Opening Remarks

Michael Malefakis

Associate Dean, Executive Education, Columbia Business School

Mr. Malefakis joined Columbia University in November 2010 to lead one of the world’s most respected providers of Executive Education.  His background includes working with leading business schools in Executive Education and collaborating with non-governmental agencies to promote economic development in Latin America.

Prior to joining Columbia, Mr. Malefakis was Director of Executive Education at The University of Chicago Booth School of Business.  For nearly 12 years, he led the growth of The University of Chicago Executive Education from a start-up to an industry leader.  He was responsible for building the senior staff and successfully launching executive education programs to Chicago’s Barcelona, Singapore, and London campuses.

Prior to joining the University of Chicago in 1999, Mr. Malefakis was Director of Executive Education at INCAE in Costa Rica, ranked the number one business school in Latin America.  He was responsible for the marketing, management and renovation of custom and open enrollment programs.  INCAE, founded by the Harvard Business School, delivers programs in 12 countries and attracts more than 3,500 participants each year.  He started in the field of Executive Education as an Assistant Director at the University of Michigan, where ran the senior management programs as well as the school’s first international joint venture with a leading Spanish business school IESE.

Mr. Malefakis’ work in economic development focused on small enterprise programs in Latin America.  He worked with CARE, Catholic Relief Service and PACT (Private Agencies Collaborating Together) in Peru, Guatemala, and El Salvador.  He also worked as a consultant for the World Bank’s External Affairs division. 

Mr. Malefakis serves on the board of UNICION, the International University Consortium for Executive Education of leading business schools committed to excellence in executive education and managerial development.  He was formerly Chairman of the board and is currently a member of the executive committee.  Mr. Malefakis received a Master in International Affairs from Columbia University and a BA in economics from the University of Michigan.

Frank N. Newman

Former Chairman & CEO of Shenzhen Development Bank, and former Deputy Secretary of the Treasury

Frank Newman has recently completed 5 years as Chairman of the Board of Directors and CEO of Shenzhen Development Bank, China (“SDB”).  In 2005, SDB, a national listed bank with operations in 20 major cities of China, was seriously troubled.  After a US-based private equity firm purchased about 20% of the bank’s shares, Mr. Newman led a team that turned the bank around substantially, to become healthy and highly profitable -- with no government funding or guarantees.  At the end of June 2010, after the successful sale of the major interest in the bank, Mr. Newman announced his retirement, and became an independent Senior Advisor to the bank.

Mr. Newman also served as an active director of Korea First Bank, then controlled by a US-based private equity firm, as the bank recovered from substantial problems to become healthy and profitable.  Previously, Mr. Newman served as Chairman and CEO of Bankers Trust Corporation, a major international bank based in New York.  When Mr. Newman was asked to join BT, it was in a difficult, unprofitable position, facing substantial business, regulatory, and legal challenges.  Mr. Newman led the program of resolution of the legal and regulatory issues, and recovery to a broader, profitable business base.  Mr Newman then led the successful sale of the bank to Deutsche Bank, with a strong return for shareholders.

From early 1993 through late 1995, Mr. Newman served as Undersecretary, then Deputy Secretary of the United States Treasury Department.  As Deputy Secretary, Mr. Newman was the number two official of the Treasury Department and represented the Treasury on a broad range of issues domestically and internationally, including economic and banking policy.  He also served as Chief Operating Officer of the Department.  Upon completion of his service with Treasury, he was awarded the Alexander Hamilton Award, the Department's highest honor.

Prior to his government service, Mr. Newman served as Vice Chairman of the Board and Chief Financial Officer of BankAmerica Corporation, San Francisco.  Mr. Newman earlier served as Executive Vice President and CFO of Wells Fargo Bank.  

Mr. Newman has also served as a director of a number of corporations in the US and other countries, including Dow Jones & Company.  He is a member of the Board of Trustees of Carnegie Hall, and a member of the Investment Committee.  Mr. Newman graduated from Harvard University with a BA, magna cum laude in economics.

Edward “Ned” Cloonan

Retired Global Vice President, American International Group

Mr. Edward “Ned” T. Cloonan held the position of Vice President of Corporate and International Affairs for American International Group (AIG).  He was responsible for developing and executing business development strategies, as well as strategic corporate giving.  He helped build AIG's global businesses, including playing a leading role in successful market access strategies in China, India and Vietnam.

Mr. Cloonan had a 30-year career with AIG.  As Vice President for Corporate and International Affairs, he worked closely with CEO Hank Greenberg in expanding the firm’s international business, with an emphasis on China, India, Vietnam and Latin America.  Mr. Cloonan led efforts in five key areas: Political Management, Market Access, Issue Management, Business Development, and Philanthropy.  Some of his accomplishments include: he attained the first ever 100% foreign owned license to operate in China; defeated legislation in Russia that disallowed foreign life insurers from operating there and developed strategies that resulted in AIG being the only foreign life insurer allowed to operate in Russia; led winning strategy to overcome India’s previous thirty years of insurance industry nationalization and secured operating license in India; developed $75M global corporate giving program that promoted entrepreneurship, innovation, diversity, and empowerment.

Mr. Cloonan is a member of the Council on Foreign Relations, and serves on the board for the Asia Society, National Committee on U.S. China Relations, the Americas Society/Council of the Americas and the American Indonesian Chamber of Commerce.  Mr. Cloonan was named a “C.V. Starr Partner,” the highest form of recognition within AIG, for his outstanding leadership and performance.  As Hang Greenberg once said, “Ned is simply the best at what he does.”

Weiying Zhang

Professor of Economics and Director of the Center for Market and Network Economy of Peking University

Professor Weiying Zhang is Professor of Economics and director of the Center for Market and Network Economy of Peking University. He graduated with a bachelor degree in 1982, and a master degree in 1984, both from Northwestern University at Xi’an. He received his M. Phil. in economics in 1992 and D. Phil. in economics in 1994, both from Oxford University.

After graduated from Oxford, he co-founded Peking University’s China Center for Economic Research in 1994, and worked with the Center until August 1997. He then moved to Guanghua School of Management in September 1997. With Guanghua School, He was the executive associate dean from February 1999 to August 2006 and dean from September 2006 to December 2010. Since 2002, he has also served as assistant president of Peking University. Professor Weiying Zhang has played a leading role in transforming Guanghua School of Management. His visionary reform measures have had significant impacts on changes of business education in China. He was the chief architect of the 2003 Peking University faculty system reform.

Professor Weiying Zhang is a leading economist in China. Professor Weiying Zhang’s research interests include the industrial organization, corporate governance, information economics, and Chinese economic reform. His papers have appeared in the international journals such as Journal of Economic Behavior and Organization, Journal of Comparative Economics, China Economic Review, and Review of Development Economics, as well as the leading Chinese journals such as Economic Research Journal and Management World. His Chinese books of An Entrepreneurial/Contractual Theory of the Firm, and The Theory of the Firm and China’s Enterprise Reform have been among the most cited in Chinese academic publications since 1995. His works have had significant impacts on China’s enterprise reform policy formulation and the development of economics in China. He has been widely regarded as a “leading market liberalist” in China for his pro-privatization, pro-liberalization and anti-regulation, and an authority of the theory of the firm and ownership reform in China. He was awarded the “National Science Fund for Distinguished Young Scholars” in 2000 by the Natural Science Foundation of China, and "the 10 People of the Year in Chinese Economy" by CCTV in 2002. In 2008, he was selected as one of the 30 persons of the 30-year Economic reform of China by China Economic Reform Association. In 2010he published his new book the Logic of the Market, which became a best-seller academic book.

Professor Weiying Zhang has extensive consulting experiences with both governmental departments and business enterprises. Since 2001, he has served as the chief economist of China Entrepreneurs Forum. His past services include: a member of the Advisory Board on Enterprise Reform to the State Commission for Restructuring Economic System; a consultant to the Department of Enterprises of the State Economic and Trade Commission; a local consultant to the World Bank Project on Chinese State-owned Enterprises Reform; a member of the Advisory Board for the State Informatization Committee; and a member of the Advisory Board for Telecommunication Law Drafting Committee. He is a member of “Chinese Economists 50 Forum”. Currently he also serves as an Independent Board Director of Pudong Development Bank.

Wenge FU

CEO, West Hope Group

Mr. Fu is the CEO of West Hope Group, one of the four subgroups of the Hope Group that once was the largest Chinese private enterprise.  Since the inauguration in 2005, Mr. Fu has led West Hope Group to diversify out from a traditional agribusiness enterprise into many other industries such as Real Estate, Retail, Education, Energy & Chemical, and Travel.  The corporation has more than quadrupled its annual sales to over $2 billion under Mr. Fu’s leadership and is now a conglomerate of over 100 subsidiaries and with over 10,000 employees.  Mr. Fu currently also holds the Chair of MBA education center of China Agriculture University.  Prior to joining West Hope Group, Mr. Fu was a chief correspondent at the division of Economy at CCTV.  He also served as Strategic Consultant at a few top Chinese companies.  Mr. Fu received Doctorate of Economics from Renmin University of China.

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