500 alumni gathered to hear thought leaders discuss 20:20
Vision – What Will the [Business] World Look Like in 2020? Following are
some highlights from the presentations.

Photos: Dario Ruberto Wendy Dobson though not for lack of trying. Its stock
exchanges are regarded as ‘casinos’, and its
“By 2020, China will be the world’s sec- include labour, the financial system, energy, banking system is immature. This could
ond-largest economy; and by 2050, China and technology. In terms of labour, both take a generation to fix. Overall, China has
and India will represent 30 per cent of the countries have it in abundance, though on mobilized its workforce better; but India is
world’s population. The future prospects the skill side, India’s basic education of its better at allocating capital and is ahead in
for these two countries depend on three populace is dismal: only 47 per cent of its mobilizing entrepreneurs and technology.
things: continued political stability; a will- children have five years of primary school Canada can gain if it produces sophisticated
ingness to restructure their economies; and education. In terms of financial systems, goods and services – beyond our natural
whether these reforms will sustain long- India’s is more mature, but quite regulated. resources – that these countries are not
term growth. Sources of long-term growth China doesn’t have a capital market – efficient at producing for themselves. This
means that technology matters, and since
much of ours comes from the U.S., a new
thrust in North America should be towards
one market (with three separate political
systems) in which people, goods and capital
can flow unimpeded.We cannot underesti-
mate the changed world that faces our
children. There is no room for compla-
cency: our kids need global knowledge and
skills. As China and India reform, we have
to adjust even faster.”

- Wendy Dobson, Director and
Professor, Institute for International
Business, Rotman School

76 • Rotman Magazine Fall 2005

“Today’s hot-button issues – trade and One way to approach this is through the Virginia Postrel
globalization, immigration, biotech and power of combinations. For instance, three
biomedical research – don’t break along lego blocks can be combined in 109 million
the traditional left/right political divide; ways. In all industries, the possibilities
instead, they can be viewed in terms become huge when you start combining
of a ‘stasis vs. dynamism’ struggle. things. The dispersed knowledge in our
Reactionaries on these and other issues global economy creates lots of complica-
tend to favour an ‘ideal’ past, and prefer lit- tions. There are many ‘x factors’ –
tle or no progress. They cling to a ‘steady unarticulated, unknown quantities that can
state’ of being. On the opposite end are be the secret to massive success. Tapping
those who favour progress and embrace into that is the key to succeeding today.”
change. They seek constant learning
through trial and error while preserving - Virginia Postrel, Author,
simple, underlying rules. For these people, The Substance of Style (Harper
many goals can compete and co-exist, and Collins, 2003); The Future and Its
progress is open ended. The challenge for Enemies (Free Press, 1998);
those who favour open-ended progress is, Columnist, The NewYork Times,
how to achieve it with finite resources? Forbes, D Magazine (Dallas)

Photos: Dario Ruberto Janice Gross Stein our conversations. Thinking that you can
calculate the risks in an uncertain world is
“We are living in an interesting time, rest of us, because the U.S. is the ‘operat- actually an impediment to strategic deci-
where the very rules of the system are ing software’ of our system. If you want sion making. Secondly, focus on business
changing. We are not in the midst of a to be in the game, you must know that continuity by hedging against uncertainty.
‘Windows upgrade’ right now: we’re in a software, and they are rewriting the code. You must plan for what you cannot even
period where the world’s basic ‘operating Everywhere from the UN to the European imagine happening. Third, business must
code’ is being changed. Why? First, Union, we’re seeing a decline in accept- operate across silos and sectors in much
because of the fundamental difference in ance of the ‘rules of the game’, and an deeper ways. Divisions between the three
the way the U.S. is behaving. On opening for new rules to emerge. For sectors – private, public and voluntary –
September 11th, it became clear that the business people, all this uncertainty pres- will break down. This is driven by the
status quo wasn’t working, and the U.S. is ents a key challenge: how does one lead in importance of having real-time informa-
now busy overthrowing the system that it this environment? There are a few things tion, which no one sector has a monopoly
built after 1945.This is non trivial for the we can do: first, take the certainty out of on; it’s coming at us from all directions,
so the importance of working laterally
will continue to grow. The capacity to
work under uncertainty requires experi-
mentation, innovation, and shaping things
as you go. In this world, ‘process’ is
an inhibitor.”

- Janice Gross Stein, Belzberg
Professor of Conflict Management
and Negotiation and Director,
Munk Centre for International
Studies, University of Toronto

Alumni, mark your calendars now:
Life-Long Learning 2006 will take place
on Friday, June 2, 2006!

Rotman Magazine Fall 2005 • 77

Live@Rotman industry that upgraded to good effect is the Prof. Joanne Oxley
wine industry: in 1988 it was threatened by
“It’s not all about China and India. Don’t NAFTA, and almost fell victim to globaliza-
forget about the U.S. – it will still be tion. But it took its fate into its own hands.
Canada’s top trading partner for the fore- Today, Vincor [a merged entity of four
seeable future. Unfortunately, Canada is wine producers] is North America’s fourth
lagging behind other countries in taking largest wine producer and a profitable
advantage of opportunities created by the global player. It achieved this renaissance by
latest globalization trends. Canadian firms dramatically upgrading its products and
must constantly upgrade to catch the embracing globalization; it’s time for us all
nearshoring wave, and to globalize on their to rise to this challenge.”
own terms. So far, in services, Canada has
done well in attracting new call centres, but - Joanne Oxley, Associate Professor
these are low on the value added chain. In of Strategic Management,
terms of IT and higher value-added serv- Rotman School
ices, Canada has a long way to go. It’s all
about upgrading. An example of a Canadian

Richard Florida economy on the planet, but today, it is only only 25 to 50 places in the world that ‘mat-
one place among many where cutting-edge ter’ to these people. They cannot be
“Cities are becoming globalized in the innovation occurs. Pockets of potential bribed; they are intrinsically motivated.
same way that industries are becoming have opened up everywhere from You cannot buy creativity: these individu-
globalized, and as a result, the competition Wellington to Shanghai, from Amsterdam als are motivated by challenge.The creative
for talent is truly global. The U.S. used to to Bangalore. In the U.S., dependency on age requires nothing short of a change of
be the destination of choice for scientists, foreign talent in the technology industry is worldview: we must begin to think of cre-
engineers, and entrepreneurs wishing to at 50 per cent. In the modern economy, ativity as a common good. Like security
engage in the most robust and creative the classical model of economic growth and liberty, it must be nourished, renewed
still holds: the more talent the better, and and maintained – or else it will slip away.”
the more technology the better.The differ-
ence is, in today’s economy, these items Richard Florida, Hirst Professor
aren’t so much ‘stocks’ for a company, but of Public Policy, George Mason
‘flows’: they can, and do, move around, University (Fairfax,VA); Author,
and the goal is to keep them in your organ- The Flight of the Creative Class:The
ization. Talent today is attracted by an New Global Competition for Talent
open, inclusive, meritocracy. There are (HarperCollins, 2005)

Photos: Dario Ruberto Prof.Tim Rowley is spent on ‘routine’ and ‘oversight’ mat- like a virus. Going into our research, our
ters, with much less time devoted to talent hypothesis was that this type of ‘old boys
“In terms of their effect on an organization, management and strategy. But our research club’ must be bad for Canadian business;
directors are more like ‘anti-inflammato- shows that directors want to reverse this, but we were surprised to find that it is actu-
ries’ than ‘steroids’; that is, while help and start spending up to 70 per cent of ally encouraging higher-than-average
somewhat on the upside, their role is more their time on strategy and talent manage- scores on best practices. If one of the 16
about reducing the depth of a firm’s down- ment. There is still a big information gap ‘elite’ directors sits on a particular board,
turns. Studies show that most of their time between management and boards, and the that board scores better than the average
goal for all involved should be to bridge it. on best practices.”
In our research we found that there are 16
individual directors that have a dispropor- - Tim Rowley, Deloitte & Touche
tional influence in Canadian boardrooms. Professor of Strategic Management
These 16 are densely connected in terms of and Director, Clarkson Centre for
which boards they sit on. Networks such as Business Ethics and Board
these are ‘diffusion conduits’ – as was the Effectiveness, Rotman School
case with the SARS epidemic, practices
appear to spread through shared directors

78 • Rotman Magazine Fall 2005

Alumni Profile: Blaise Gangin (MBA ’97) As told to Karen Christensen

Paris-based Blaise Gangin – the self-proclaimed “only Canadian-born Swiss national
living in France” – takes a few minutes to tell us what he’s up to.

Blaise Gangin that we invest a lot in conference calls and place. Beyond hard work, my contribution
spend an inordinate amount of time in has been thinking ’outside the box’, reach-
I’ve been with Standard & Poor’s for ’planning sessions’. It also means plenty of ing out to others within my firm who were
11 years, and I continue to enjoy the daily travel to destinations ranging from the working on similar issues, hiring people
intellectual stimulation and the collegial expected (NewYork, London) to the exotic with different skill sets than those we usu-
atmosphere. My current position as Chief (oilfields in Angola or railways in ally hire for, and communicating
Credit Officer for Europe and managing Kazakhstan). Although challenging, work- relentlessly with market participants.
director of the firm allows me to partici- ing in such a diverse environment is a
pate in difficult decisions about fantastic source of personal enrichment. In January 2005, I experienced a
downgrading or upgrading the credit rating great life moment as I ripped open a box
of a country, a bank or an industrial com- Good financial analysts require a containing copies of my book, Fundamentals
pany. It’s a new position – I’m just a few funny mix of skills. It helps to know of Corporate Credit Analysis. I had just finished
months into it – but my previous S&P jobs some accounting and to understand writing it with my New York colleague,
were equally stimulating.What I’ve enjoyed Michael Porter’s Five Forces Model of John Bilardello, and my heart was
most is analyzing new sector trends and competitiveness; and to be flexible and a pounding: what if, after all the checking
transaction structures, comparing and con- team player, in case colleagues shoot your and re-checking, the publisher had decided
trasting views with colleagues, and arriving recommendations down at a meeting; but that spelling my last name “Gauguin” (like
at decisive analytical opinions. All of this in most importantly, it is essential to be able the painter) would sell more copies? I
an atmosphere where diversity of judgment to communicate your views clearly, both in decided to write the book two years ear-
is valued and disagreement is actually rec- writing and verbally – and it’s even better if lier, because it had always surprised me
ommended – a rarity in a world usually you can do so in more than one language. how little has been written on how credi-
governed by hierarchical allegiance! At Standard & Poor’s, public speaking is tors should analyse their risk. The writing
part of the job, whether it means present- process took nine months. Both John and I
Coordinating professionals around ing to a group of polite investors, or being have families, so we had to find ways to bal-
common objectives can be like herd- interviewed by an unpredictable TV anchor ance work, family time and writing, with
ing cats, particularly when an on the latest credit downgrade during a live sleep probably suffering the most.At times,
organization has over 20 offices around the broadcast.While no one scores perfectly on it felt like the Executive MBA program all
globe, staffed with a wide array of national- each one of these skills, it is important to over again. Writing a book was a bit like
ities and cultural backgrounds.The result is be able average an ’investment grade rat- taking a long bike-ride: the trip itself is
ing’ on most of them. worth as much as the destination. The
book received some good reviews on
Standard & Poor’s has experienced Amazon.com, and was licensed to be trans-
an astounding rate of growth over the lated in Chinese. We expect to sell a few
past 20 years – in the mid-to-high teens. In thousand copies. But one thing is certain:
such an environment, the ability to adjust one does not get rich by writing profes-
to new realities is a key factor of success. sional books. I don’t expect to appear on
One way I have contributed is in the cre- the Oprah show anytime soon!
ation of our leverage finance (junk bonds,
LBOs, etc.) group in Europe. When I I like to relax by having a couple of
arrived in Europe in 2000, I was asked to glasses of wine with my wife – we live in
build this group from the ground up. In France, after all; playing with my two girls
three years, we built our franchise by outdoors on a nice summer night; taking an
aggressively integrating new analytical occasional jog; and listening to music. My
approaches, hiring new analysts, develop- advice for my fellow MBAs is, ‘don’t dash,
ing IT systems, and last but not least, pace yourself: you’re in it for the long haul!
putting serious outreach programs into And try to keep your life simple.

Rotman Magazine Fall 2005 • 79

Alumni Profile: Keith Bradbury (JD/MBA ’02) by Matthew Fox

Matthew Fox speaks to Keith Bradbury about the growth he has experienced since
leaving a secure job in Bay Street corporate law for the tech sector as co-founder
and executive vice president, sales and marketing, of Investintech.com Inc.

Matthew Fox: Can you briefly describe MF: How did Rotman figure into the birth
your post-Rotman career? of Investintech?

Keith Bradbury: After graduating from the KB: It came together in the summer of Keith Bradbury
JD/MBA program in 2002, I articled at a 2000, after our first year of the MBA pro-
large downtown law firm. I spent a year in gram. I was getting married that summer MF: To what do you attribute
the corporate law department, working in and our president, David Moon, got me, Investintech’s surging growth?
finance, securities, and technology law. It Nancy Shaw [MBA ‘01] and Kevin Yong
was a great learning experience, but my [MBA ‘01] together and it sprang from KB: Software is an extremely competitive
passion was to be an entrepreneur. A class- there. Investintech was started with $6,000 business and we realized early on that the
mate of mine, David Moon [JD/MBA that Dave and I scraped together. The busi- best way to differentiate ourselves was by
‘02] was also working for a large downtown ness went through a long development stage offering superior customer service and
law firm. While we were working as until December 2003, when we commer- support. That has paid continuous divi-
first-year associates, we worked on cialized our first product and made our first dends for us. Our customers drive our
Investintech on evenings and weekends. I sale. From then to September 2004, we had product development. It is amazing what
knew that this was what I wanted to be one programmer working full-time, an your customers will tell you if you take the
doing, and we were waiting for the point administrator working part-time, and Dave time to ask their opinions.A couple of their
where the business could sustain us and we and I worked evenings and weekends. In suggestions made immediate and significant
could deliver the level of service we would September 2004, we left corporate law and impact on our revenues.We’re always going
like. When we felt we reached it, we gave have been full-time since, and the company to focus on providing great customer
notice at our respective firms. has seven employees. In December 2003, service, no matter how large we get.We’re
our monthly sales total was $500. Now not going to start charging for tech sup-
MF: What does Investintech do, and we’re doing ten times that on a daily basis port. I really believe that is the wrong way
what is your role? and we’ve made sales in 45 countries. to do business.

KB: Investintech develops software solu- MF: What was the most important thing MF: What is your biggest professional
tions that make small- to medium-sized you learned at Rotman? accomplishment?
businesses more productive. Our best-
known product is PDF [Portable KB: The ability to clearly define a problem, KB: I’m most proud of having the courage to
Document Format] conversion software look at it from different angles and find the leave a secure, well-paying job to risk it with
called Able2Extract. It allows users to con- solution. When you have very few Investintech. A lot of people thought Dave
vert PDF files into a more usable format, resources to work with but have big plans, and I were nuts to leave our jobs as Bay
such as Excel or Word. We have a lot of it becomes necessary to find creative, inno- Street lawyers to do this. It would have been
users in the financial community who get vative solutions to your problems. Each easy, especially with a young child [Keith and
financial reports in PDF, and want to create day, we’re confronted with problems that his wife have an 18-month old son], just to
models or perform analysis. Able2Extract sometimes seem insurmountable, but we stay with what I was doing.
enables that by exporting the data into an have an ability to come up with solutions
Excel spreadsheet. I oversee sales and mar- that might not have been obvious. I believe
keting. We don’t have a huge budget, so I our Rotman experience was instrumental
generate and implement grassroots niche in facilitating that. By and large, we’ve
marketing ideas. made the right decisions. In 2005, our goal
was to hit $1-million in revenue, and we
will comfortably surpass that. We boot-
strapped it without venture capital and
grew the business organically.

80 • Rotman Magazine Fall 2005

Alumni Capsules Compiled by Karen Christensen

Carol Chen (MBA ’89) How I contribute to my company’s growth: How I relax: Traveling, throwing dinner
parties, playing the piano, working out,
Senior Manager, Risk Management, I’ve had a varied career atTD. I’ve worked in going to the spa, hanging out with friends
TD Bank Financial Group Commercial Banking and in the Credit Card and family.
Lives and works in:Toronto business, where I contributed to sales growth
and building of the customer base. I was part Most important thing my MBA taught
Best thing about my job: My current role of the team that helped TD enter the U.S.
gives me exposure to various areas within and UK retail banking markets. I currently me: You can reinvent yourself. TD has
the organization and allows me to get promote the transparency of risk manage- given me the opportunity to have several
involved in new initiatives. I am constantly ment using the Web as a tool to improve careers within the Bank, and my MBA pro-
learning, and yet able to be creative. It is education across the organization. vided me with the skills to reinvent myself
additionally rewarding that I get to do all Proudest moment: I was given the respon- and be successful in many different roles
this while working with a bright and sup- sibility for developing and implementing and functions.
portive team of people. new electronic banking services in the U.S. Words of Wisdom: Always find the fun in
My biggest challenge: My responsibilities and UK to support our discount brokerage whatever you do.
are diverse, but they all require coming up businesses there. What a challenge: launch-
with solutions and approaches that will ing two banks from scratch! The
meet the needs of the organization at all opportunity to live and work in New York
levels and across all risk disciplines. and England and meet so many great people
from around the world and from all areas of
Most important skills for my job: TD is something that I will never forget.
The word that best describes me: Fun!
Flexibility and adaptability. I work in a con- The one item I couldn’t live without: My
stantly-changing environment. Remaining passport. It’s my ticket to working and
flexible and keeping an open mind allows exploring the world.
you to exploit new opportunities.

Charlotte Warren (MBA ’03) Proudest moment: Too many treasured Words of Wisdom: I’m constantly learning
ones to pick a winner: learning how to tie how much I don’t know about the com-
Project Manager, Managerial Design Corporation my shoes, earning enough money to buy plexity of leading and managing today’s
Lives in:Toronto my own mountain bike, celebrating my organizations. Tomorrow’s challenges are
Works in: Oakville, with travel across brother’s MBA graduation after overcom- yet unknown.
North America. ing many obstacles, being accepted to
Rotman, helping build a Habitat for
Best things about my job: Exposure to the Humanity Home and meeting its owners,
business challenges and complexities faced moving into our own first house.
by top executive teams, and the ability to The words that best describe me: Diverse
have an impact on how they address these Interests.
challenges.
My biggest challenge: Managing my work- The one item I couldn’t live without:
load and maintaining work/life balance.
Most important skills for my job: Time Downtime.
management, the ability to think quickly How I relax: Back-country canoe trips in
and creatively on my feet, and the ability to Algonquin Park and Quetico Park; kicking
analyze team and individual behaviours. back in the garden; and most anything
accompanied by a bottle of fine wine.
How I contribute to my company’s
Most important thing my MBA taught me:
growth: In my role, I am responsible for the
execution of client workplans, delivering Success in business is built on the ability to
the consulting project, as well as the identi- successfully balance detail-orientation with
fication of new business opportunities. a ‘big picture’ view when required – to be
thinking about the big picture or analyzing
the details when others are not.

Rotman Magazine Fall 2005 • 81

Gregory Smith (MBA ’98) aries between work and life. photo of me in the Blue Mountains, just
outside of Sydney.)
Director, Capgemini Australia Most important skills for my job:
Lives in: Sydney, NSW,Australia Most important thing my MBA taught
Works in:The Asia-Pacific Region Thinking logically, communicating effec-
tively, looking at issues through the eyes me: Integrative thinking. It really is a differ-
Best thing about my job: New stuff! As a of an executive. Oh, and PowerPoint, entiator to be able to sense and respond to
management consultant since graduation, I of course. the mindset of various executives and dia-
enjoy the constant flow of new business logue with them credibly about marketing,
issues, new smart people to work with, How I contribute to my company’s distribution, people, finance, etc.
new clients to deliver to, new solutions to Words of Wisdom: Two phrases I repeat
provide.Also, having spent a majority of my growth: Leading teams in delivering value quite a bit, actually. (1) “Stretch and
career in the financial services sector in to clients, selling our services and develop- Leverage” – which is little gem I’ve retained
Canada, I am really enjoying the newness of ing points of view. I’m responsible for from Prof. Brian Silverman’s take-up of the
working in that sector here in Australia. I developing and delivering our firm’s global Swatch case (my classmates will know exactly
transferred here last year, and have enjoyed points of view on retail banking as well as what I mean); and (2) A little more cryptic
the process of getting up the curve on sim- wealth management. and difficult to explain is my mantra, “Trade-
ilarities and differences in retail banking Proudest moment: From a career perspec- offs, trade-offs.” As in, ‘since there’s no such
and wealth management. tive, post MBA, it would have to be the thing as a free lunch, and in many cases the
My biggest challenge: Knowing when to work I did for a major bank client around pie is fixed, a zero sum world demands you
say‘no’. I still thoroughly enjoy the manage- customer experience. It was a very interest- have the stomach to recognize trade-offs
ment consulting profession – I’ve had to ing, intellectually stimulating eight-month ahead of time, understand implications of
turn down offers to join our clients a couple project which incorporated a refreshing trade-offs while you’re making them, and live
of times – but at times it can be all consum- amount of academia and culminated in a with the traded-off after you’ve made it.’
ing.Whether it’s leading a team, developing Customer Experience Blueprint which I
and presenting a point of view, or pitching still refer to today.
an innovative approach, I can end up being
spread a little thin.The fact is, it’s an engag- The word that best describes me:
ing and absorbing profession that will take
all of your physical, mental and emotional Professional.
energy 24/7, if you let it. I have the highest The one item I couldn’t live without: My
admiration for the people I work with who O2 XDAII – pocket PC and converged
are able to create and sustain clear bound- PDA, mobile phone, camera, etc.
How I relax: Not much time for relaxing –
though Sydney is a great place for it!
Beaches, mountains, wine tasting, arts. My
wife and I are looking forward to exploring
Australia and the neighbouring area for the
couple of years we’ll be here (see attached

Rick Brooks-Hill (MBA ’96) Best thing about my job: A continuing while fostering a collaborative manage-
opportunity to drive effective growth in ment environment in which people can
Chief Operating Officer/VitesseLearning Inc. our company’s lifecycle. We began as an both grow and have fun.
Lives in: Oakland, California entrepreneurial startup and now maintain Proudest moment: Results of a recent
Works in: San Francisco a leadership position in the U.S. online internal satisfaction survey.
training market.
82 • Rotman Magazine Fall 2005 My biggest challenge: Growth presents a The word that best describes me:
path of steep curves followed by intermit-
tent plateaus; just when you think you’ve Motivated (to succeed, to have fun, to
got it figured out, the next growth chal- learn, to coach.)
lenge hits; hopefully you have predicted it, Things I couldn’t live without: [My part-
but rarely have you fully planned for it. ner] Leah; and regular exercise.
Most important skills for my job: An How I relax: Hockey, triathlons, and
ability to view the operational big picture reading.
while positioning my team to provide
the implementation strategy and subse- Most important thing my MBA taught
quent execution.
me: Opportunity is what you create.
How I contribute to my company’s Words of Wisdom: You can’t be focussed
and driven professionally if you don’t
growth: Providing personal dedication maintain a solid balance between work,
family, and personal pursuits.

Alumni Capsules

AdamYi Shen (MBA ’00) Zurich, London, New York. I also fly to ket, things I learned at Rotman and my
interesting places like Bali by myself on work experience in Canada and the U.S.
Associate, Corporate Finance Practice, weekends. It is a lot of fun. The people have contributed a lot to my current work.
McKinsey & Company working around you are the best at what Proudest moment: One Monday morning,
Lives and works in: Shanghai, China they do. two M&A deals I worked on were announced
Best thing about my job: Traveling around My biggest challenge: Balancing work and by the Asia Wall Street Journal together.
and meeting interesting people. After mov- life is tough for me as a married person.
ing back to China and joining McKinsey in Not to mention, I also miss my lovely dog. The word that best describes me:
June, 2004, I have been on business travel Consulting in Asia entails long hours, and it
outside China to Mumbai, New Delhi, gets worse when you factor in travel time. Energetic.
Singapore, Taiwan, Jakarta, Hong Kong, In principal, we can fly back for the week- The one item I could not live without: Cell
end, but sometimes we have to compromise phone (sounds pathetic, but it’s true).
if there is a client requirement. How I relax: Travel, playing ball with my
dog Simba, and watching movies.
Most important skills for my job:
Most important thing my MBA taught
Interpersonal skills and problem-solving
skills are the most important for consultants. me: A new way of thinking. Knowledge can
They may be required for most professions, be outdated, but the right way of thinking
but for consultants – who need to under- about things and putting them into per-
stand new things and grasp new concepts in spective can benefit you your whole life –
a fairly fast fashion – they are essential. not just professionally.
Words of Wisdom: I think life is too short
How I contribute to my company’s to miss every opportunity to have fun.
“Work hard, play hard and be happy.”
growth: My knowledge of the local mar-

Barry McInerney (MBA ’87) Companies (MMC). It allows the firm to (running, tennis, golf), and I enjoy putter-
directly participate in the fastest-growing seg- ing around the backyard.
President – Mercer Global Investments, Inc. (U.S.); ment of the investment management industry
President – Mercer Trust Company, Inc. (the multi-manager market) on a stand-alone Most important thing my MBA taught me:
Lives in: Stamford, Connecticut basis, while also providing the investment
Works in: NewYork City engine for our expanding outsourcing/bun- Teamwork. The case studies developed and
dled business – both in the U.S. and globally. honed key skills: how to work as a team,
Best thing about my job: Working with a MGI’s success will have a significant impact on prioritize tasks, assign roles based on team
gifted team that cares passionately about the overall growth of the company. members’ strengths (and weaknesses), and
the business; and being part of a global firm Proudest moment: By far, my proudest to truly value collective individualism. Like
that affords the opportunity to gain insights moments were the birth of my three daugh- my spouse and I, I’m sure many MBA grads
and experiences across borders. ters: Erin (17), Lauren (14), and Kelly today relish Donald Trump’s show, The
My biggest challenge: Being responsible (10), who are growing up far too fast. I love Apprentice, for both the memories it con-
for a start-up investment management com- them dearly! Professionally, my proudest jures up of past group case experiences, and
pany in the U.S. is a challenge in and of itself moment to date is taking over the helm of the lively study it presents, from both a
– bringing to market innovative products Mercer Investment Consulting in the U.S. business and human perspective.
and services, effectively harnessing distribu- in early 2001, after a successful run as head Words of Wisdom: Identify guiding princi-
tion channels, balancing the need to meet of the Canadian operations. I believe my ples, and link every decision back to those
long-term strategic goals with short-term objectivity and fresh perspective were piv- principles. Put 100 per cent effort into
operational and asset-gathering objectives. otal in turning around the U.S. business. I everything you do. Focus on the process,
am also extremely proud of the compassion and success will follow. All of this is appli-
Most important skill for my job: that MMC demonstrated during the sad cable personally and professionally.
events of September 11, 2001.
Communication. All the analytical, organi- The word that best describes me: Focused.
zational, and decision-making skills aside, if The one item I couldn’t live without: The
I cannot effectively communicate a vision NewYork Times sports section.
to my team, our clients and prospects, the How I relax: By spending time with my
media, or to our other important stake- spouse and best friend, Rose, and attend-
holders, I have failed. ing our daughter’s various sporting
activities. I also make time to exercise
How I contribute to my company’s growth:

Mercer Global Investments (MGI) is a key
strategic initiative for Mercer Inc. and our
parent company – Marsh & McLennan

Rotman Magazine Fall 2005 • 83

Rotman Reunion 2005 Round-Up by Heather Ullman

EMBA 1985 Class of 1995 (full-time) Class of 1965 Class of 2000 (full-time)

It was a night for celebrating! On June 2, Part-time, EMBA, and GEMBA programs SAVE THIS DATE: June 1, 2006
2005, the Rotman School hosted its first attended the evening’s festivities, which Plans are already underway for Rotman
‘official’ Rotman Reunion. Classes celebrat- included a cocktail reception in the Fleck Reunion 2006, featuring the classes
ing milestone reunions (5th, 10th …25th, Atrium, where Dean Roger Martin wel- of 1951, 1956, 1961, 1966, 1971,
etc.) were welcomed back for an evening of comed alumni back to the School.After the 1976, 1981, 1986, 1991, 1996,
reminiscing with classmates and professors. reception, celebrants gathered for individ- and 2001. For those interested in
ual class dinners. learning more about Rotman Reunion
Realizing the value of connecting with 2006 or volunteering, a planning
classmates and other Rotman alumni as The evening was a great success, and meeting will be held in September
well as giving graduates an opportunity to many of the attendees remarked on how 2005. Contact Heather C. Ullman,
learn more about the School, the Alumni nice it was not only to catch up with their reunion coordinator, at 416-946-3975
Office organized this exciting event in con- fellow classmates, but to come to the School or at [email protected].
junction with class volunteers. – some for the first time – and see the
changes and progress Rotman has made,
Over 215 alumni from the classes of first hand. A good time was had by all.
1965, 1970, 1974, 1975, 1980, 1985,
1990, 1995, and 2000 from the Full-time,

Thanks to Our Volunteers

This year’s Reunion would not have been a success without the hard work of the Class Champions who spearheaded Class Committees
to get the word out about Reunion and help maximize attendance. The School would like to thank the following Class Champions and
their volunteers for their efforts:

Class of 1965 Class of 1975 Class of 1995 (Full-time) Class of 2000 (EMBA)
Cam Fellman Susan Frank Charlene Butler David Chalk
Robert Johnston Nick Strube Donna de Winter
Class of 1970 Mark Hyland
Ron Baker Class of 1985 (Full-time) Class of 1995 (Part-time) Bruce Lawson
Peter Legault Gerald LeGrove Tom Barker Amer Rasul
Liz Lesslie Craig Lowery Vicki Hemming Boon Tan
Chuck Johnston Mark Prasuhn Gay Skinner Marcy Saxe-Braithwaite
Darlene Varaleau Penny Weeks
Class of 1974 Class of 1985 (Part-time)
Hank Bulmash Dan Eng Class of 2000 (Full-time) Class of 2000 (GEMBA)
Ram Ramkumar Mitchell Radowitz Nancy Dudgeon
Class of 1985 (EMBA) Ken Martin
84 • Rotman Magazine Fall 2005 Harvey Botting Karen Stephenson
Bob White Trevor Travis

Class Notes: Fall 2005 Editor: JackThompson

The theme for this issue -- The Growth Issue – is appropriate, given that this section of the magazine continues to grow. This month, we welcome
over 300 new alumni to the fold, and dedicate the “Class of 2005 has left the Building” section to them. Our more senior alums also continue
to respond – many fresh from their recent Reunion experiences. Growth stories abound: in careers as well as in family and personal lives. So –
how about your contribution? Next issue? Send in a Class Note right now, while you are thinking of it. The quick way:
www.rotman.utoronto.ca/alumni/forms_classnotes.asp. Deadline for the next (Winter 2006) issue is Friday, October 28th, 2005. And
remember – Class Notes can be viewed on the Alumni Portal, where e-mail addresses for many of your classmates can also be found. Contact
us if you need access ([email protected]).

MBA/MCom the (less than) 1000-word reports that 1967
Full & Part-Time were an essential component of our case
studies in marketing. Although my physical MBA Class Champion:
1954 abilities are declining due to two heart Len Brooks
attacks, a triple bypass and a pacemaker [email protected]
Norman Hills has been retired for more that has been subject to recall by its manu-
than a decade. “In September, my wife Jean facturer, I continue to face life with a 1968
and I will celebrate 59 years of marriage. positive attitude. I exercise regularly and
Our four children have all reached middle thankfully enjoy each new day. I would MBA Class Champion:
age; our current pleasure is in attending appreciate hearing from any others from George Hayhurst
graduation ceremonies for our grandchil- the part-time program of the early 1950’s.” [email protected]
dren. On June 14 of this year, Rosanna
McGuire received her honors Bachelor of 1965 Larry Lederman retired from the
Science at U of T; in 2006, Belinda Foreign Service of Canada in 2001 after
McGuire will graduate from Julliard in MBA Class Champion: having served as chief of protocol for
New York, having studied dance; in 2007, Cam Fellman Canada and in his last assignment as ambas-
Margaret Orford will graduate from [email protected] sador to Chile. He was awarded the
University of Ottawa; in 2008, Thomas Canadian Peacekeeping medal in 2002 (as a
Hills will graduate from Trent University, 1966 result of serving on an Organization for
and in the years that follow, there will be Security and Cooperation in Europe
Henry Orford and Olivia McGuire, who MBA Class Champion [OSCE] Monitor Mission in Macedonia in
have yet to choose their post- secondary Gary Halpenny 1992). He’s bee a consultant since 2001
curriculum. We continue to live in one of [email protected] having served clients including Highland
London’s historic homes, where my engi- Homes, Newfoundland; Canglobal; B’nai
neering comes in handy for restoration and Wayne McKenzie has been in the trade Brith Canada, and most recently, Elections
repairs, with my latest challenge being the commissioner service throughout his Canada. This past June, Larry organized a
replacement of the old knob and tube with career, serving mainly in the Arab world Forum to establish a multilateral Elections
new wiring to current code standards. Our and Latin America. “I am currently com- Monitor Mission for the Haitian Elections
interest in genealogical research has led to mercial counsellor at the Canadian High in late 2005. He’s currently president of the
volunteering at the Family History Centre Commission in Accra, Ghana. I married a Rockcliffe LawnTennis Club and a member
to assist others with their research. With Cuban woman in 1995; attached is a photo of the Special Events Committee of the
ancestors for my wife Jean and myself com- of us and our two children in the garden of Rideau Club in Ottawa.
ing from four different regions of the U.K., our house in Accra. We are finishing our
this provides a wonderful excuse to travel. fourth year here and will be returning to 1969
At home, I pursue my interest in ‘O’ scale Ottawa this year.”
model railroading and am currently Sheldon Berkle has been appointed pres-
researching the history of the Metropolitan ident and chief executive officer and a
Railway Company, which eventually member of the Board of Directors at Altus
became the North Yonge interurban street Pharmaceuticals Inc., a leader in the devel-
car line, writing articles summarizing my opment of novel protein therapies to treat
progress at modelling this prototype. My chronic gastrointestinal and metabolic dis-
writing style continues to be influenced by eases. Sheldon was most recently executive
vice president of Boehringer Ingelheim
Pharmaceuticals, Inc., where he was

Rotman Magazine Fall 2005 • 85

MBA/MCom Full- and Part-Time 1971 (Newman Networks Inc) and also runs the
NB Food and Beverage Processors
responsible for U.S. pharmaceutical opera- Michael Younger writes, “I wonder how Association, the trade association for the
tions, including portfolio management, many Rotman grads can ever experience food processors in the area. He is married
new product launches, business develop- the sheer joy and pride that comes from to Molly and they have four adult children,
ment, and alliance management. “With two having had a design inspiration lead to a all working in various cities in Canada.
products advancing in clinical trials and a new product. I would like to report the Their daughter Margaret got married this
strong preclinical pipeline, Altus is posi- sheer thrill of knowing that something I summer in Toronto.
tioned to deliver important new therapies thought of is now in use in locations around
for GI and metabolic diseases. I have been the world. All this has been achieved with- 1974
impressed by the prospects for the out moving from my house, thanks to the
Company’s products and the quality and Internet. To think people in Alaska have MBA Class Champion:
productivity of the Altus technology plat- sought my products, universities, hotels, Hank Bulmash
form I look forward to leading the firestations, clubs, and even Hustler [email protected]
company as we advance our innovative Hollywood have voted with their wallets
therapeutic products through the clinic and and joined the proud owners of 3-d Hooks. 1975
to the market.” Sheldon previously held Architects buy my products, authors,
senior management positions at Boehringer broadcasters, doctors, interior designers, MBA Co-Class Champions:
Ingelheim Pharmaceuticals, Inc (BIPI), Germans love them as do the Swiss and Susan Frank
where he was responsible for all aspects of Austrians.The creative process started with [email protected]
U.S. pharmaceutical operations manage- the realization that bog standard hard- Robert Johnston
ment. Prior to BIPI, he was chief executive ware/ironmongery was just not up to [email protected]
officer and a co-founder of Boehringer snuff. The road to creating a recognizable
Ingelheim Canada. Sheldon holds a BSc in world wide, branded product was joined. In addition to his MBA, Keng-Lam Ang
Pharmacy from the University of Manitoba The doomsayers, the experts and stick-in- also has a Bachelor’s Degree in Civil
in addition to his MBA. the-muds remain entrenched in their safe Engineering from the University of
cocoons. But other open minded and intel- Western Australia (1971) and attended the
1970 ligent folks have moved with the times and International Advanced Management
their support is the greatest ‘housekeeping Program at Harvard Business School in the
MBA Class Champion: seal of approval’ one could ever desire. fall of 1998. Academic achievement aside,
Charles Johnston Letters of appreciation arrive even describ- he is most proud of his other accomplish-
[email protected] ing where the product has been deployed ment: a supportive family, with a wife and
and when a door is opened what view the three children. In the past 30 years, he has
Class Champ Charles Johnston sent hooks have from their position. Imagine – worked with colleagues across Asia to
along the picture, below, celebrating the it’s as if they are animate objects, or pets of develop premium properties and infra-
recent class reunion at RCYCYacht club on their proud new owners!” structure for the region, and to advance the
Toronto Island. Twenty-three classmates logistics network that connects Asia’s busi-
attended, plus five others who couldn’t 1972 nesses with the other parts of the world.
make the dinner joined the next day for a Keng-Lam is chairman of the Hong Kong-
round of golf. One came from as far away as John Sommerer has retired (due to term listed Kerry Properties Limited (KPL),
California just for the event. Dean Roger limits) as mayor of Coral Springs, Florida which focuses on real-estate investment
Martin was the guest speaker, and Professor after 10 years in office. He continues to and development in Hong Kong and main-
Paul Halpern also joined in. Paul has been manage his accounting firm, and was land China, project and property
named an honorary classmate since he named the “Outstanding CPA in management, third-party logistics services
started at Rotman during their time there Government” for 2004 by the Florida with a Pan-Asian focus, and infrastructure-
and always joins all the events. Institute of Certified Public Accountants. related investments. He is also chairman of
He and his wife Diane send best wishes to the Shanghai-listed China World Trade
the Class of ‘72. Center Company Limited, and a non-exec-
utive director of the Singapore-listed
1973 Allgreen Properties Limited. As part of his
commitment to serving the industry and
MBA Class Champion: communities he works in, he is a member
George Parker of the Economy Committee of the National
[email protected] Committee of the Chinese People’s
Political Consultative Conference
Don Newman retired recently after a full (CPPCC). He serves as the honorary vice
career with Canadian National Railway and chairman of Harvard Beijing Club and vice
Marine Atlantic, set up his own company

86 • Rotman Magazine Fall 2005

chairman of the China Federation of Electrical Engineering Science from the MBA/MCom Full- and Part-Time
Logistics and Purchasing and he is also a University of Western Ontario. As the reg-
chartered fellow of The Chartered Institute ulatory body responsible for overseeing the and dragon boat racer. He served a term as
of Logistics & Transport in Hong Kong. securities industry in Ontario, the Ontario president of what was then known as the
Keng-Lam sends his warmest regard to the Securities Commission administers the “Faculty of Management Alumni
class of 1975, “an outstanding group of Securities Act, the Commodity Futures Act Association” at the University of Toronto in
people,” with whom he is proud to be and certain provisions of the Ontario the mid-1980’s.
associated. Business Corporations Act. The
Commission’s mandate is to provide pro- Steven Sams is a vice president of strategy
1976 tection to investors from unfair, improper with IBM in Armonk, NY, where he has
or fraudulent practices and to foster fair been helping IBM grow in emerging coun-
MBA Class Champion: and efficient capital markets and confidence tries like China, India, Brazil and Russia.
Jane Gertner in their integrity. IBM revenue in these countries has been
[email protected] growing rapidly and now represents about
1979 $4B annually. An article by Steven that
Keith Bryan is the editor for the describes these developing economies of
Canadian Energy Regulation Information MBA Class Champion expertise was published by Harvard
Service (CERISE), a division of Elenchus Lorn Kutner Business Review in May. Steven and his
Research Associates. See www.cerise.info [email protected] family reside in Wilton, CT.
for more information.
After 25 years of work with EPCM (engi- John Usher (also PhD 1990) is a grandfa-
Ron Colucci is a self-employed certified neering, procurement and construction ther. Ava Violet Maitreya Usher was born
general accountant practicing in management) companies in the mining, on February 3rd in Sarasota, Florida to son,
Mississauga. This year he is also president telecommunications and oil and gas, Adam and daughter-in-law, Stacy. All are
and chair of the Certified General Diego Medina has established himself as doing fine except Grandad, who isn’t sure
Accountants of Ontario. Ron and his wife in independent consultant to provide busi- he is ready for this.
Gayle will be celebrating their 25th wed- ness information management solutions in
ding anniversary this year with trips to Toronto and Calgary. 1980
England and Italy.
David Miner is a vice president of MBA Full-Time Class Champion:
The Reverend Deborah Kraft serves as Queensbury Strategies Inc., an investment Frank Hall
rector of the St. Mark’s Anglican Church in advisory firm. Prior to that, David was a [email protected]
Thunder Bay, Ontario. “My MBA has partner at Hodgson Roberton Laing (now
served me well in the running of a parish. part of YMG Capital) and before that, he John C. Clark is now semi-retired, with
Budgeting, HR, marketing, finance; it’s all a was with Burns Fry (now BMO Nesbitt five grand-children. He’s still consulting,
part of effective parish management!” Burns). More information is available at with Refinery Operations Critiques, having
www.davidminer.ca. David and his partner, completed 14 in the last three years, in
1977 Dorinda Chiang, a Toronto lawyer, live in a Europe, the U.S. etc. For more info, see the
Toronto waterfront condo. Aside from Web site: www.pelhamconsulting.com
MBA Class Champion enjoying his private practice, David is a
Judy McCreery marathon runner, martial arts lover, skier, 1981
[email protected]
Howard Burshtein has been practising
1978 corporate and securities law since 1986 and
has been a partner with Torkin Manes in
Carol Perry was recently appointed as Toronto since 1995. Howard is married to
commissioner of the Ontario Securities Ruth (also an MBA), who is with
Commission for a three-year term. ScotiaBank, and they have two children,
Previously, she was a managing partner at Noah, 13 and Ilana, 11. “While I use my
MaxxCap Corporate Finance Inc., a finan-
cial advisory services firm. She is chair of
the board of directors at St. Joseph's Health
Centre, a recent past director of the
Independent Electricity System Operator,
and serves on the Education and
Certification Committee of the Institute of
Corporate Directors. In addition to her
Rotman MBA, she holds a Bachelor of

Rotman Magazine Fall 2005 • 87

MBA/MCom Full- and Part-Time product management, and regional sales restaurant concept next year into new mar-
management. Most recently, she was senior kets are underway. He has two children,
MBA education considerably, it is of partic- vice-president, sales and service. In addi- Wade, 14, and Carly,12.
ular assistance in reading financial tion to her Rotman MBA, Wendy holds a
statements both in my practice and in my Bachelor of Commerce (Honours) degree 1988
role as a member of my law firm’s Finance from Memorial University and completed
Committee. This summer my family is off the Advanced Management Programme at MBA Class Champion:
to visit Israel as part of my son’s bar-mitz- INSEAD. She serves on the Board of Grace Cheung
vah celebration.” Directors of the Toronto Children’s [email protected]
Chorus.
1982 NICE Systems has appointed Moshe
1984 Leder as VP/general manager for
MBA Full-Time Class Champion: NiceVision EMEA. Moshe brings over 18
Danny Chau Sheryl Taylor-Munro is self-employed years experience in software sales and gen-
[email protected] and living in BC. Since graduation she has eral business management to the role.
MBA Part-Time Class Champion: worked as a senior systems analyst, a man- Commenting on his appointment, he said,
Michael Hale ager for end-user computing, and as “Detecting and identifying security threats
[email protected] production manager for a subsidiary of Air in real-time is one of the most critical chal-
Canada.Travel has taken her to Japan, New lenges facing organizations today. NICE has
David De Zwirek is project manager Zealand, Great Britain, and the U.S. a proven track record in the global security
with BluePhoenix Solutions, located in market and I relish the opportunity to
Herzlia, Israel. 1985 deliver innovative solutions to a growing
customer base across EMEA.” Before join-
Eric Dudson is a senior consultant work- MBA Full-Time Class Champion: ing NICE, Moshe was executive vice
ing for a consulting engineering company Gerald Legrove president sales and marketing at Flash
that specializes in the design and construc- [email protected] Networks, a leader in mobile data. Prior to
tion of underground hard rock mines MBA Part-Time Class Champion: that he was vice president sales of the
throughout the world. He is currently Daniel Eng billing division at Amdocs, a market leader
working on base metal mines in Asia and [email protected] in the telco market, where he built and
Africa. Eric moved to North Bay (and beau- managed a global sales organisation. He has
tiful Lake Nipissing) after working for Lindsay Duffield has returned to Canada also held senior positions at Magic Software
many years overseas on mining projects. after 13 years in the U.S. working for IBM, as vice president for worldwide distribu-
Mercedes-Benz Credit, and BMW Financial tion, and later as managing director of
1983 Services. In his new position as president of Magic’s Israel, Africa and APAC Operation.
BMW Canada, he is responsible for BMW’s Moshe holds a B.A. from Tel-Aviv
Scotiabank recently appointed Wendy business including BMW, MINI and University in addition to his MBA.
Hannam to the position of executive vice- Motorcycle brands in Canada. Lindsay and
president, domestic branch banking, where his wife Ruth have two sons - Jordan and 1989
she is responsible for the delivery of retail Christian, who are avid hockey players!
and small business banking services through MBA Full-Time Co-Class Champions:
the branch network in Canada, and national Class Champ Dan Eng is the current pres- David Pyper
mortgage sales.Wendy joined Scotiabank in ident for the Toronto section of the [email protected]
1983 as a commercial account manager, Canadian Information Processing Society Maria Milanetti
and has held progressively senior positions (CIPS), a volunteer organization of 8,000 [email protected]
in commercial banking, risk management, IT practitioners across Canada. In his day MBA Part-Time Class Champion:
job, he is pursuing a career in sales and mar- John Harris
keting after spending more than 19 years in [email protected]
the financial services sector.
Select Comfort Corporation, creator of the
Rob Redfearn owns and operates Sleep Number bed, recently announced the
Redfearn Developments in North appointment of J. Douglas Collier as
Carolina. He has been investing in com- senior vice president and chief marketing
mercial properties in historic areas, officer. Douglas joins Select Comfort from
designing and developing them. His most La-Z-Boy, Inc., where he most recently was
recent venture is the BLACK WATER chief marketing officer and vice president,
GRILLE, a 14,000 sq. ft. restaurant/bar marketing and furniture galleries develop-
and banquet facility. Plans to expand the ment. At La-Z-Boy, he was responsible for

88 • Rotman Magazine Fall 2005

the broadening of the La-Z-Boy brand and children maintain an active outdoor MBA/MCom Full- and Part-Time
stimulating new growth through marketing lifestyle including snowboarding, cycling,
and product initiatives, including the golf and soccer. You may have seen the Texada Software recently appointed Don
launch of the Todd Oldham by La-Z-Boy Francis Family featured on a recent episode Whitbeck as president and CEO. Don
Collection. He began his career with GE of Balance TV with Oprah Winfrey’s chef brings over 25 years of software industry
Canada in product management and mar- Art Smith, or as one of five athletic families experience, including global sales, market-
keting and moved to Whirlpool, where he featured in Parent Magazine. They have ing, operations and general management.
had responsibility for business development recently returned from a family snowboard He was previously CEO at Veredex
and process improvement and gained inter- vacation in BigWhite, Kelowna, and, along- Logistics and prior to that, at EveryWare
national product management experience side last year’s visit to Mammoth Mountain Development. His education includes a
with Whirlpool Europe. He held market- in California, describe both these places as bachelor of engineering from McMaster
ing, international and general management “an absolute must-visit” for families!! University in addition to his MBA. Texada
roles with Iomega Corporation and Nibco provides complete Enterprise Asset
Inc., prior to joining La-Z-Boy in 2002. 1991 Management Software to the Equipment
rental industry. Over 400 customers
Chris Hill is vice president, investor rela- MBA Full-Time Class Champion: worldwide, including Volvo Rents and
tions at Kinross Gold Corporation in David Littlejohn Stephenson’s Rental Services use Texada
Toronto. See www.kinross.com for more [email protected] software to manage almost all aspects of
on the company, the seventh-largest pri- MBA Part-Time Class Champion: their equipment rental business.
mary gold producer in the world, with Pamela Kanter
operations in Canada, U.S., Brazil, Chile, [email protected] 1993
Russia, and Zimbabwe. Chris and Cindy
helped Christina celebrate her first birth- Kapil Madan is a trade commissioner in MBA Full-Time Class Champion:
day a short while ago, along with her Canada’s Foreign Service and has served Daniel Lin
brother Harry (3), and sisters Nadia (10) abroad in Indonesia and Jamaica. He is [email protected]
and Rachel (12). currently the deputy director for trade MBA Part-Time Class Champion:
dealing with China at International Trade Kathryn Beaton
Ruvan Waltman is vice president of Canada. Kapil is married with three daugh- [email protected]
Genesis Building Corporation in Toronto. ters, and splits his time between Ottawa
and points abroad. Jonathan Kardash sent along this
photo: The Kardash family on vacation in
Hawaii, 2005.

1992

MBA Class Champion:
Blair Kingsland
[email protected]

Piers Hemmingsen is an executive
director in the technology and operations
department at the Canadian Imperial Bank
of Commerce. He completed 25 years with
CIBC in March, 2005.

1990 1994

Loren Francis is a partner with MBA Full-Time Class Champion:
Cumberland Asset Management, a discre- Glenn Asano
tionary asset manager dedicated to high [email protected]
net-worth individuals, holding companies, MBA Part-Time Class Champion:
foundations and trusts. Loren is also a Cheryl Young
board member and co-chair of the fundrais- [email protected]
ing committee of Sheena’s Place, a
registered charity in Toronto offering hope Dennis Logan was recently welcomed to
and support to patients with eating disor- the Toronto office of Westwind Partners
ders. Loren, husband Mark, and their three Inc. With over 12 years experience in the
investment banking industry, he joins
Westwind as a director in investment bank-
ing. Most recently, Dennis held a senior

Rotman Magazine Fall 2005 • 89

MBA/MCom Full- and Part-Time Advanced International Studies in Kevin Wojtek Galazka is a branch man-
Washington, D.C. In addition to his com- ager in the Richmond Hill office of Swift
level position with a large investment- bined JD/MBA degrees from the Trade, a proprietary trading firm.The com-
banking group in Toronto and has worked University ofToronto, he has also studied at pany was named #2 on Profit Magazine’s Top
on transactions across North America and the Hebrew University of Jerusalem, Ecole 100 Fastest Growing Canadian Companies
overseas. Dennis is a Chartered Accountant Superieure de Commerce de Paris and in 2004. Newly single, Kevin has planned a
and holds a BA in Philosophy in addition to McGill University. He is married to Tamara six month trip to visit South East Asia. He
his MBA. Dubowitz, his childhood sweetheart, sends his best wishes to all the Class of 96!
whom he met in 8th grade.
Ron Sturk operates a design, marketing Meg Langley will be entering her final
and contract manufacturing business in Peter Guo is a partner in the Advisory year of law school at the University of
industrial packaging. See www.pailclo- Practice at PricewaterhouseCoopers LLP, Toronto this September. Currently, she is
sures.com for more details. where he specializes in integrated risk and working for the summer at a leading Bay
performance management, with a particu- Street law firm, specializing in intellectual
Class Champ Cheryl Young is currently lar emphasis on IT risk management. Peter property. Upon graduation, she hopes to
working as the senior marketing resource has a leadership role in theVancouver office continue working in that field, and looks
for a start up online media company called for the development and delivery of serv- forward to embarking on this phase of her
CentSource Corp. which is moving out of ices related to Sarbanes-Oxley and Bill career. She is particularly looking forward
the ‘beta phase’ and into market launch in 198. He currently leads and delivers large to earning a full time salary once again, as
Toronto in 2005. regulatory-driven assignments by applying “the costs associated with returning to
project management principles through all school have been very high!”
1995 aspects of business process and IT controls
certification. He has advised a number of Firan Technology Group Corporation
MBA Full-Time Class Champion: multinational clients in a variety of indus- recently appointed Kerry Scrase to the
Nick Strube tries. Married for seven years to BrendaTan position of director of operations for FTG
[email protected] (MD, 9T7), they have four wonderful chil- Aerospace. Kerry has over 17 years of
MBA Part-Time Class Champion: dren. Peter is the Rotman regional envoy operational and engineering experience
Darlene Varaleau for Vancouver. with Boeing, Bombardier Aerospace and
[email protected] Messier Dowty. In addition to her MBA,
1996 she is a professional engineer, and has a
Mark Dubowitz is the chief operating Masters Degree in Aerospace Studies from
officer of the Foundation for the Defense of MBA Part-Time Class Champion: the University of Toronto.
Democracies (FDD) in Washington, D.C. Daisy Azer
FDD is a think-tank focused on terrorism, [email protected] Carmen Van Dam is an associate market-
founded shortly after 9/11 by Malcolm ing director at Kimberly Clark Corp. based
Forbes, Jr., Jack Kemp, Ambassador Jeane Kathy Butler and David Ferguson got out of Neenah, Wisconsin (Go Packers!)
Kirkpatrick, former CIA director James married in August 2000 and now have 2 and is currently working on the child care
Woolsey, Newt Gingrich and others. Mark “crazy boys”, Jackson and Caden.They have portfolio of brands which include Pull-Ups
oversees strategic development, opera- relocated toVancouver and are enjoying the training pants, Goodnites underpants, and
tions, programming and international West Coast lifestyle. Kathy is with CIBC Huggies Little Swimmers swimpants. “We
alliances. He previously worked in the World Markets as an executive director. have a recent addition to the family –
venture capital industry, focused on David is with Digital Payment Technologies Thomas (now 10 months) joins brother Ian
fundraising for early-stage technology com- as a regional sales manager. Both are enjoy- (5) and sister Robyn (3).With three kids in
panies including Think Dynamics (sold to ing Whistler as often as possible.
IBM), FloNetwork (sold to Doubleclick)
and TiraWireless, a leading venture-backed
Java software company. He also worked in
software management as director of
international business development at
Doubleclick and as director of corporate
development and general manager at
FloNetwork, a marketing software com-
pany purchased by Doubleclick. Mark has
lived in the Middle East, Europe,Africa and
North America, speaks three languages,
and is currently a candidate for a Masters in
International Public Policy in Chinese stud-
ies at Johns Hopkins University’s School of

90 • Rotman Magazine Fall 2005

tow, our big summer plans include a trip to Philip King continues to be challenged MBA/MCom Full- and Part-Time
the Mall of America for some mini putt, a and delighted as president and CEO of Artez
visit to Legoland and Snoopy Land! Hope Interactive (www.artez.com). The growing Naomi Gropper
all is well with everyone! Hugs! :)” Toronto-based company provides internet
social-network fundraising tools and strate- In Memoriam
gies to charities in Canada and the U.S. As It is with the deepest regret that I inform
usual, Artez is searching for great additions you that our classmate, Naomi
to the team: motivated, smart, mission- Gropper (Steiner), passed away peace-
driven people who want to spend their day fully on June 23rd surrounded by her
helping the world’s best charities do what family in Vancouver. Naomi had been
they do better. Interested? Please contact diagnosed with a brain tumour almost a
Philip. And have a terrific summer ’05! year ago. She is survived by her husband,
Daniel Steiner, and two young children.
1997 Lynn McAuliffe is a human resources
consultant with Brandhouse Inc., a man- Her funeral took place at Temple
MBA Full-Time Class Champion: agement consultancy focused on branding. Shalom in Vancouver, and a burial fol-
Burke Malin Lynn heads up the Human Resources lowed at Temple Shalom’s cemetery in
[email protected] Practice. Brandhouse helps companies White Rock, BC. In lieu of flowers, dona-
MBA Part-Time Class Champion: develop human resource strategies, prac- tions can be made to The Naomi Fund at
Nancy Crump tices and programs that support and The Jewish Family Service Agency in
[email protected] enhance their corporate brand. Vancouver. The Naomi Fund was estab-
lished to provide support to families and
Nancy Crump recently returned from a Sean Quartermain is an account execu- individuals facing medical crisis in the
year long, around-the-world cycling trip tive in financial services at Streamlogics community - an issue of particular impor-
with her new husband. Inc. in Toronto. Streamlogics provides live tance to Naomi. Please contact JSFA in
and on-demand streaming media, and in his Vancouver at 604-257-5151 or by mail
Leandro Gomez is manager of contract role Sean helps banks, insurance compa- #305-1985 West Broadway, Vancouver
surety for the Vancouver office of St. Paul nies, mutual fund companies and asset BC, V6J 4Y3.
Guarantee Insurance Company, a sub- management firms with their on-going
sidiary of St. Paul Travelers, which is one internal and external communication Not only was Naomi a vibrant addition
of the largest property and casualty insur- needs. A core application of streaming to our class, she was also the President of
ers in North America. In their spare time, media is live webcasting to financial advi- our Graduate Business Council and proud
Leandro and his wife Alison are enjoying sors by manufacturers of financial and recipient of the Max Clarkson Fellowship
the excellent hiking and golfing in British insurance products. Sean and his wife in Public Management and Government-
Columbia. Angela have their hands full raising three Private Sector Relations.
young children, Hailey (8), Liam (6), and
Aidan (4). Downtime is spent at the family We will remember Naomi as someone
cottage in North Kawartha. Sean can be who truly embraced life with enthusiasm
reached at [email protected]. and caring. She will be greatly missed.

Thomas Wyss and Natasha Samuels – Mari Iromoto (MBA ’98)
(MBA ’98), together with their daughter
Nathalia, welcomed their son Alexander into
the family this past May.The family is doing
well. Thomas continues with IMAX as vice-
president, film sales, and Natasha is taking a
vacation from the consulting business.

1998

MBA Class Champion:
Mari Iromoto
[email protected]

Rotman Magazine Fall 2005 • 91

MBA/MCom Full- and Part-Time Grace Wong-Lim has been at BMO 2000
InvestorLine as a vice-president, marketing
Kathy Lay checked in to say, “I’m working since Spring 2004. She was at FutureBrand MBA Class Champion:
hard at a new venture of business consult- Consulting prior to that. Outside of work, Mitchell Radowitz
ing. Our company specializes in small to Grace volunteers her time as a board chair [email protected]
mid-size firms.We represent business own- of ALDER, a not-for-profit resource centre
ers looking to buy another company or sell supporting youth and adults with learning “Regards from Finland and Antti-Pekka
their own. I’d be interested to hear from any disabilities. Grace sends her greetings to Kaariainen! I have been back in Europe,
business owners looking for guidance in her fellow P98ers. first in Stockholm and currently in
the M&A world – [email protected]. Helsinki, since 2001.These last few years I
Best wishes to all.” 1999 have been working for a Northern
European private equity fund, EQT.
“G’day from Oz.” Wayne Li recently trans- MBA Full-Time Co-Class Champions: Looking forward to seeing you all in
ferred from Toronto to Sydney, Australia Lenore Macadam Toronto sometime in the near future...”
with CapGemini Consulting. An avid trav- [email protected]
eler, he will be using his time down under Aran Hamilton After over 4 busy years of technology invest-
to see more of Asia and finally visit [email protected] ment banking, Kul Mani opted to slow
Antarctica – the last continent on his ‘To MBA Part-Time Class Champion: things down a bit and moved to the buy-side
Do’ list. He will miss his friends in T.O. Louisa Yue-Chan as vice-president at Wellington Financial in
(especially the ‘Girls’), but plans on return- [email protected] 2005. Wellington Financial (www.welling-
ing home on a semi-regular basis to tonfund.com) is an $83 million venture debt
catch-up. If you are a member of the Class Michael Chazot is VP of Exanet fund that focuses on $1–10 million invest-
of ’98 and happen to stumble upon Americas. Since graduation, he was the ments in growing Canadian based
Australia in your travels, don’t hesitate to CEO of an e-commerce company in Israel companies. Kul and wife (Eva) recently
look Wayne up in Sydney. and later a sales territory manager at EMC. moved into their new house in Feb 2005 and
He’s been back in Canada since January are hoping to fill some of the empty
Paul Sheehan spent the year after gradua- 2005, managing activities in the Americas rooms...with furniture for now :)
tion travelling the world (a highlight, for his firm. Exanet is an SW company in
literally, was Base Camp of Mt. Everest), the digital data storage space. Aparna Sachdeva and husband Raj have
before settling in New York City. After a welcomed an addition to the Sachdeva fam-
stint as legal counsel at Madison Square Hazel Wood continues to grow Rehab ily: Rohan cheekily sauntered into their
Garden – where he learned it was “easier to Results Inc., her private healthcare man- lives at 12:01 AM on June 17th, when the
trade a Ranger than fire a Rockette” – Paul agement company. Rehab Results provides nurses and doctors were convinced it
began working as an entertainment journal- service to the auto insurance sector, would be June 16. “Cheeky. The apple
ist. Syndicated internationally, his favourite employers and private payers. “We assist doesn’t fall far from the orchard.” Rohan
interviews include Julia Roberts (yes, she is insurance companies to determine which weighed in at 6 lbs. 9 oz. and can’t wait to
that nice!), Russell Crowe (if only he’d had requests for benefits are reasonable and meet you all. Mummy has to catch up on
that phone thrown at him, Paul could retire necessary. We provide case management her sleep, but is otherwise in great spirits.
right now!) and Nicole Kidman (bewitch- services for people with catastrophic Best, A and the Rs.
ing, indeed). He returns to Toronto every injuries; workplace accommodation
September for the Film Festival. services to employers (e.g. banks, manufac-
turers); and in-home assessments to
Juan Carlos Torres and wife Laura have determine if individuals might benefit from
finished their ‘Moroccan adventure’. After supports to ensure their safety at home.”
2.5 years in the Europe/Middle East/ Hazel also does consulting to the not-for-
Africa, Juan Carlos – still with P&G – is profit healthcare sector. This includes
being relocated to Augusta, Georgia, work- strategic planning, board development, and
ing as a capability development manager. project management. Currently she is con-
He is asking all his friends from Rotman to sulting to the International Bone and Joint
let him know if they plan to challengeTiger Decade. In July, she married Dan Gregory,
Woods at the Masters next year, so he can her “true love and sailing partner,” at the
go watch it live. Ashbridge’s BayYacht Club.

92 • Rotman Magazine Fall 2005

Lisa Sansom is back at work for Export Pierre-Luc Bisaillon sends along this MBA/MCom Full- and Part-Time
Development Canada in Ottawa, despite a note: “The Bisaillon family business is expe-
recent move to Kingston. The home riencing exciting growth, with the addition and Grace (and hopefully, will allow him
office/occasional travel/young family bal- of baby Frances Grace Bisaillon, born the occasional round of golf in the after-
ance is “tenuous but working out. With no May 25th 2005. Since the move to noon). “To my classmates back in Toronto -
big travel plans in the near future, we will Newfoundland in December, I continue to San Francisco is a great place to visit (espe-
be making the most of our weekends with consult for Toronto and St. John’s clients. cially in winter), so let me know if you are
local car trips – as long as the batteries in Debbie is on mat leave from CBC, and ever heading this way!”
all the toys hold out!” Sons Adrien and Xan Benjamin is a happy and proud big brother.”
(Alexander) are doing really well and don’t Robert Field has assumed a new role in
give their mom too much of a hard time – Flora Chen is on maternity leave from the CanadianTire supply chain.As the man-
“not usually, anyhow! Cheers to all 2000 telecom equity research at Merrill Lynch. ager of regional operations, he is now
and 2001 PT class mates!” Baby Isabelle joined the Szeto family on responsible for all of the general merchan-
May 23rd, 2005. Big brotherWilliam is just dise distribution centres outside of Toronto
Alex Xuyang Wang will be moving to a little bit jealous. Having left Manulife (including Calgary & Montreal) plus one of
Hong Kong, joining CIBC’s Asia operation Financial, proud daddy Sheldon Szeto the Toronto facilities. Robert is also playing
as director, investments. He is currently (MBA‘02) is back to real estate develop- a role in the evolution of the distribution
working at CIBC Asset Management Inc. as ment, sort of. He has recently joined network for Mark’s Work Wearhouse. Last
senior manager responsible for competitive Retirement Residences REITs as a financial October, partner Wei He (PhD 2001)
research, strategic analysis and product analyst in its Construction & Development joined the Credit Portfolio Management
design. His wife Qin and daughter Clara Department. group of TD Securities. Megan Field is
(pictured below) will also join him moving Dora the Explorer’s biggest fan. As her sec-
to Hong Kong. ond birthday approaches ... she has clearly
established who calls the shots. Her energy
rivals her speed.

Bruce Ing is a director at AlterAsiA
Limited, and has eight years of private
equity experience. Presently, AlterAsiA
manages two Asia private equity portfolios
with a combined investment amount in
excess of US$215 million. Previously, Bruce
worked for Lazard, Power Corporation of
Canada and HSBC Securities in private
equity and investment banking. He enjoyed
the Rotman Alumni Receptions and UofT
Bound in Hong Kong and looks forward to
seeing his classmates and professors in
Toronto this summer.The Ing family will be
celebrating the 7th birthdays of their twin
daughters, Chantelle and Chloe, at Disney
Hong Kong this September.

2001 Patrick Drouin continues his institu-
tional equity sales role with UBS, but now
MBA Full-Time Class Champion: does so in San Francisco. Having just trans-
Daniel Zinman ferred to the Bay Area, he and his family are
[email protected] settling into the amazing scenery and
MBA Part-Time Co-Class Champions: weather that the area is renowned for. The
Lisa Sansom caveat: he has to work market hours – so
[email protected] the 3:45AM alarm to make it into work by
Walter Sophia 4:30 “does make things a bit tough.” That
[email protected] being said, getting home at 3:00PM gives
him much more time with his twins, Isabel

Rotman Magazine Fall 2005 • 93

MBA/MCom Full- and Part-Time The David Diestel family recently Heather Yang recently purchased a fran-
expanded with a new baby brother for Ben. chised career college, Academy of
Jennifer Shelton has returned to Baby Joshua was born in June 05 and “has Learning, based at Yonge & Bloor in
Microsoft Canada as market intelligence already mastered summer activity at the Toronto. Academy of Learning is a private
manager for the subsidiary, where she is cottage. Peri is still hoping for a girl!” college providing over 20 diploma courses
responsible for generating market insights for local and international students.
for long-term, cross-portfolio strategic 2003
planning. She also had the good fortune
to represent Canada at Microsoft’s MBA Full-Time Class Champion:
International Market Intelligence meeting Pamela Beigel
in Paris this spring (see photo). Jennifer and [email protected]
her husband Marcos celebrated their 10th MBA Part-Time Co-Class Champions:
anniversary this year, and the couple looks Jennifer Chan
forward to spending their summer vacation [email protected]
at the Guelaguetza festival in Oaxaca, Rajesh Dixit
Mexico, and exploring the pre-Columbian [email protected]
ruins of Monte Alban.

2002 After successfully leading Lingo Media’s 2004
penetration into the Chinese education
MBA Full-Time Class Champion: market, Geng Chen has been working on MBA Full-Time Class Champion:
Rizwan Suleiman Asia business development for Renaissance Maya Lange
[email protected] Learning Inc. since 2004. Geng would very [email protected]
MBA Part-Time Class Champion: much welcome the opportunity to have a MBA Part-Time Class Champion:
Jay Nicholson cup of coffee or green tea with alumni who Steven Lane
[email protected] are based in Asia when he travels on busi- [email protected]
ness trips. Geng can be reached at:
The Board of Directors of CAPCO Energy, [email protected] Exchange student Martin Cleaver is
Inc. has appointed Mansoor Anjum as British, but was on exchange from
chief financial officer. With over 15 years Chris Lavallee is a regional manager for Melbourne Business School, Australia.
experience in financial management and the mining division of DYWIDAG Systems He’s now back in Toronto after having met
marketing, Mansoor has worked in the oil International, the global leader in ground his “rather cute” Canadian girlfriend, for
and gas industry for the last 10 years. Since support products for the mining industry. which he decided that staying here and
July 2003, he has been president of Meteor enduring the “tortuous winters and stifling
Marketing, Inc., a petroleum products Laurin Mayer has been keeping very busy summers was definitely worth it.” Martin is
distributor based in Casper, Wyoming. growing her new organization – Light One working for a boutique knowledge man-
From July 2002 to June 2003, he worked as Little Candle – www.lightonelittlecandle.org. agement strategy house, which is rather a
a corporate finance consultant in Toronto; “There was a great launch party recently, and refreshing change from his days at
and prior to that, he worked with Saba things are still going strong.” Though no Andersen Business Consulting.
Petroleum Company in various capacities, longer the class champion, she’s looking for-
including vice president, international ward to many fun Rotman events to come.
new ventures.
Thiago Silva checked in to say, “I’m back!!
After graduation, I needed to go back to
Brazil to fulfill my commitments with my
former employer. Once that was accom-
plished, it was time to pursue my dream of
having a professional experience in Canada.
I joined Brascan one year ago, and I am very
happy to be back to Canada working in a
company that allows me to be in Toronto,
but always in touch with my country.”

94 • Rotman Magazine Fall 2005

MBA/MCom Full- and Part-Time/Executive MBA

Shen Gao is a junior partner at New Doron Melnick is a management 2005
Margin Ventures in Beijing, China. New consultant with RPOptions. He is helping
Margin Ventures is one of the prominent to grow RPO’s Toronto office and will also MBA Full-Time Co-Class Champions:
venture capital investment firms in China. be helping to grow his and Shana’s first Fiona Cunningham
More information can be found at child, due this past July. [email protected]
www.newmargin.com Tanbir Grover
David Stewart is a project manager for [email protected]
Albert Kaan and his wife, Wingee, are in Boston Properties, based in Boston. He
the midst of planning an organic health and writes, “It’s hard to believe I have survived Executive MBA
beauty import/export company focusing a whole year in Boston. I felt a little home-
on the China market, starting with Beijing. sick recently when I attended a charity 1985
“Any tips and help would be greatly event and bumped into Don Cherry. I don’t
appreciated. To the Class of 2004, hope get back to Canada much, so if any alumni Class Champion:
you are all enjoying your post-MBA life are ever in town, please look me up. We Bob White
to the fullest!” need more Rotman alumni in the USA!” [email protected]

New Class Champ Steven Lane is work- JasonWodlinger knows that life works in EMBA 1 had an excellent turnout for its
ing as communications manager at S.A. strange ways. “Two weeks after graduating 20-year reunion. Anchoring the event were
Armstrong Limited, a manufacturer of in 2004, I landed a dream job at Rogers Bill Waters and Nora Seymour, who
pumps and heat exchangers for use in com- Communications. One month later my wife played such a large role in launching the
mercial and residential HVAC installations. and I had a baby. Five months later, I was laid Rotman EMBA program. Comments from
Armstrong sells products through a net- off. Two weeks later, I moved into my new Class Champion Bob White and Bill
work of ‘buy/sell’ representatives in North house, with a mortgage, no job and a baby. Waters gave the gathering some light
and South America, Europe, the Middle Over Christmas I took it easy and tried to moments.Tribute was paid to two deceased
East and the Far East.A large portion of the breathe.Then, on January 2nd, I got back on class members, Andre Charles and Rick
communications role involves preparing the phone, called my network, mentors – Heron. In attendance were: Frank
materials for supporting this network. everyone I knew – and two months later Abrams, Bruce Ander, Harvey
(March/05) I landed a job at the CBC, Botting, Dick Clark, Jim Courtney,
Gurprit Mann is working as a manager at doing strategic planning for the TV sales Dave Davidson, Jim Dewhurst, David
Hay & Watson, a CA firm in Vancouver. teams. The moral? Take one day at a time, George, John Goemans, Wayne
After dating long distance for awhile during never be afraid to call anyone – the worst Greenberg (who came up from Georgia),
the MBA program, and spending the sum- they can say is no – and most importantly, Saifu Mawji, Ralph Roberts, Ray
mer together in Vancouver, Gurprit was don’t lose touch with your classmates.” Rupert, Nils Schooley, Andy Shaw,
married to Alisha in the summer of 2004. Rohan Singh, Whipple Steinkrauss,
In April 2005, Alisha gave birth to a beauti- Ed Vanhaverbeke, and Bob White.
ful baby girl they named Priya. Priya was
eager to enter this world, and decided to 1986
come almost four weeks early. She is doing
great though, as are mom and dad, who For Hannah McCurley, working at
“love being parents!” They hope all their Shoppers Drug Mart, the Canadian retail
friends from Rotman are doing well, and giant’s corporate office in the capacity of
hope to visit Toronto soon. director, product development and Q.A., is
a dream come true. Hannah oversees all
James (Jian)Yu started to work at CIBC’s product breadth and scope from baby prod-
risk management field from Jan. 2005 and ucts to OTC, foods, vitamins, natural
has enjoyed it so far. James wishes each and health products, personal care, cosmetics
every member of the Class of 2004 a prom- and “all items necessary for life and living,
ising career and a happy life! “Time flies but from cradle to grave!”
we always belong to Rotman community.
Let’s keep in touch.” 1987

Class Champion:
Vitor Fonseca
[email protected]

Rotman Magazine Fall 2005 • 95

Executive MBA Task Force and serves on five other com- Chris Hill
mittees. The CHR is accountable for the
Bob Engelberg recently joined Investors publicly provided health care needs of 1993
Group as a financial planning consultant. 1.2 million people. Loreen is about one-
His practice focuses on individual invest- third through a PhD program in health Class Champion:
ment and retirement planning, estate policy with the Faculty of Medicine at the Andy Hofmann
planning, taxation and insurance solutions University of Calgary. She and Rob have [email protected]
for both business and personal needs. two school-aged children, the younger of
which has survived extreme pre-maturity Ashley Pereira is still working on his PhD
1988 and successfully battled cancer. comprehensive defence at Capella
University. “My thesis is titled, ‘What
Al Mawani was appointed to the boards 1992 Makes An Effective Project Leader in a
of Calloway REIT and AMICA Mature Remote Setting?’, and the research plan is
Lifestyles Inc. Class Champion: to extend the research of Myers Brigg's
Chris Hill around personality types”. At work
1989 [email protected]

Co-Class Champions: Class Champ Chris Hill has just delivered
Peter Murphy the City of Hamilton’s Green Fleet
[email protected] Implementation Plan, a major effort to
Bill Brown implement a triple bottom line solution to
[email protected] the environmental impact of municipal
fleet operations.
1991

Loreen Gilmour is a board member
with the Calgary Health Region and cur-
rently chairs the Mission Vision Values

The Class of 2005 has left the building!

Full-time and part-time MBA graduates Michelle Cui, IBM Business Consulting Chang Song Huang, CIBC
of 2005 are out in the real world now. Michael Dorr, Tener Solutions Group Anna Catherine Huculak,
Many of them have checked in to let Nikki Doucet, Scotia Capital
us know where they’ve landed. David Jason Eden, Ontario Power Generation Federal Court of Appeals
Jonathan Elias, GAP Inc. Don Hughes, Algorithmics Inc.
Nwadiogo Afulukwe, BMO Financial Group Heather Fawcett, Imperial Oil Tom Hyde, AT Kearney
Kamil Ahmed, Blake, Cassels & Graydon LLP Matthew David Fox, RBC Capital Markets Jason Franklin Hynes,
Robert Milorad Arandjelovic, Siemens Ken Fridman, CIBC
David Avedis Aycan, IDEO Gustavo Alberto Galvis, National Bank Financial
Heather Barnes, RBC Capital Markets Brian Ilavsky, GMAC-RFC
Mohamed Barrage, Merrill Lynch Export Development Corp. Ramith Jose, CIBC
Sheldon Bell, TD Bank Financial Group Roberto Garcia Rochin, Frito Lay Canada Alekus Kandelas, Sullivan Entertainment
Paul Benoliel, Bell Canada Carlos Manuel Garcia-Ollataguerre, Jason Robert Kenney, RPOptions Ltd.
Sameer Bhojani, BMO Financial Group Shammi Khanna, TD Canada Trust
Ben Boult, First Associates Johnson & Johnson Jee Soo Kim, Loyalmetrics
David Joseph Hanson Breau, Dell Canada Jori Nicole Gertner, Kraft Canada, Inc. Michael Brian Kolm,
Dan Breeze, UBS Securities Ali Ghods, DATAK Corporation
Tyler Brenneman, Merrill Lynch Diego Gianelli, Kraft Canada, Inc. Strategic Telecom Advisors
Ben Charles, Bain & Company Sarika Goel, Scotia Capital Asher Chung-Yan Lai, Bank of Montreal
Mei Chen, Bank of Montreal Cheryl Gordon, Kraft Canada, Inc. Marcus Lam, BCE
Grace Xiaoyi Cheng, Ernst & Young Heather Graham, Medtronic Charles Walter Lannon, Toron Capital
Emily Cheung, RBC Tanbir Grover, Coca Cola Markets
Louis Cho, IBM Canada Ltd. Vineet Gupta, AIC Mary Legakis, Managerial Design
Kevin Chun, TD Bank Financial Group Adriana Gut, Lancaster Group Charles Lesaux, RBC Capital Markets
Brian Cohen, Manulife Financial Feroz Mahmood Haq, TD Securities Aven Li, Canadian Tire
Jason Cooper, Bell Canada Bruno Albert Hentschel, Entrepreneurial Charles Li, CIBC
Nancy Elizabeth Crean, CIBC World Markets Alisha Hirsch, The Walsingham Fund Paul Yiming Li, Sabre Holdings
Brian Cuff, Secor Consulting Willa Hoffmann, BMO Nesbitt Burns Vivian Xuan Liao, CIBC
Michael Patrick Holland, Macquarie Bank Kelvin Chun Yin Lo, IBM Canada Ltd.
96 • Rotman Magazine Fall 2005 Hao Hu, Texas Instruments Steve Lux, RPOptions Ltd.
Brian James Machin, CIBC

(Honeywell International), he was recently Ashley Pereira Executive MBA
nominated and is now currently enrolled in
a Honeywell Leaders Six Sigma BlackBelt 1994 Jim Bradley is the vice president, supply
Program. “My Six Sigma BlackBelt certifi- chain at Integrated Strategies, Inc. He is
cation project is around standardization and Class Champion: also serving as the president of the Western
knowledge management of electrical func- Andrew Stewart Michigan Roundtable – Council of Supply
tional circuit blocks”. He also received a [email protected] Chain Management Professionals and advi-
meritorious invention disclosure award sory role to the Right Place, Inc. Supply
from the Honeywell International Patent 1996 Chain Management Council. Jim and Kathy
Filing Office as a result of a U.S. are doing well and are having lots of fun
Government patent submission. “I have Class Champion: with their two children, Candice (16) and
designed an innovative ‘Intelligent’ Jon Waisberg Michael (13). Jim sends his best wishes to
SW/System product which is now under [email protected] EMBA 96 and “looks forward to seeing you
prototype development for aerospace, all at the 10 year reunion.”
industrial and marine applications. Final
patent submission is in the works”. He has
invested (again) in a R580XD TaylorMade
Golf driver ... the game is still his passion,
but unfortunately he does not find enough
time to indulge. “Janina and the boys
(Michael and Andrew) are doing fine.”

Kamal Mahmud, Real Estate Venture Chris Radtke, Credit Suisse First Boston Ekaterina Sutugina,
Umar Malik, Northwater Capital Tejen Ray, RBC Drug Royalty Corporation
Chris Matthews, Specialized Bicycles Paul Riis, Ministry of Natural Resources
Liz McBeth, McBeth Media Inc. Bryan Edwin Rock, Algorithmics Inc. Shiming Tan, Barclays
Strahan McCarten, Mercer Martin Rovers, Boston Consulting Group Wendy Tsang,
Jonathan Mendoza, Wal Mart Samina Sajanlal, Northwater Capital
Mary Allison Monaghan, Ramesh Sangameswar, Bell Canada Franklin Templeton Investments
Elissa Schaman, Deloitte Josef Martin Turnbull, CIBC World Markets
Johnson & Johnson Medical Products Jeffrey Howard Schok, ZS Associates Shantanu Upadhyay, Adventis
Bryden Morris, General Motors Canada Aziza Sentissi, Bank of Montreal Gustavo Adolfo Villota, Johnson & Johnson
Ali Mozaffari, CIBC Stacey Sequeira, Ernst & Young Emma Kathleen Wain, Johnson & Johnson
Syed Mujtaba, Capital One Alyson Walker, RBC Capital Markets
Florence Narine, Clarington Funds Inc. Orenda Corporate Finance Darcy Walsh, CIBC World Markets
Linnea Nelson, Anusha Shanmugarajah, Jane Wang, Hewlett-Packard (Canada)
Kai Wang, Wison Group Holding Ltd.
Johnson & Johnson Medical Products Research in Motion Lal Wanniappa, PriceWaterhouseCoopers
Greg Nielsen, TD Securities Harish Sharma, CGI Group Julie Catherine Ward, Bain & Company
Kena Paranjape, GAP Inc. Kathryn Anne Shaw, Jennifer Webster, BMO Nesbitt Burns
Sasan Parhizgari, CIBC Alison Weyland, Deloitte
Zakir Patel, Macquarie Bank PriceWaterhouseCoopers Stanley Man Tik Wu, Ai Numerix/Cicada
Andy Peng, National Bank Financial Heather Sifton, Boston Consulting Group Katherine Xie, TD Bank Financial Group
Robert William Perry, TD Canada Trust Willard Wa Chi Sing, KPMG LLP Vivian Wei Yan, Bank of Montreal
Richard Gregory Peterson, Macquarie Bank Maria A Smirnova, Allen Yang, CIBC
Daniel Mark Phillips, Deloitte Consulting Peter Yoon, Credit Suisse First Boston
Toby Robert Pierce, Tristone Capital Sprott Asset Management May Zeiback, Nestle
Tim Pino, RBC Robert Sohn, MPI Canada Li Kerry Zhang, Raymond James
Antoine Pronovost, University of Toronto Robert Spafford, RBC Capital Markets Johnny Zhong, Mediterranean
Matthew Protti, Scotia Capital Nanthini Sriskanthan, RBC
Shelly Puri, Merrill Lynch David St. Germaine, TD Securities International Design
Thomas Purves, CIBC Sarah Sturgeon, Ernst & Young Zhihang Zhou, Loblaws Companies Ltd.
Pradeep Sukumar, Scotiabank Yingjie Zhu, LuSight Research

Rotman Magazine Fall 2005 • 97

Executive MBA/EMBA Jeff Lowe recently became treasurer of Ravi Nookala was recently appointed
Centerra Gold Inc., a growth-oriented, senior vice president, AV/IT marketing at
Joe Hickey is the president and CEO of pure play gold company that is focused on Sony of Canada, Ltd. Ravi is responsible for
TenXc Wireless Inc., a startup company acquiring, exploring, developing and the marketing of Sony’s consumer electron-
based in Ottawa. Recent updates for Joe operating gold properties primarily in ics products, including end-user, retail and
include being selected as a member of the Central Asia, the former Soviet Union, channel pricing, promotion and advertising
‘Top 40 Under 40’ in Ottawa, and TenXc and other emerging markets. Centerra and product life cycle management.
being recently selected as a winner of the Gold is the largest Western-based gold
Top 25 IT Up and Comers by the Branham producer in Central Asia and the former Tanya van Biesen is a partner with
Group. On the personal front, Joe and Soviet Union and Centerra’s shares trade Highland Partners, a leading executive
Jeanette were expecting their 5th child in on the Toronto Stock Exchange (TSX) search firm with offices in North America,
late July. under the symbol CG. Europe and Asia. Specializing in financial
services, she conducts executive-level
Munir Merali has just returned from an Michael Stevens is the president of search work for asset management firms
exciting and challenging five-year contract Integrated Fulfillment Management Services and banks. Tanya and her husband Andrew
position based in central Asia (Islamabad, Inc, a fulfillment (3rd party logistics) com- Zimakas recently had their second child,
Pakistan) as CEO of the Aga Khan pany based in Vancouver, BC. Mike and his Meredith, a little sister for their son, Jack.
Foundation (Pakistan). He is currently in wife Annette acquired the company in May
Toronto completing a medical centre proj- 2003, and are both thoroughly enjoying the 2001
ect in Markham. Munir sends best wishes challenges of business ownership.
to the class – “especially the Orange gang!” Co-Class Champions:
2000 Ken Hagerman
1997 [email protected]
Co-Class Champions: Gary Ryan
Class Champion: Jennifer McGill-Canu [email protected]
Jennifer Hill [email protected]
[email protected] Bruce Lawson 2002
[email protected]
Peter Ward is CEO of Brinton Mining Class Champion:
Group, a junior mining company with dia- Jennifer McGill-Canu is moving to Cheryl Paradowski
mond mining projects in the state of Minas South Africa to oversee strategy and mar- [email protected]
Gerais, Brazil. keting for the Lafarge Gypsum operation.
An acquisition for Lafarge in 2004, the Margaret Kun is a manager, program
1998 operation has as mission to develop the development and evaluation for the
plasterboard product for ceilings and parti- Vancouver Island Health Authority.
Class Champion: tions (walls) in residential and Margaret has taken up kayaking and crab
Ashok Sharma non-residential markets in South Africa and trapping and sends best wishes to all.
[email protected] sub-Saharan Africa. Lafarge is the global
leader in construction materials. Jennifer 2003 (EMBA19)
Brent Kay is a principal with Atticus was formerly the corporate knowledge
Interim Management in Toronto. Atticus manager coordinating the sharing of best Class Champion:
has become Ontario’s fastest-growing pro- practices throughout the Group. Her hus- Jennifer Figueira
fessional services firm dedicated solely to band Cedric will accompany her to South [email protected]
the practice of interim management. Its Africa “in search of new horizons.” Jennifer
team of principals provides corporations regrets not being able to share in the five- Terrence Wong is a manager of technol-
with short-term access to experienced sen- year reunion, but “was with you all in spirit ogy planning at TELUS Mobility. He travels
ior executives skilled in the art of providing and will look forward to the 10 year internationally to represent TELUS in
immediate business results. reunion. Remember to drop me a line if global telecom standards organizations. His
you are in South Africa.” family recently added its fourth member, a
1999 baby girl named Veronica.

Co-Class Champions:
Mo Mauri
[email protected]
Desmond Preudhomme
Desmond.Preudhomme99@rotman.
utoronto.ca

98 • Rotman Magazine Fall 2005