Former Wall Street Executive and Darden Dean Inaugurated as President of Babson College

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Former Wall Street Executive and Darden Dean Inaugurated as President of Babson College

Leo I. Higdon, Jr., Becomes Tenth President of Independent Business School Internationally-Recognized for Entrepreneurial Management Education

September 19, 1997 Ö The business school environment has never been more competitive and students have higher expectations of their schools that must be met, said former Wall Street executive and academic leader Leo I. Higdon, Jr., during his inauguration as tenth president of Babson College in Wellesley, Massachusetts, USA. Babson is recognized internationally for its strength in entrepreneurial management education.

Higdon, who joined the school as president July 1 after William F. Glavin retired, was formerly dean and Charles C. Abbott Professor of Business Administration, Darden Graduate School of Business Administration, University of Virginia; and vice chairman and member of the Executive Committee, Salomon Brothers, Inc.

More than 1,500 people including delegates from 130 colleges and universities around the world gathered under an inaugural tent to hear the new president's remarks at the 10 a.m. ceremony.

Principal guest speakers were Clare Cotton, president, Association of Independent Colleges and Universities of Massachusetts; Joanne Creighton, president, Mount Holyoke College; and Pete Nicholas, co-founder, chairman, and chief executive officer, Boston Scientific Corporation.

Four past Babson presidents, representing more than three decades of leadership, joined attendees to welcome the school's new chief executive: Henry Kriebel, Ralph Z. Sorenson, William R. Dill, and William F. Glavin, who retired from the school June 30.

Higdon quoted financier and entrepreneur Roger W. Babson, who founded the business school in 1919: "Öit must always be recognized that [Babson] was the first school of its kind in this country, and perhaps the first in the world." Roger Babson, who advised U.S. presidents and predicted the stock market cash in 1929, was considered a visionary of his day. Higdon said that Roger Babson created a better school for the times with a radically different approach to business education: " practical idealism."

Higdon cited three key values at the core of the Babson experience: a spirit of innovation and a willingness to take risks, a practical and relevant education, and being responsive and open to change.

Babson College known for its pioneering efforts in curriculum reform is consistently ranked the top school for entrepreneurial management education. It grants BS and MBA degrees through its Undergraduate Program and the F.W. Olin Graduate School of Business, and offers executive development programs to experienced managers worldwide through the Babson School of Executive Education. Babson's degree programs are accredited by the AACSB - The International Association for Management Education, and the New England Association of Schools and Colleges.

Biography of Leo I. Higdon, Jr.

Before becoming the tenth president of Babson College on July 1, 1997, Mr. Higdon served four years as dean and Charles C. Abbott Professor of Business Administration at the Darden Graduate School of Business Administration, University of Virginia. At Darden, Mr. Higdon led curriculum reform efforts, instituted an initiative in entrepreneurial leadership, established academic alliances with business schools in more than four countries and coordinated efforts to diversify the faculty and student body.

Mr. Higdon's tenure at Darden was marked by steadily rising standards for entering MBAs, record placement statistics, and rapid adoption of the latest information technology. In the area of funds development, under his leadership Darden more than quadrupled the results of its capital campaign and substantially increased alumni giving. During his tenure Darden was ranked among the top five business schools by Business Week and among the top ten by U.S. News and World Report.

Previously, Mr. Higdon served as Vice Chairman and Member of the Executive Committee of Salomon Brothers, Inc. Mr. Higdon managed the Global Investment Banking division at Salomon Brothers. Composed of more than 700 members, the division accounted for $400-$500 million in revenues, and operated in North America, Europe, and Asia. He joined Salomon Brothers in 1973.

While working in investment banking, Mr. Higdon initiated and executed four transactions recognized by Institutional Investor as Deals of the Year. Prior to his business career, Mr. Higdon served two years as a secondary school teacher in the U.S. Peace Corps in Malawi, Africa.

Mr. Higdon sits on the Boards of Directors of CPC International, Inc.; Crompton & Knowles Corporation: and Newmont Mining. He was formerly a trustee of Georgetown University and Africare.

Mr. Higdon was born in Chicago, Illinois, in 1946. He received his A.B. degree in history from Georgetown University and was awarded the Lambert H. Spronck Medal for outstanding academic and extracurricular achievement. He holds an MBA degree from the University of Chicago, where he majored in Finance.

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