WEBVTT - Bloomberg Businessweek Weekend - November 9th, 2019 0:00:02.560 --> 0:00:06.400 This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm 0:00:06.480 --> 0:00:09.080 Jason Kelly and I'm Carol Masser. Welcome to the Bloomberg 0:00:09.119 --> 0:00:12.920 Business Week Weekend Podcast. This is a special edition because 0:00:12.960 --> 0:00:16.599 this week we're at Stanford University Graduate School of Business 0:00:16.720 --> 0:00:20.040 unveiling Bloomberg Business Week's annual Business school rankings, and Stanford, 0:00:20.239 --> 0:00:24.040 for the second straight year, it's number one, defending their title, Carol, 0:00:24.120 --> 0:00:27.680 and fiercely coming in number one. And we were there 0:00:27.840 --> 0:00:32.640 in the sunshine, just soaking it all in the greatness 0:00:32.720 --> 0:00:37.640 that is that campus. Pretty confident there because, as you said, 0:00:37.920 --> 0:00:40.920 they were number one, coming in ahead of Dartmouth's Tuch 0:00:41.000 --> 0:00:43.559 School of Business. But Chuck, I gotta tell you, they 0:00:43.560 --> 0:00:47.920 made a big move. They jumped seventeen spots, coming in second, Harvard, 0:00:48.159 --> 0:00:51.159 University of Chicago's Boot School and the Darden School at 0:00:51.240 --> 0:00:53.559 UVA rounding out the top five. We'll hear from some 0:00:53.560 --> 0:00:56.280 big name Stanford alum like A b in Bath's, Carlos 0:00:56.360 --> 0:01:00.200 Brito and John Donahoe. He's currently the CEO of Service now, 0:01:00.240 --> 0:01:02.800 but he's also the next CEO of Nike. He'll take 0:01:02.840 --> 0:01:05.360 that spot in the new year. Blassic Guy in the 0:01:05.400 --> 0:01:07.840 News because of the team that he owns. That's Joe 0:01:07.920 --> 0:01:10.560 lake Up. He's the owner of the Golden State Warriors. 0:01:10.600 --> 0:01:19.840 But first, well, yes, indeed, bloomber Business Week naming Stanford 0:01:19.840 --> 0:01:24.600 the number one US business school in a NBA ranking. 0:01:24.680 --> 0:01:26.200 Let's get into it, though, because there's a lot of 0:01:26.200 --> 0:01:29.200 work that goes into it. Let's catch up with a 0:01:29.240 --> 0:01:32.560 couple of our editors are Bloomberg News Senior editor Caleb Solomon. 0:01:32.880 --> 0:01:35.920 He joins us from our Boston bureau, and also with 0:01:36.040 --> 0:01:38.840 us is our Bloomberg Business Week editor Joel Weber. I 0:01:38.880 --> 0:01:40.560 gotta start with you, Joel. First of all, I know 0:01:40.600 --> 0:01:42.200 there's a lot of work goes into it. We know, 0:01:42.319 --> 0:01:46.560 and talking to the alumni that everybody looks for these rankings, UM, 0:01:46.600 --> 0:01:47.960 talk to us a little bit about it. Yeah, and 0:01:47.960 --> 0:01:51.880 it's the thirty first year that Business Weeks has done 0:01:52.240 --> 0:01:55.800 a business school ranking. But really we we uh we 0:01:55.800 --> 0:02:00.920 we started from scratch almost a year ago, uh to 0:02:01.040 --> 0:02:05.960 basically reimagine what the business school ranking could be. And 0:02:05.960 --> 0:02:08.200 and Caleb gets big props for being one of the 0:02:08.280 --> 0:02:12.000 architects of that. And we really tried to lean into 0:02:12.400 --> 0:02:16.200 where we thought h a ranking of this variety could go, 0:02:16.280 --> 0:02:18.919 and so much of that has been let's actually lean 0:02:19.000 --> 0:02:22.600 into the networks and the students and the alumni and 0:02:22.800 --> 0:02:27.480 actually start asking questions to them about their experiences. And 0:02:27.560 --> 0:02:31.480 that's what really makes this ranking be so definitive. It's 0:02:31.600 --> 0:02:36.280 very interactive, so you can actually customize the ranking based 0:02:36.280 --> 0:02:39.520 on what you're what you're interested in, and that's um, 0:02:39.919 --> 0:02:42.720 you know, I just hats off to Caleb as being 0:02:42.760 --> 0:02:45.000 one of the architects for it. So, so, Caleb, when 0:02:45.040 --> 0:02:47.799 you look at this year versus last year or even 0:02:48.000 --> 0:02:50.919 years before, what what are some of the distinguishing things 0:02:51.000 --> 0:02:53.360 that jump out at you? You know, thanks Joe for 0:02:53.400 --> 0:02:55.960 all that. You know, so you you you nailed what 0:02:56.000 --> 0:02:57.880 we what we were, what we're all trying to do here. 0:02:57.880 --> 0:03:00.359 We just to really personalize these rankings. So I mean, 0:03:00.919 --> 0:03:03.080 if you're looking at a school, you know, one of 0:03:03.120 --> 0:03:05.680 the top tier school, say in the on the West Coast, 0:03:06.040 --> 0:03:08.480 it doesn't matter to you where Harvard and m I 0:03:08.520 --> 0:03:11.720 t in our on our list. So we gave you 0:03:11.760 --> 0:03:14.920 the ability to really personalize this based on your scores, 0:03:14.960 --> 0:03:17.560 the region that you're interested in, the industries that you 0:03:17.600 --> 0:03:20.840 want to work in, and really create your own customized 0:03:20.919 --> 0:03:23.160 ranking and all of the tools that we built to 0:03:23.280 --> 0:03:25.959 do that, we made them so much better this year. 0:03:26.000 --> 0:03:29.120 The personalization, this ability to sort of create your short 0:03:29.120 --> 0:03:31.600 list along the way that provides all of the comparisons 0:03:31.600 --> 0:03:34.600 of the amazing data we have. It's all at your fingertips, 0:03:34.639 --> 0:03:36.520 it's all share able. You can send it to friends, 0:03:36.560 --> 0:03:38.840 you can send it elsewhere. Those are some of the 0:03:38.840 --> 0:03:42.360 biggest changes we made. And talk to us about how 0:03:42.480 --> 0:03:48.520 Stanford got the trophy. Stanford just came out number one 0:03:48.560 --> 0:03:51.920 in a couple of our big indexes and compensations. Stanford 0:03:52.080 --> 0:03:54.600 was number one, tied with Wharton in Tonio. So that's 0:03:54.640 --> 0:03:56.760 that's one of the key measures for business school. You know, 0:03:56.760 --> 0:03:58.280 how much do you make when you get out of school? 0:03:58.600 --> 0:04:01.760 What what our alumni made game five, six, seven years 0:04:01.880 --> 0:04:05.280 after they're after they left school. And the other big 0:04:05.800 --> 0:04:08.520 index that mattered a lot to standard was entrepreneurship, where 0:04:08.520 --> 0:04:10.960 again they came out number one. So with number one 0:04:11.000 --> 0:04:14.040 place on those two indexes, that pushed them right to 0:04:14.080 --> 0:04:17.400 the top. Carol Jason, I'm like looking at you, Caleb 0:04:17.600 --> 0:04:20.840 from here and I'm like, you guys are in at Stanford, Like, 0:04:20.839 --> 0:04:22.880 what have you guys been hearing out there? What's what's 0:04:22.880 --> 0:04:26.920 been interesting. Well, everybody knows they're the champs out here. 0:04:26.920 --> 0:04:29.919 I mean, listen, this is this school is unbelievable in 0:04:29.960 --> 0:04:31.800 a lot of ways. When you you know, we've got 0:04:31.880 --> 0:04:34.800 a chance to talk to a lot of the alum 0:04:34.880 --> 0:04:37.200 as well as the students. You know, the people who 0:04:37.240 --> 0:04:40.360 come here. It's a very diverse student body. Uh. They 0:04:40.440 --> 0:04:42.880 spent a lot of time thinking about that in terms 0:04:42.880 --> 0:04:45.680 of who they recruit, but also who's teaching and what 0:04:45.720 --> 0:04:49.000 they teach. Caleb, I did want to ask you because 0:04:49.040 --> 0:04:51.120 it did come up in some of our conversations here 0:04:51.640 --> 0:04:55.360 number two with a bullet talk coming in making bake 0:04:55.520 --> 0:04:59.080 move talk to us about that? Yeah, that really that 0:04:59.160 --> 0:05:02.279 really jumped out to all of us. UM so TUK 0:05:02.440 --> 0:05:07.359 did pretty well. Asked year on compensation exactly, Dartmouth and Hanover, 0:05:07.400 --> 0:05:10.920 New Hampshire, UM near near where I live and so um. 0:05:10.960 --> 0:05:13.320 But what they really came out they surged in the 0:05:13.360 --> 0:05:17.039 networking index and our networking indexes. You know, how much 0:05:17.080 --> 0:05:19.880 do alumni interact with students? How much do alumni help 0:05:19.960 --> 0:05:22.919 other alums get jobs? What's kind of the halo the 0:05:22.960 --> 0:05:25.039 impact of like when you go looking for a job, 0:05:25.360 --> 0:05:27.680 how much does having, you know, telling people that you 0:05:27.760 --> 0:05:29.480 came from talk or is they like to call him 0:05:29.480 --> 0:05:32.599 a tucky? How much does that matter? And UM, I 0:05:32.640 --> 0:05:35.480 think we got a lot better response this year from 0:05:35.480 --> 0:05:38.040 both the alumni classes that we surveyed as well as 0:05:38.040 --> 0:05:40.080 the graduating students, where they must have had a much 0:05:40.160 --> 0:05:43.240 much much better experience with other with alums than they 0:05:43.279 --> 0:05:45.920 did in the past year. What else did for you 0:05:45.960 --> 0:05:50.039 guys in this year's survey stood out is just the 0:05:50.200 --> 0:05:54.000 range of responses we get. So the way we broke 0:05:54.040 --> 0:05:57.320 it down is UM, you know, so an entrepreneurship While 0:05:57.400 --> 0:06:00.599 Stanford comes out number one BABS and the school that 0:06:00.680 --> 0:06:04.080 overall is ranked lower than Stanford came out number two 0:06:04.080 --> 0:06:08.839 in entrepreneurship UH, the University of Maryland came out number five. 0:06:09.240 --> 0:06:12.480 The Salt Lake City School, Utah, the Utah School actually 0:06:12.560 --> 0:06:16.039 school in Utah UM came out number six. So it's 0:06:16.080 --> 0:06:19.239 it's finding these gems and specific areas that may interest 0:06:19.279 --> 0:06:21.320 you where you just you know, you don't think of 0:06:21.320 --> 0:06:24.800 these schools necessarily as bastions of entrepreneurship, but they're really 0:06:24.800 --> 0:06:26.760 teaching people how to do well in this field, and 0:06:26.760 --> 0:06:28.880 and we're bringing that information out to people and that's 0:06:28.920 --> 0:06:32.279 Joel Weber and Caleb Solomon breaking it down for us 0:06:32.400 --> 0:06:38.239 what went into those rankings. They are must watch four 0:06:38.400 --> 0:06:42.760 Shore prospective business school students, alumni, and of course the 0:06:42.760 --> 0:06:44.880 schools themselves. They're watch them pretty clothes and there's so 0:06:44.920 --> 0:06:47.479 much material online. So I'm so glad you got to 0:06:47.480 --> 0:06:49.599 hear what Caleb and Joel had to say, but definitely 0:06:49.680 --> 0:06:52.080 check out what's online because there's a lot more information 0:06:52.080 --> 0:06:54.360 there as well about the top business schools that are 0:06:54.360 --> 0:06:56.880 out there. So we kicked off our week at the 0:06:56.920 --> 0:07:00.600 Stanford Graduate School of Business and Palo Alto, cal of Fornia. 0:07:00.920 --> 0:07:03.560 The school it took the title of top business school 0:07:03.640 --> 0:07:06.120 in Bloomberg Business Weeks, I know rankings. It did so 0:07:06.279 --> 0:07:08.080 Jason for the second year in a row. And to 0:07:08.200 --> 0:07:10.080 kick it off that day, we had a chance to 0:07:10.080 --> 0:07:12.440 sit down with the dean of the school, John Levin. 0:07:12.520 --> 0:07:14.280 He told us what it means to take the top 0:07:14.360 --> 0:07:17.080 spot for the second year in row, and also what's 0:07:17.160 --> 0:07:20.280 new and different about Stanford. It's really just a testament 0:07:20.320 --> 0:07:23.720 to the fantastic students and faculty and staff and alumni 0:07:23.760 --> 0:07:26.040 we have at the school. And I couldn't be happier 0:07:26.080 --> 0:07:28.560 to be Bloomberg's Top business school this year. What's on 0:07:28.600 --> 0:07:31.760 their minds right now? It is a topsy turvy corporate world, 0:07:31.800 --> 0:07:34.920 and as they prepare to get into the next phase 0:07:34.960 --> 0:07:37.800 of their career, what are they most worried about? Well, 0:07:37.840 --> 0:07:40.000 the students, you know, they're arriving these days at a 0:07:40.040 --> 0:07:45.600 time of great change in business and technology and society, globalization, 0:07:46.120 --> 0:07:47.720 and those things are all in their mind. They're thinking 0:07:47.760 --> 0:07:50.280 about Right now, they're thinking about what am I going 0:07:50.360 --> 0:07:52.360 to do my eight am class? Right? But then they're 0:07:52.360 --> 0:07:53.920 going to be thinking about what jobs am I going 0:07:53.960 --> 0:07:55.680 to get? Has my career going to evolve? Am I 0:07:55.760 --> 0:07:58.360 prepared for a changing world? And that's what That's what 0:07:58.440 --> 0:08:00.320 they're here for. They're here to get exposed to all 0:08:00.440 --> 0:08:04.160 kinds of different opportunities and ideas and people and develop 0:08:04.200 --> 0:08:06.080 the skills that are going to carry them forward for 0:08:06.160 --> 0:08:09.880 their careers. I do feel like corporate responsibility and governance 0:08:10.280 --> 0:08:12.480 is really front and center. How do you work all 0:08:12.560 --> 0:08:15.360 of that in to what you do here at Stanford? Yeah, 0:08:16.080 --> 0:08:18.080 we start with that on day one. We asked the 0:08:18.120 --> 0:08:19.920 students what kind of leader do you want to be? 0:08:20.200 --> 0:08:22.679 What kind of organizations do you want to help build? 0:08:23.200 --> 0:08:27.360 And that's just carries through the curriculum and the experience here, 0:08:27.600 --> 0:08:30.360 and it's never been more important to be, you know, 0:08:30.520 --> 0:08:34.920 become leaders grounded in ethics and in thinking about purpose 0:08:35.000 --> 0:08:38.080 and what your source of rer responsibility is. And that's 0:08:38.080 --> 0:08:40.199 a big part of the discussion throughout the time that 0:08:40.280 --> 0:08:42.760 students spend here at Stanford. I have to think to 0:08:43.320 --> 0:08:46.720 given where we are in Silicon Valley this time, where 0:08:47.080 --> 0:08:49.840 there's a lot of talk in Washington about Silicon Valley 0:08:49.920 --> 0:08:53.640 its role in society, how do you square all of 0:08:53.800 --> 0:08:58.839 that being really the face of Silicon Valium Anyways, it's 0:08:58.880 --> 0:09:01.439 a great question when I canda Stanford is twenty years 0:09:01.480 --> 0:09:05.960 ago and Washington just steamed could not have been farther 0:09:06.080 --> 0:09:09.920 away from Silicon Valley. It was irrelevant people. Where's that 0:09:10.040 --> 0:09:12.680 here building things, making companies, trying to make the world 0:09:12.679 --> 0:09:15.640 a better place. And it doesn't feel that way right now. 0:09:15.679 --> 0:09:18.120 It feels like Washington and Silicon Valley have come much 0:09:18.120 --> 0:09:22.320 closer together. There's more you talk about regulation, There's going 0:09:22.400 --> 0:09:25.760 to be more regulation. The impact of Silicon Valley on 0:09:26.280 --> 0:09:30.480 government and on democracy has is enormous and we're right 0:09:30.480 --> 0:09:32.040 in the middle of that. And I think that's a 0:09:32.120 --> 0:09:35.520 really important responsibility for Stamford to to be in the 0:09:35.559 --> 0:09:38.200 middle of that discussion to try to facilitate connections between 0:09:38.240 --> 0:09:40.400 Washington and tech firms. And we're trying to do that. 0:09:40.640 --> 0:09:42.719 It's rapidly moving now and I do think about you know, 0:09:42.920 --> 0:09:45.439 we've heard from various Stanford grads or a lums. You 0:09:45.520 --> 0:09:48.040 know what happens is it's not uncommon for a lot 0:09:48.120 --> 0:09:51.120 of executives to just kind of drop in and have 0:09:51.280 --> 0:09:54.120 conversations who students here tell us about how important that 0:09:54.280 --> 0:09:56.520 is as part of kind of what they learned the experience. 0:09:57.080 --> 0:09:59.440 I think it's a huge part of what students experience here. 0:09:59.480 --> 0:10:01.760 It's part out of what just opens their aperture to 0:10:01.960 --> 0:10:04.040 what are the opportunities for them in the world. Is 0:10:04.040 --> 0:10:06.240 getting exposure first of all to having a really world 0:10:06.320 --> 0:10:08.640 class faculty that they can learn from, but then to 0:10:08.720 --> 0:10:10.840 have a mix of people just coming in through campus, 0:10:10.920 --> 0:10:13.559 talking in classes, talking to the students, meeting with them, 0:10:14.240 --> 0:10:16.959 and that's that that's really what opens their eyes to 0:10:17.120 --> 0:10:19.000 the things that they might go on to do in 0:10:19.040 --> 0:10:21.400 their lives. One of the interesting things about a business 0:10:21.520 --> 0:10:23.839 education is for a long time it was a fairly 0:10:23.960 --> 0:10:27.760 straightforward proposition. It was an investment. You paid X tens 0:10:27.800 --> 0:10:29.800 of thousands of dollars. You came out on the other end, 0:10:30.000 --> 0:10:33.280 you got paid very well, paid better than maybe you 0:10:33.320 --> 0:10:37.079 were going in. It seems more complicated now and and 0:10:37.200 --> 0:10:40.640 maybe even some existential questions around why am I getting 0:10:40.679 --> 0:10:42.839 them an m b A. How do you make the 0:10:43.000 --> 0:10:45.640 case for Stanford to students. Yes, you're number one, but 0:10:45.840 --> 0:10:48.280 still you've got to make a case that you're better 0:10:48.400 --> 0:10:52.920 than the Harvard's, the Wharton's, and the Sloans of the world. Well, 0:10:53.160 --> 0:10:55.480 all of what you said is still true. There's still 0:10:55.640 --> 0:10:58.400 great economic r o I on an NBA here and 0:10:58.880 --> 0:11:02.120 other schools. What's I think what has changed is the 0:11:02.160 --> 0:11:04.320 students have evolved. It's a much broader set of students. 0:11:04.360 --> 0:11:07.360 We have students from consulting in technology and finance, just 0:11:07.480 --> 0:11:09.199 like we always did, but now we'll have students who 0:11:09.240 --> 0:11:12.120 come in from from government, from healthcare, from education. We 0:11:12.200 --> 0:11:14.800 have a student in the first year class who was 0:11:14.880 --> 0:11:18.280 a central banker in Yemen, another one who was a 0:11:18.720 --> 0:11:22.320 dentist in Nigeria, a woman who was an Olympic medalist 0:11:22.400 --> 0:11:24.640 on the US swimming team. And you put all those 0:11:24.880 --> 0:11:27.280 people in the mix together and that's part of the 0:11:27.440 --> 0:11:29.640 magic of the place. And then they go on to 0:11:29.880 --> 0:11:35.000 approximately the same richness of careers and that's changed. That 0:11:35.400 --> 0:11:39.920 that sense that the NBA can prepare you for anything, 0:11:40.120 --> 0:11:42.520 for all different walks of lives, all different careers. I 0:11:42.559 --> 0:11:45.040 think that's really fundamental to to what we're trying to do. 0:11:45.320 --> 0:11:46.640 So one of the things we talked about when we 0:11:46.679 --> 0:11:49.199 were here just one year ago, celebrating you guys as 0:11:49.480 --> 0:11:53.080 the number one top ranked NBA program was immigration issues 0:11:53.520 --> 0:11:56.079 and how that was impacting foreign students being able to 0:11:56.120 --> 0:11:58.439 study here in the United States. What's changed in the year, 0:11:58.480 --> 0:12:03.040 if anything, that's really front and center for us. More 0:12:03.120 --> 0:12:06.560 than of our class is international here, and that's part 0:12:06.640 --> 0:12:08.400 of what makes the programs so special, as you have 0:12:08.440 --> 0:12:12.120 people from sixty countries and they speak seventy languages, even 0:12:12.120 --> 0:12:15.599 though it's a very small program here, intentionally small, and 0:12:16.520 --> 0:12:20.199 I think I think one thing that I hope people appreciate, 0:12:20.240 --> 0:12:22.480 it will come to appreciate, is just what an incredible 0:12:22.520 --> 0:12:24.880 asset that is for our country to bring people in 0:12:25.000 --> 0:12:27.120 from all around the world and have them study here 0:12:27.200 --> 0:12:28.760 and many of them will stay in the United States 0:12:28.840 --> 0:12:32.439 and contribute enormously to the great companies. Great great companies 0:12:32.640 --> 0:12:34.600 go on to be great leaders, and some of them 0:12:34.640 --> 0:12:36.760 will go back and that's great for us too, because 0:12:36.800 --> 0:12:39.800 they'll bring American values and understanding and thinking back to 0:12:40.160 --> 0:12:42.760 their countries around the world. So before we let you go, 0:12:43.120 --> 0:12:46.040 what's your single biggest challenge in your job as you 0:12:46.160 --> 0:12:49.280 look across the next year. I think it's actually similar 0:12:49.360 --> 0:12:52.360 to one of the big challenges faced by any organizational 0:12:52.480 --> 0:12:55.160 leader right now, which is just trying to interact with 0:12:55.320 --> 0:12:58.280 all types of different people and different constituencies. And at 0:12:58.280 --> 0:12:59.760 the Business school, we have our students, we have are 0:12:59.760 --> 0:13:02.480 Fast Cold, we have our alumni, we have silk On Valley, 0:13:02.559 --> 0:13:05.280 we have Washington, we have the university, we have the 0:13:05.320 --> 0:13:08.520 whole business community. And that's both can be some one 0:13:08.520 --> 0:13:10.520 of the biggest challenges, but it's also one of the 0:13:10.559 --> 0:13:13.240 things that makes my job so fun. That's John Levin, 0:13:13.320 --> 0:13:16.840 the dean of the Stanford Graduate School of Business. Great conversation, 0:13:16.920 --> 0:13:19.520 and we also talked to him offline after we're done 0:13:19.559 --> 0:13:21.440 with the interview, and he talked about how you've got 0:13:21.520 --> 0:13:23.520 students who are so comfortable getting in front of a 0:13:23.640 --> 0:13:25.880 camera that it's putting a little bit pressure on the 0:13:25.960 --> 0:13:29.000 teaching community to also get better when they stand up 0:13:29.000 --> 0:13:39.439 in front of the classroom. So Catherine august Wilda is 0:13:39.480 --> 0:13:41.920 Stanford Graduate School of Business, class of nineteen seventy five. 0:13:41.960 --> 0:13:44.839 She's Vice cheer at the San Francisco Bay's first Republic Bank, 0:13:45.440 --> 0:13:48.920 the publicly held regional bank serving coastal, urban and affluent markets. 0:13:49.000 --> 0:13:50.920 She's been at the bank for a long time, really 0:13:51.720 --> 0:13:54.280 got it to where it is today. And she joins 0:13:54.360 --> 0:13:56.480 us here at the Stanford Graduate School of Business in 0:13:56.640 --> 0:13:59.199 Palo Altar. So nice to have you with us, delighted 0:13:59.240 --> 0:14:02.800 to be here us about your time at Stanford, And 0:14:03.000 --> 0:14:07.319 I'm curious about you know, how easily you felt accepted 0:14:07.600 --> 0:14:09.840 as a woman. I think you know pursuing an MBA, 0:14:09.960 --> 0:14:11.760 what the environment was like. Take us back there if 0:14:11.760 --> 0:14:16.319 you would. Well, it was ninety I was a class 0:14:16.520 --> 0:14:21.560 of we were a class of sixty women out of students. 0:14:23.320 --> 0:14:26.920 Prior years had been four thirty and then sixties, so 0:14:26.960 --> 0:14:29.320 we were a big class of women and state at 0:14:29.360 --> 0:14:31.800 that level for a very long time. So women were 0:14:32.040 --> 0:14:34.400 for the first time a presence here, but it was 0:14:34.800 --> 0:14:37.520 a very beginning of it, and I it was before 0:14:37.640 --> 0:14:40.840 women knew they could do whatever they wanted, So it 0:14:41.000 --> 0:14:43.520 was we were certainly accepted, but I will did you 0:14:43.560 --> 0:14:46.560 feel like an equal as a student here? Absolutely? Yeah, absolutely. 0:14:47.240 --> 0:14:51.080 There were However, very few women guest speakers in classes. 0:14:51.200 --> 0:14:53.920 There were I only think I had one female professor, 0:14:54.680 --> 0:14:57.200 one woman ever was a guest speaker in a class. 0:14:57.600 --> 0:15:00.280 But there weren't There wasn't the bench to cho from. 0:15:01.840 --> 0:15:05.360 So fast forward to today, you are very involved in 0:15:05.480 --> 0:15:08.240 the school. What have you done and how have you 0:15:08.520 --> 0:15:13.520 sought to sort of change that? Because nineteen very different world, 0:15:13.600 --> 0:15:16.760 and and Stanford is is known for having a more 0:15:17.240 --> 0:15:19.960 diverse student body at this point in terms of women. 0:15:20.040 --> 0:15:21.960 This is now we have enough forty seven percent in 0:15:22.000 --> 0:15:25.600 the class. A group of us began about fifteen years 0:15:25.600 --> 0:15:28.600 ago working with the admissions office to interview women and 0:15:28.680 --> 0:15:32.120 to help recruit those women who would have long careers 0:15:32.160 --> 0:15:34.120 and who would be the future leaders of America in 0:15:34.160 --> 0:15:36.920 the world. And I think some of that was helpful. 0:15:36.920 --> 0:15:38.480 I think when we started that we were at thirty 0:15:38.560 --> 0:15:41.200 one percent. We're now forty seven percent. So we've worked 0:15:41.280 --> 0:15:45.680 very hard to both interview, recruit, talk to women who 0:15:45.720 --> 0:15:48.960 are considering coming to Stanford or other places and telling 0:15:49.040 --> 0:15:50.440 them why this is such a great place to be 0:15:51.280 --> 0:15:54.640 in terms of other diversity. About ten years ago I 0:15:54.760 --> 0:15:57.640 taught I was a guest speaker in a class. I've 0:15:57.680 --> 0:15:59.880 done it for about ten years for a professor, and 0:16:00.200 --> 0:16:02.560 I was stunned to see the diversity in the class, 0:16:02.680 --> 0:16:05.800 the number of international students, the ethnicities, the gender mix 0:16:06.200 --> 0:16:08.200 was totally different than when I was here. So this 0:16:08.360 --> 0:16:12.720 is a class of mixed from all over the world, 0:16:12.880 --> 0:16:15.720 from all genders, from all all ethnicities. And I think 0:16:15.760 --> 0:16:20.040 it's great because these different people are learning together and 0:16:20.160 --> 0:16:23.600 showing each other different experiences that they will go and 0:16:23.720 --> 0:16:25.960 take back to whatever they do next. Agreed. And we 0:16:26.040 --> 0:16:28.440 know all the studies about having diversity, whether it's you know, 0:16:28.560 --> 0:16:31.800 throughout your employee base, your you know, senior executive levels 0:16:31.840 --> 0:16:33.880 as well as your boards and your C suite. One 0:16:33.920 --> 0:16:35.160 thing I want to ask you, and I was doing 0:16:35.200 --> 0:16:39.280 some research UM in terms of women MBA's, women with 0:16:39.480 --> 0:16:42.960 NBAS are in six or more with an MBA, but 0:16:43.080 --> 0:16:45.800 still not as much as men. Why is that still around? 0:16:46.520 --> 0:16:49.800 Why is that we're improving the pipeline. There's almost parody 0:16:49.880 --> 0:16:51.880 in terms of the number of students here. Why doesn't 0:16:51.920 --> 0:16:54.880 it carry over on all levels when we get into 0:16:54.920 --> 0:16:56.360 like kind of the corporate Well, there's been a lot 0:16:56.400 --> 0:16:58.880 of studies on this, and I'm not the expert on it, 0:16:59.000 --> 0:17:03.000 but I think, uh, in some cases women may not 0:17:03.200 --> 0:17:07.200 have as many opportunities because people tend to promote people 0:17:07.200 --> 0:17:10.000 who are more like them, and so until people are 0:17:10.080 --> 0:17:13.240 running those corporations, they may not be as obvious. When 0:17:13.320 --> 0:17:16.280 women wind up on corporate governance committees, there generally winds 0:17:16.359 --> 0:17:18.760 up being more women on boards. So it's a matter 0:17:18.920 --> 0:17:21.560 of looking around and saying, am I comfortable with this person? 0:17:22.119 --> 0:17:24.520 And some of us look different, And so I think 0:17:24.800 --> 0:17:27.359 the more women get to the top, the more women 0:17:27.400 --> 0:17:29.520 will be throughout the pipeline, and the less they will 0:17:29.560 --> 0:17:33.080 be paid unequally uh and have unequal amounts of positions. 0:17:33.119 --> 0:17:36.320 But it's going to still take time. The thing is, uh, 0:17:36.560 --> 0:17:39.080 some women for one reason, other may not decide to 0:17:39.119 --> 0:17:41.560 go for it. And you have to be pretty committed 0:17:42.119 --> 0:17:44.560 whoever you are, if you want to get to the top. 0:17:44.680 --> 0:17:47.040 It has to be a very core goal. And one 0:17:47.080 --> 0:17:49.040 of the things I did when I was here, I 0:17:49.160 --> 0:17:52.840 felt so lucky to be here. I felt like I 0:17:52.960 --> 0:17:54.800 had wound up in a place that was going to 0:17:54.920 --> 0:17:58.040 change my life and I wanted to be a beacon 0:17:58.560 --> 0:18:00.880 an example for other women. I've many of us felt 0:18:00.920 --> 0:18:03.359 that way, and so I always had in my mind 0:18:03.440 --> 0:18:07.919 that that was one of my objectives. Uh. Some women 0:18:08.680 --> 0:18:11.840 saw that and copied us, some didn't. I think it 0:18:11.920 --> 0:18:15.159 will still take more time. I think Dean Levin's focus 0:18:15.280 --> 0:18:19.119 on this is probably gonna help a lot um. But 0:18:19.280 --> 0:18:21.960 we have to help women understand that they can do it. 0:18:22.480 --> 0:18:24.639 They have to ask for what they want, they have 0:18:24.760 --> 0:18:27.199 to speak up, and they have to move on if 0:18:27.240 --> 0:18:28.840 they're not going to get it in their existing company. 0:18:29.000 --> 0:18:31.680 And that's Catherine august Dewilda. She is now the vice 0:18:31.800 --> 0:18:34.359 chair of First Republic Bank, a place where she has 0:18:34.400 --> 0:18:37.240 held some senior positions going all the way back to 0:18:37.480 --> 0:18:40.320 n She has seen the growth of that bank, but 0:18:40.440 --> 0:18:43.280 also the growth of the financial services industry and also, 0:18:43.359 --> 0:18:45.720 how candidly, the growth of Stanford Graduate School of Business, 0:18:45.800 --> 0:18:49.040 no doubt about that. Bloomberg Business Week released its Best 0:18:49.119 --> 0:18:51.800 Business School rankings in the United States, and for the 0:18:51.840 --> 0:18:55.480 second straight year, drumroll, please Stanford it's number one. The ranking, 0:18:55.560 --> 0:18:57.680 of course, is based on surveys of more than twenty 0:18:57.760 --> 0:19:01.720 six thousand NBA students, alumni and recruiters about their goals 0:19:01.800 --> 0:19:05.440 and experiences, as well as important elements like compensation, job 0:19:05.520 --> 0:19:09.000 placement data from each school. It's all in the magazine. 0:19:09.040 --> 0:19:11.080 It's also at Bloomberg business week dot com, so I 0:19:11.280 --> 0:19:13.640 highly recommend that you check it out. In the meantime, 0:19:13.680 --> 0:19:16.639 we spoke with Stanford Business School Alamin A. B InBev 0:19:16.760 --> 0:19:20.320 CEO Carlos Brito about the program, his journey there, and 0:19:20.480 --> 0:19:22.480 also we got into his business. We talked about the 0:19:22.520 --> 0:19:25.359 slowdown in Chinese consumer demand and the trends he's seeing 0:19:25.520 --> 0:19:28.760 in his industry. So when you think about Stanford, I 0:19:28.800 --> 0:19:31.680 mean this was a formative moment in your career, really 0:19:31.920 --> 0:19:35.399 set you on the path that you're still on today 0:19:35.440 --> 0:19:39.440 in many ways. Take us to the decision to choose 0:19:39.440 --> 0:19:42.639 Stanford in the first place. Well, when I was applied 0:19:42.680 --> 0:19:45.440 to business school, I was in Brazil. Brazil was a 0:19:45.560 --> 0:19:48.480 very close country. In those days. Everything was difficult. Nobody 0:19:48.520 --> 0:19:50.800 would travel abroad. They didn't send the money abroad to 0:19:50.880 --> 0:19:54.119 pay for fees too. To apply to a college in 0:19:54.320 --> 0:19:56.000 the US was a big deal. We had to know 0:19:56.160 --> 0:19:59.280 somebody in the US and all that. So I started 0:19:59.400 --> 0:20:03.600 researching and back then Business Week had a ranking of 0:20:03.640 --> 0:20:07.000 business schools and Stanford number one. So I set my eyes, 0:20:07.160 --> 0:20:09.480 looked at the magazine. Yeah yeah, yeah, yeah, that that 0:20:09.600 --> 0:20:11.880 was our bible and all the ranking. So I looked 0:20:11.920 --> 0:20:13.720 at it and said, hey, yeah, I'm gonna apply to 0:20:13.800 --> 0:20:16.240 the schools, but Stanford, for sure, it's number one. And 0:20:16.320 --> 0:20:18.800 at the time, Stanford would take only one Brazilian per year. 0:20:19.160 --> 0:20:21.120 It did that. It did that through the eighties through 0:20:21.119 --> 0:20:24.440 the nineties, and U by said, oh, we'll apply. Long 0:20:24.480 --> 0:20:26.720 story short, that was accepted and then I had to 0:20:26.760 --> 0:20:28.960