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Class of 1949 Gift Supports HBS Faculty Development
At its 45th Reunion, the MBA Class of 1949 made a generous gift to the School for the purpose of creating a Dean's discretionary fund. Recently, Dean Kim B. Clark announced the name and intention of the fund, established in honor of former Dean John H. McArthur, as the MBA Class of 1949 Fund for Faculty Development.
"We are at a critical juncture in terms of faculty development," Clark said. "One of the School's top priorities is maintaining an effective, dynamic, and highly skilled faculty. We are grateful to the Class of 1949 for supporting this fundamental need. Their gift is already having a profound effect, for we are spending a significant portion of the fund this year on a variety of activities, including recruiting tenured faculty, providing support for the development of rising junior faculty, and bringing business practitioners to the School."
Speaking for the class, Vincent L. Gregory, Jr. (MBA '49), retired chairman of Rohm & Haas and chairman of the 45th Reunion campaign, noted, "Our class recognizes the importance of a superior faculty in maintaining the School's leadership position in management education. We also appreciate that faculty rejuvenation is crucial to Harvard Business School's mission to bring cutting-edge business practice to the classroom."
According to Dwight B. Crane, senior associate dean, director of Faculty Development, a number of factors are exerting new pressures on the HBS faculty. "The biggest issue is the surge in faculty retirements that is expected over the next five years," explained Crane. "That poses a significant short-term challenge in terms of replenishing the current faculty."
In addition, Crane noted, over the past several years the School has expanded its teaching responsibilities with the inception of the January cohort, the Foundations course for incoming MBA students, and a greater emphasis on group projects requiring intensive faculty involvement. Concurrently, the overall MBA class size has increased by 10 percent, while section size has decreased and new sections have been added. Innovations such as the Global Initiative and the establishment of research centers in California and overseas have also heightened the need for faculty training and the recruitment of new teachers with a range of skills and expertise.
"The School is also experiencing an unprecedented demand for its Executive Education programs, which are expected to increase in both scope and number," Crane observed. "At HBS, Executive Education provides a training ground for new faculty, opens research possibilities for existing faculty, and brings the entire faculty closer to business practice. All of these challenges come at a time when competition for outstanding talent has intensified among private industry and other top-tier business schools."
The Class of 1949, one of the first post-World War II HBS classes to be awarded MBA degrees, has a long-standing, close relationship with the School. Collectively and individually, its members have provided leadership and support in areas ranging from professorships, to fellowships, to curriculum development. In honor of its 35th Reunion, the class established the MBA Class of 1949 Professorship of Business Administration. Dubbed "The Class the Dollars Fell On" by Fortune magazine, the Class of 1949 counts among it members some of America's most prominent corporate leaders. It has helped "set the tone of American business over the course of the past three-and-a-half decades," according to Laurence Shames, author of The Big Time, a book about the class.
"I doubt we were any smarter or more gifted than any other HBS class," observed Gregory. "It was simply a matter of good timing. We rode the crest of worldwide postwar prosperity. As general managers, we had the market going for us, we had the capital, and HBS armed us with the management skills we needed to take off - and we did." By 1974, 45 percent of the class's members held the title of chairman, president, or CEO.
Like Gregory, who spends more than half of his time assisting the Harvard School of Public Health, most '49ers are finding ways to give back to their companies, communities, and schools. As they approach yet another milestone together - their 50th Reunion next year - the Class of 1949 can rest assured that its legacy will be long-lasting.
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