2019 Graduate Commencement Ceremony – Carlson School

2019 Graduate Commencement Ceremony – Carlson School

October 14, 2019 0 By Stanley Isaacs


[Music] [Music] [Music] [Music] [Music] [Applause] [Music] [Music] [Music] [Applause] [Music] [Music] [Music] [Music] [Music] [Music] Please be seated. Students, family members, friends, faculty, staff… Welcome to the 2019 Carlson School of Management Graduate Commencement Ceremony! Joining me on stage for the special day are some of the people who have guided our graduates through what I hope has been a life-transforming experience. Please hold your applause as we will recognize all of these honored guests together Representing the University of Minnesota Board of Regents, the Honorable Randy Simonson. Representing the Office of Academic Affairs and Provost, Scott Lanyon, who is the Vice Provost and Dean of Graduate Education. From the China Executive MBA program, we welcome our distinguished colleagues Xiao Haipeng, Vice president Sun Yat-Sen University; Lu Jun, Dean, Lingnan University College; and Lin Jiang, CHEMBA Co-Academic Director. From the Vienna Executive MBA program, we welcome our distinguished colleague, Barbara Stottinger, Dean of the WU Executive Academy, Vienna University of Economics and Business; our distinguished alumni and keynote speaker, Jim Weber, Chairman and CEO of Brooks Running Company; Professor Shawn Curley, Director, PhD Program in Business Administration; From the Carlson School MBA and MS programs, Associate Dean Joel Waldfogel and Assistant Dean Phil Miller; Representing the Carlson Global Institute, Assistant Dean Anne D’Angelo; Professor John Kammeyer-Mueller, Director, Center for Human Resources and Labor Studies; Stacy Deeper-Hove, Director of Master of Arts in Human Resources and Industrial Relations; Clayton Forester, Director, Master of Accountancy; Paul Gutterman, Director, Master of Business Taxation; Professor De Liu, Director, Master of Science in Business Analytics; Professor Robert Goldstein, Director, Master of Science in Finance; Professor Karen Donohue, Director, Master of Science in Supply Chain Management; and Brian Milovich, President of the Carlson School Alumni Board; and last, but certainly not least, the distinguished faculty of the Carlson School of Management. Let’s give them a round of applause. Without them, today would not have been possible. [Applause] Another group who clearly deserves your cheers are the family and friends who are here with us today watching or watching our live stream online. The support you’ve provided your loved ones during their studies was absolutely critical to their success. Thank you and congratulations to you as well! [Applause] Students, we’re here today to award you a degree that recognizes your tireless efforts, acknowledges your scholarly achievements, and symbolizes the transformative effect of business education. Whether you use the degree you have earned from the Carlson School to pursue a career in business, start your own company, Lead a nonprofit, or pursue further studies, it will undoubtedly help you realize that business is truly a force for good, and position you to create a better tomorrow. While many organizations have a mission statement, at the Carlson school, we focus instead on our purpose. Our purpose is clear, and it is compelling. Our purpose is to inspire and enable individuals and organizations to create a bright future. I think we are achieving that purpose. The class of 2019 didn’t wait for graduation to begin making a difference. You volunteered your time with nonprofits to address veteran homelessness in Minnesota. You uprooted yourself from home to learn abroad so you can develop the global mindset that future business leaders must have. You brought together business leaders to discuss the state of diversity within corporate America. You used your data analytic skills in a myriad of ways: to help firms improve their marketing and operating models, to help us better understand voter turnout, and to help local governments better anticipate the impact of investments and policy changes. And, you did all this while you were still students. I can’t wait to see what you’ll do as alumni. Yes, today you become alumni. You become members of a community that includes more than 55,000 graduates who came before you. You have joined a global force that reaches across more than 100 countries, yet it is still deeply connected to this campus and to each other. This year, the Carlson school turns 100 years old! Our faculty have educated and inspired ethical, driven, innovative leaders for a century, and our alumni have supported each new generation of leaders and helped them to succeed. Our alumni are part of our strength and part of our history. You are connected to that past, And you’re connected to one another today, and I hope you will continue the rich history of staying connected to the Carson School by investing your time, and your talents, and your resources in our purpose to create a brighter future. I will close with one final thought that I hope you remember for the rest of your life – the value of the degree you are receiving today is not fixed. Instead, it has the power to appreciate given proper stewardship. I hope you will follow those who have come before you and make the Carlson School better for those who will follow. It’s one of the best investments you’ll ever make in your own degrees. On behalf of the University of Minnesota and the faculty and staff of the Carlson School of Management, I offer you sincere congratulations on your degree. We are proud of all that you have achieved to date and are even more excited about all that you will accomplish in the years to come. It is now my privilege to introduce our keynote speaker. Jim Weber serves as the CEO of Brooks Running, which is a Seattle-based company focused on producing the best running shoes and gear on the planet. I have my Brooks running shoes on just in case I’m chased by a giant gopher, which I have nightmares about. Anyway, Jim has been CEO of Brooks since 2001 and has presided over an incredible era of growth and innovation. But his roots are squarely here in Minnesota. Jim grew up in St. Paul, and like many Minnesotans, he harbored early dreams of being an NHL hockey player. But he also had an innate curiosity about business, and his leadership skills were on display from an early age. Jim was class president of his high school and of his fraternity here at the University of Minnesota, where he earned his BSB in management in 1982. While pursuing his business degree, Jim benefitted from something that is a hallmark of the Carlson school experience today: connections to this great local corporate community. His favorite course was taught by that incredible Minnesota businessman Wheelock Whitney, and featured guest lecturers from a number of area CEOs. To this day Jim remembers Wheelock and his parting words, which I’ll let him share with you. Jim began his career right here in the Twin Cities with a role at NorWest Bank and later NorWest Venture Capital. With aspirations towards leadership at the highest level, Jim moved East to pursue his MBA from the Tuck School of Business and then returned to Minnesota to join Pillsbury. There, he observed the perils of underinvestment in a brand, and learned valuable lessons that would guide his later success. Eager for a challenge, Jim joined a struggling shoe company that no one had heard of in Seattle in 2001. Brooks had burned through three CEOs in two years and was not exactly a winning proposition. Their portfolio of products was based on value and volume, dependent on selling a large number of inexpensive shoes, family footwear. Brooks was on the brink of bankruptcy and lacked a cohesive brand identity. So Jim did the unthinkable. He slashed Brooks’ product offerings by half, cut sales by half. Great strategy lesson, right? He moved away from discount stores and terminated the company’s agreement with the biggest retail customer. In an industry built on expensive marketing and celebrity athlete endorsements, Brooks looked inward and focused on research and development, on technology, on innovation. So Jim’s plan for Brooks was simple. They would make running shoes for runners. So Brooks began rebuilding its brand based on superior technology. The company garnered a reputation for quality shoes that fit well and worked for performance runners. And wouldn’t you know, running turns out to be recession-proof! When the downturn hit in 2008, Brooks Running actually took off. Between 2009 and 2012, sales went from 191 million dollars to 409 million dollars annually. And today, the company is truly global in reach and has revenues exceeding 650 million. Sales and year-over-year growth are not the only reasons to recognize a successful alumnus. Jim truly embodies the Carlson School’s belief that business is a force for good. He has positioned Brooks as an industry leader in sustainability and responsible sourcing. Over the last 18 years Jim has cultivated a company culture that embraces the value of joy in the workplace because, because after all, work can and should be fun! So as dean of the Carlson School, I couldn’t be more proud of all that Jim has accomplished and I’m eager to hear the advice he has for us today. Graduates of the Class of 2019, please join me in welcoming Jim Weber! [Applause] Thank You Dean Zaheer, you are looking very fast today, very fast! Dean, Vice Provost Lanyon, Regent Simonson, members of the faculty and administration, friends and families and, most importantly, the graduating class of 2019. Thank you for allowing me to participate in your great day. What an honor it is to be back on campus and celebrate your commencement in Carlson School’s 100th year. As you will learn in the years ahead, coming back to campus will bring back a flood of memories. 37 years ago, I sat right where you are now. And I have to say, Carlson school was absolutely a launchpad for me. Back in 1979 I joined Sigma Nu fraternity literally just down the street and was elected chapter chair. It’d really became my first business turnaround. We grew membership from 40 to nearly 80 members, fixed up the house, and had fun doing that and created great experiences for the members. I remember well hiking to class on those cold winter days finding the underground tunnels as far as you could go to the bridge over the Mississippi River, and that that bridge box felt like a big walk-in freezer. It was colder in there then it was outside I think. But Carlson’s 100th commencement today is about celebrating your moment. You made a key life decision when you enrolled at the U of M. After many years of work, focus, and effort – and in many cases with the support of your friends and families with us here today – you find yourself closing this Carlson School chapter, turning the page to the next chapter in your life. When I look back at my graduation moments, I distinctly remember the ceremony and holding that diploma in my hand. It was paid for was 7% student loans, well-earned, you know. But I have to say, I don’t recall a riveting commencement speech…not a word! And coming completely clean with you all, I’ve never done one of these before! So here I am. It’s an honor and today I am determined to honor your moment today so my goal is to share with you a bit about my leadership journey and what it means to me to be a leader and more accurately, what it means to be an authentic leader. For me, it distills down to three things that I want to talk about today: focus, curiosity, and trust. Today, I want to challenge you to become an authentic leader because I think the world needs them now more than ever, and it’s relevant for everyone, whether you’re an entrepreneur, a team leader, heading a nonprofit or community organization, a CEO, and even CEO of your own household. How you behave and play your role affects the team you lead every day, and obviously it’ll affect how successful and how much impact you can have. Today, my personal leadership journey has introduced me, I want to share, to a lot of people that are really good at what they do. These people seemingly were natural and authentic leaders and they fascinated and impressed me all throughout my journey, I’ll admit, I’ve been a shameless thief of their wisdom along the way. From the highly talented Pillsbury executive Jerry Levin, who I worked for ten years and close-up I witnessed his quick conceptual brain, his strategic clarity, and his calm under pressure manner with people. From him, to the “Oracle” Warren Buffett, the chairman of Berkshire Hathaway, who has so impressed me as a genius business mind but an incredible generous capacity for people. With Warren, the opportunity for me to work with him on the one hand seemed destined to be, but on the other hand, I almost lost it. So let me share my Warren story with you. It began in 1985 when I came across Warren Buffett’s annual letters. And, I read them voraciously every year since and went to school on how he uniquely looked at brands in the consumer world, and how he uniquely looked at businesses. Fast forward to 2012 when I’m now CEO of of Brooks, and we were on our third owner in my tenure, Fruit of the Loom, which was a Berkshire Hathaway company. On Monday January 2nd that year at 7 a.m., I returned to my desk from a family holiday trip ready to kick off the new year. And while out, I’d been checking my email but not my voicemail – big mistake! That Monday morning, the red light on my phone was blinking, and it was a voicemail from Warren Buffett. “Jim I’ve got an idea. Call me when you can.” So my heart sank, because I had just let a voicemail from Warren Buffett sit in my inbox for five days, and it was sort of an ugh moment. So I picked up the phone, caught my breath, and he instantly answered, “Hello?” And it stopped me again. Warren Buffett answers his own phone! So he said, went on, “I’ve been thinking Jim, Brooks is doing well, and I’m gonna spin you out of Fruit of the Loom and we’re gonna set you up as a standalone Berkshire subsidiary.” and I said, “Warren, you know, I think that’s a great idea,” and on we went. I told him that he’d been mentoring me from afar for 25 years, and it really felt like destiny in some way. To work with Warren at that point in my career was perfect timing. He exemplifies in so many ways authentic leadership and really reinforced what that meant for me. As I mentioned, I think authentic leadership can be synthesized into three key attributes: focus, curiosity, and trust. Let me start with focus. It was here at Carlson where I would be introduced to the importance of focus. The highlight came in the last quarter of 1982 in the management 5101 advanced topics course on leadership. And it featured different CEOs from the best companies in Minnesota at that time, including 3M, Target, Cray research, Marvin Windows, and many more. The course was taught by Wheelock Whitney, who was the former CEO of Dane Bosworth, now RBC Wealth Management, and he had also run for governor in Minnesota. Wheelock was super smart and insightful, but oh so human. His manner was gracious, generous, unpretentious, and inclusive. As students, we were invited to his home and he played guitar and sang songs around the campfire. He was the closest thing to me to a Renaissance man that I had met at that time. I’ll never forget his closing speech on the course. He made it clear in the end that to be an effective leader you’ve got to have good judgment. You’ve got to create clarity of focus on mission and strategy for your team, or you’re going to risk that they won’t follow you. I took this insight with me everywhere I went from that day forward. In fact, I used it in my first big job interview with my boss-to-be. He asked me that big point-blank question, “why should I hire you?” and I quickly responded, “You should hire me because I have good judgment.” And it worked! I got the job! But when I was selected as the CEO of Brooks Running in 2001, I was the fourth CEO in two years, and I’m told the employees had a pool on how long I would last. Very welcoming in a way. On the first day though, I wrote on my whiteboard a famous quote that for me is a leadership truth, and it’s Benjamin Disraeli’s: “The secret to success is constancy of purpose,” and it’s still on my whiteboard today. The secret to success is constancy of purpose. My business experience to that point had led me to conviction that purpose was sustained focus wins the game, but what was Brooks’ focus? Back then, as a small Bay, athletic-based footwear and apparel company, we were sort of everything to everybody in a very competitive category, and we are really meaningful to no one. And with loads of debt, bankruptcy was around the corner. If we didn’t find a focus that we could win at. Ao we made the judgment that we would focus on building a brand with runners and go all in to win with them, to win their trust. We burned the boats on everything else. No more basketball, family footwear, no more tennis shoes, only running. Against some of the best brands in the consumer world, we planted our flag on a singular purpose: to inspire everyone to run and be active. It’s a unique position then, that I believe could save our company, but I thought also could stand the test of time. And 18 years later, Brooks is now a leader in the performance run category. So I believe focus is key to authentic leadership. Focus, with good judgment. The second attribute that I think is critical to authentic leadership is curiosity. For me, curiosity is about solving puzzles in a constantly changing world. To avoid being a one-hit wonder, you need to develop a great radar as a leader and then be willing to recalibrate as nothing ever stays quite the same. A curious attitude often reflects humility of your understanding of the world around you. Early in my career at Pillsbury, I had one of these humbling moments. I was a junior analyst and I had the opportunity to present to the executive committee strategic analyses and competitive company profiles. Being in the restaurant business, as Pillsbury owned Burger King, the committee was always looking at innovative new concepts and I was often pitching the top execs, including the CEO, the CFO, and all of the business heads, these ideas. So this time, it was a profile of a hot new restaurant concept. They had three stores in Dallas and it was called Chili’s. And, having never eaten at a Mexican food restaurant, as I don’t think there were any in the Twin Cities back then, I intensively researched this company – all pre-internet, if you can imagine – and I went on to describe Chili’s on acetates in an overhead projector. I love PowerPoint, but this is pre PowerPoint. So I explained that their success was being driven by this hot new menu item – this thing called a Fagita. I was pitching this innovation with enthusiasm as these fagitas were selling like crazy and driving premium margins and new growth. Well, the room started to chuckle and laugh, and finally Jeff Campbell, the head of restaurants suggested, “Weber, you need to get out a little more!” and I also should have taken a Spanish language course and learned how to pronounce fajita. But I powered through the rest of that presentation and the lesson I learned was to forge ahead, but with a humble curiosity. Solving for customer needs takes an intense curiosity that I think is crucial to what I’ve come to call competitive strategy, and my first experience with competitive strategy was also here at Carlson, in one of our many case-centric courses. It was Professor Gaumnitz’ Management 3004 public policy class. The strategy case involved a mature industry with a new entrant, a small “David” brand who had caught the market leader, the “Goliath” brand, sleeping. This small insurgent brand rocked the industry with product innovation that captured a major share of customers. And it looked like fun – I wanted to do that. I literally read this case, and I thought, man, competitive customer. That just looked like fun. Many today call it disrupting the category, but that’s really in my view just an outcome. It’s actually about solving for customers’ wants and needs better than anyone else. And you can only do that by being curious. By learning faster and executing against insights, David can beat Goliath. At Brooks, we’re creating brand affinity in the minds of customers every day. I think a huge part of our success is actually a curious mindset. I’m most proud of our recent strategy reset to navigate the revolution in consumer behavior and retail these last five years. Our revenues stalled in 2015 and the radars we had for reading market trends were no longer working. So we went into a learning mode. We began the process of reevaluating all of our assumptions on the market, the consumer, the industry, the competition. We then made choices and we committed to boldly execute, with precision, for the customer – and it worked! Our success was really earned in 2018. We grew 26% and we attracted nearly two million new runners to our brand. So, at Berkshire Hathaway, Warren’s partner and Vice Chairman Charlie Munger reminds us regularly to avoid the ABCs – and the ABCs are arrogance, bureaucracy, and complacency. Other competitors with capital and brains are always going to be trying to breach your moat and take your customers away. Staying humble, remaining curious, and avoiding complacency is essential — especially after success. A final point on staying curious: reevaluating and recalibrating doesn’t mean you lose sight of your constancy of purpose. This truth was captured best I think by one of our greatest leaders of all time, Thomas Jefferson, who said, “In matters of style, swim with the current; but in matters of principle, stand like a rock.” And one of the hardest things to do in the fog of competitive disruption is to discern where to bend with industry trends and where to stand anchored in your brand principles. These are “good judgment required” puzzles to solve, where your curiosity really has got to be integrated with your constancy of purpose. These calls require courage but I can vouch that for Brooks, these have been brand defining moments for us in our industry. The third attribute I want to tie to authentic leadership is trust. Life, and business, is still all about people. Happiness and fulfillment will come from your relationships with the people in your life that matter to you. For me, it’s my wife, my kids, my grandkids, my family, and close friends, and my teammates at Brooks with whom I built, I share this brand building journey. However, I didn’t start out with this wisdom, you know. Early in my career, I was pretty wonky and intensely searching for the right answers. And for me, that usually meant looking at the numbers, definitely more IQ than EQ. In hindsight, how I won over my wife Mary Ellen is still a bit of a mystery to me. You know, we dated through our years here at the U (she’s a gopher), and given my insular focus and lack of emotional intelligence, I can only credit her with tremendous vision and patience. But, thank you, Mary Ellen. And upon graduation, I got an offer from NorWest Bank Minneapolis in John Lindahl’s group and embarked on a path to become a commercial banker. At the bank, analyzing business strategies and financial statements, also led me to a key insight: that human behavior was seemingly behind every number and everything in business. It was a start to look at an income statement but when you look through it you could actually see that revenue reflected customers’ buying behaviors, and you could see the gross margin reflected, as well, their willingness to pay certain prices. Likewise, the negotiation wasn’t winning or even win-win. It was actually relationship building plus persuasion skills with this poker game attached to it. And then finally, even great algorithms, if you think about, often simply mimic or predict human behavior at scale. So in the end, I learned even in banking, creating relationships was with people was key, and that meant generating trust. I went on to develop conviction that brands – great brands are built over decades, on a foundation of trust and shared values with their customers. At Brooks, we aspired to be a trustable brand. We have to earn that. It starts with a product experience, but it goes much deeper. We’re a purpose-driven brand around the fact that a run will make your day better — it just will make the day better. We compete with our culture and values, and we think if we can express them consistently in everything we do, over time, Brooks will resonate with like-minded people. They will trust us rationally and emotionally. So I want to challenge yourself, think about you as an authentic leader. It’s a white space out there that is absolutely fillable. Over the last 30 years, I’ve watched so many of our leaders, institutions, business, governments, religious organizations suffer from a loss of trust. The stories are sadly all too common and current examples today of respected brands where trust has been compromised unfortunately include Facebook and Wells Fargo. It’s a time of increasing transparency and scrutiny. People are looking for who they can trust. And part of being trusted is embracing diversity and inclusion. Not only is it fair and respectful, but it makes for stronger teams. I think most businesses today are focused on it, especially in the consumer world. I don’t know a brand that can afford to lose one customer, and I think you need to mirror the diversity of your customer base or over time, you’re gonna miss the mark and you’ll lose trust. So, we again feel fortunate at Brooks, because running is one of the most approachable and inclusive sports the world has ever known. It welcomes all ages, backgrounds abilities — all you have to do to belong is run! And by the way, in my book, walking counts as slow running at my age. And so, as you walk, or run, today and hold that diploma in your hand, you have an incredible opportunity to become an authentic leader — to become your best self. First, find your focus — use good judgment to identify your purpose. Ideally, it’s gonna be one that reflects your superpowers and also gives you energy. Second, stay curious — be a learner, not a knower. Be open to recalibrating your radar. Stay humble and avoid complacency. Finally, be trustable — to the people on your team as well as the stakeholders that matter to your organization. Your behavior is your most valuable currency. In the end, you’ll be authentic to yourself, to others, and that will be a leadership uniform that will always fit you well. So congratulations on your achievement. Godspeed to you all! [Applause] Thank you Jim. I think all of you have done strategy here know about trust and you know about focus, and curiosity is the third message that Jim left us with. And I’m glad you said walking is a form of running, that works for me. Anyhow, so the Carlson school is fortunate to enroll many academically talented students. At this time, the Carlson School faculty is proud to recognize the graduates who have earned the designation of Carlson scholar. Will the graduates wearing maroon and gold cords please stand. This designation is based on a grade point average [Applause] Thank you This designation by the way is based on a grade point average of 3.85 or higher these students represent the highest level of academic achievement across the Carlson School of Management. Thank you, and thanks for the recognition. And at this point, it’s also my pleasure to welcome Priyanka Singhal Gandhi, candidate for the Master of Science in Business Analytics degree, who has been selected as the student speaker on behalf of the Graduate class of 2019. [Applause] Respected Dean, faculty, our esteemed guest for today, families, friends, and the graduating class of 2019, I feel honored standing here representing all of you. Roman philosopher Seneca once said, “Speech is a mirror of your mind.” As I look back over my journey at the Carlson School of Management, I would like to share with all of you the three most important lessons I learned along the way. The first lesson is “Drive in your lane.” When I first came here and drove, I felt like every lane other than mine was going faster, so in the initial days I kept changing lanes but I never saved time. After a while I realized that the fastest, smoothest, and the most fun rides were when I stuck to my lanes. All lane changes were guided by the exits that I had to take to reach my destination. Tomorrow, when you set out to work, pursue your chosen career path. Don’t keep changing tracks because others seem to be going faster. Your objectives, your strengths are your own. Be persistent and patient in pursuing your individual paths, and I assure you that you will achieve anything that you set out for. The second lesson is finish what you started. May 2016, I was selected for this one-year MS in business analytics course, but just five days before joining, I had to move back to India. May 2017, when my first class to be was graduating, I was starting this program for the second time. May 2018, when the second class was graduating, I was hooked on to eight machines fighting for my life after a complicated delivery. A day before my third attempt, I teamed up with my daughter Anaya, and we high-fived on the promise that this time, we will finish this course together. After chasing this day for three years, I cannot believe that I finished this program. I know all of you have had days when you felt that it was too hard. Days when you felt like quitting, but you overcame your challenges and that is why you are here today. As we stand here donning these hats, the joy we feel is the joy of finishing what we started. My mentor once said to me, “It could be 99% done, but it is still incomplete.” Whatever good you take on in life tomorrow, go that extra mile and finish whatever you started. The third lesson is family is not a choice. “Keep quiet, Anaya,” I shouted at my then nine month old daughter and left her crying in the crib. I was exhausted. My house was a mess. I had an exam the next day. I had some ELP presentation to finish. As I saw her crying extending her arms, pleading that I hold, her I burst out into tears. I thought I was a terrible, ambitious, selfish mother. She stopped crying, crawled up to me and looked at me with his most loving eyes. It was as if she understood me. She knew that studying and working is what makes me happy. It was as if she said, Mummy, I’m with you. Today as you graduate, you don’t graduate alone. You graduate as a family. With the families and friends who have come here to cheer you on this day. With your guardians who guided you and supported you. With your partner, who held your hand during those tough days. With your siblings, your friends, who motivated you, shared notes, or lent their shoulders to cry on whenever you felt rejected. And with your children, who made you smile through all of this. These relationships there are not a choice — they are your biggest assets. Always always keep these loved ones close. Acknowledge their efforts. Say thank you. Tell them today that it wouldn’t have been possible without them by your side. And most importantly, let us look around to thank those with whom we took this journey. Mentors, faculty, students, staff, who made it what it was. The failures, the learnings, the challenges, the successes. Standing here we, all feel connected by a common bond, the bond of being a student at the Carlson school. On behalf of all PhD and Masters students graduating today, I would like to thank this institution and everyone associated with it, who played a pivotal role in bringing us to this day in the end. All I can give you is my three lessons: drive in your own lane, finish what you started, and your family is not a choice. Thank you all, and many, many congratulations. [Applause] Thank You Priyanka for those wise words. I think many, many, many in the audience resonated with much that you said, so thank you for that. At this time, I’d like to begin the presentation of degrees. Our graduates will likely recognize those who are about to read their names, but I’d like to take a moment to introduce them to the entire audience. Reading names today are: Robyn Wick, Director of the Carlson School Executive MBA program; Kathy Evenson-McDermott, Senior Academic Advisor of the Undergraduate Program; and Andy Ramdular, our program manager and the Carlson Global Institute will be reading the names for the China Global Executive MBA Program. I invite Regent Randy Simonson and Professor Shawn Curley, Director of Graduate Studies for the Doctoral Program in Business Administration, to join me on stage for the presentation of our candidates for the Doctor of Philosophy degree in Business Administration. Will the candidates for the degree of Doctor of Philosophy come forward as directed by the marshals? Reagent Simonson, Dean Zaheer, on behalf of the Faculty of the Carlson School presents the 2019 candidates for the degree of Doctor of Philosophy in Business Administration. Andrew Fluharty. Faculty Advisor, Professor Pervin Shroff, Department of Accounting [Applause] Xiaoli Guo. Faculty Advisor, Professor Pervin Shroff, Department of Accounting [Applause] Sehwon Kang. Faculty Advisor, Professor Rachna Shah, Department of Supply Chain and Operations [Applause] Zhihong Ke. Faculty Advisor, De Liu, Department of Information and Decision Sciences [Applause] Keyman Dennie Kim. Faculty Advisors, Professor Aks Zaheer and Professor Russell Funk, Department of strategic Management and Entrepreneurship. Kaushalendra Kishore. Faculty Advisors, Professor Andrew Winton and Professor Martin Szydlowski, Department of Finance, Associate Dean Raj Singh assisting with hooding. Maria Rodas, Faculty Advisors Professor Deborah John, Department of Marketing, and Professor Carlos Torelli, Gies College of Business at the University of Illinois, Urbana-Champaign [Applause] Gui Deng Say. Faculty Advisor Professor Gurneeta Vasudeva Singh, Department of Strategic Management and Entrepreneurship [Applause] Jincheng Tong. Faculty Advisor Professor Ali Hengjie, Professor Robert Goldstein assisting with hooding [Applause] Wei Zhang. Faculty Advisor pProfessor Andrew Winton [Applause] Will the candidates for the degree of Master of Business Administration from the full-time program please come forward as directed by the marshals. At this time, the Carlson School invites Professor Joel Waldfogel, Associate Dean for MBA and MS programs to the certificate table for the presentation of degrees. Regent Simonson, Dean Zaheer, on behalf of the faculty, the Carlson School presents the 2019 candidates for the degree of Master of Business Administration from the full-time program. Kristine Amundson, Keagan Atack, Tiana Birawer, [Applause] Tulika Biswas, Geeverghese Boben Paul, Alex Bonemeyer, Arnab Chakraborty, Lily Lisa Chow, Christov Churchward, Lucas Dahl, Daniella De Franco, Teresa de Vries, [Applause] Justin Doll, [Music] Samuel Eaten, Justin Emry, Sonya Gwen Ewert, Thomas Fansler, Aful Fotedar, Andy Guggenberger, Akhil Gupta, Joseph Curtis Gunnarson, Esha Gupta, Damon Hamilton, Josh Hammer, [Applause] Adam Heifetz, Elizabeth Herman, Napoleon Howell, Shirley Hu, Jenna Johnson, Rohan Karmarkar, Kathleen Kelly-Tran, [Applause] Daniel Lee, Elizabeth Lokken, Samuel Thomas Madison, Shannon McCormick, Max Meehan, Kevin Murphy, Lawrence Murphy, Lavanya Nemana, Olawale Ojo-Fati, Stephen Palmquist, Raviteja Patnam, Stephanie Perri, Hans Peterson, Brooke Pfarr, Jill Poppe, Edward Presley, Alexander Reinertsen, Brooke Reinhardt, Pedro Reyes, Lauren Rivera-Myers, Zachary Rolfe, Joseph Schaefbauer, Lindsey Schwalbach, Nishad Shah, Shivagnaneshwar, Kumaran, [Applause] Gagan Singh, Lynnae Lange Skogerboe, Scott Snyder, Neil Sreshta, Kevin Steinhafel, Diego Suarez, Surbhi Sikri, Harshal Singla, Chris Thompson, Edward Wang, Coryn Wilson, Yunzhao Xiao, Joshua Keith Ylitalo, Seeing Hoon Yoon. Will the candidates for the degree of Master of Business Administration from the Part-Time program please come forward as directed Regents Simonsen, Dean Zaheer, on behalf of the faculty the Carlson School presents the 2019 candidates for the degree of Master of Business and Administration from the part-time program. Renuka Adibhatla, Grace Takang Agbor, Venkata Karthik Akula, Tim Aldrich, Jeffrey Allen, Aaron Anderson, Karl Anderson, Anna Rachella Aquino, Samantha Nicole Balaski, Dan Barthell, Dominic Beckmann, Simon Blaser, Adam Bliss, Ian Bouman, Valerie Brophy, Jonathan Kenneth Brunsvold, Janelle Burdiss, Russell Byers, Jeffrey Byron, Alicia Callahan, Alexandria Caspers, Tyler Chapman, [Applause] Kristin Charles, [Applause] Jennifer Chavez, Sachin Chougule, Rachel Japuntich, Kevin Daley, Justin Imre Dancs, Caleb Davies, Daniel Deeb, Whitney Rose Delaney, Matthew De Leon, Sarah DeVore, Adam Doiron, Meredith Eichten, Joseph Erickson, John Faryan, Jacob Fletcher, Christine Foster, Redmond Fraser, [Applause] [Music] Paul Fritz, Matt Besselsen, Timothy Gellings, Alex Getting, William Gilbert, [Music] Jacob Glickstein, Christine Goergen, [Music] William Geiger, Courtney Nicole Goetsch, Christian Joel Gonzalez, Elizabeth Graven, Joshua Garvelink, Samantha Jean Greenwood, Adeline Gwellem, [Music] Ryan Falsch, Tyler James Graupmann, Ryan Meehan, Drew Post, Matt Glatzel, [Applause] Chris Hawthorne, Harinageswara Katragadda, Aaron Gibson, Jeffrey C Gibson, Trent Haun, Megan Hanaman, Ruzana Glaeser, Jordan Hanson, Brianna Hendrickson, Patrick Hiner, Zachary Jesser, Matthew Kaney, Adam Kassekert, Michael Kinsella, Ian Kitchen, Kschitij Kohli, Tim Kosanke, Rachel Krause, Patrick Krile, Benjamin Kurata, Samuel Larson, Jordan Leick, Samuel Literski, Vijay Madhavan, Christina Maniaci, Craig Nelson, Laura McFarland, Amy Mckeown, Cady Moral, Matthew Jordan Nyman, Justine Noyes, Eric Howard Olson, Omar Osman, [Music] Adesina Olateju, [Music] [Applause] Nicholas P O’Shea, Nicholas Luke O’Brien, Nate Olson, Sean Paul Preston, Mike Philipson, Chitrangda Potdar, Matthew Perry, Olga Pisman, Vasantha Polamreddy, Kate Powers, Drew Quirk, Ashish Rawat, Patrick Rooney, David Reynolds, Shannon Rossean, Thomas Mcculloch, Erin Reynolds, Andrew Saville, Jonathan Rottman, Zachary Schwartz, Nathaniel Stublaski, Jacob Shorez, Kojo Stefah, Eli Smaka, Mithil Survana, Brandon Doherty, Donald Slanec, Joel Lowry, Stephen Drott, John Frieseke, Matthew Schuld, Ashlee Marie Toninato, Viet Tran, Lacey Smith, Rahul Shah, Jagat Sidhu, Kevin Thissen, James Tabery, John Schneeman, Samantha Silker, Carrie Grufman, Natasha Paulinski, Chelsea Sowers, Caroline Page, Nick Alexandrov, Abhishek Srivastava, Christopher Targosz, David Tracy, Peter Ulstad, David A Wagle, Eric Wenz, Emily Wise, Yilun Xu, Lieb Yardley, Alexander Young, Phil Zander, Jolene Ross Zelenski, Katherine Zimmermann [Applause] The candidates for the degree of Master of Business Administration from the Executive MBA program are at the stage. Regents Simonsen, Dean Zaheer, on behalf of the faculty the Carlson School presents the 2019 candidates for the degree of Master of Business Administration from the executive program. Anthony Aguirre, William Christopher Alms, Jason Barney, Christopher DeSousa, Carl Douglass, Stephanie Faubion, Derek Furlong, Glenda Gehl, [Applause] Adam Gettings, [Applause] Fanna Haile-Selassie, [Applause] LaQueetta Hawkins, Donald Heaton, Chad Henke, Joanna Hill, [Applause] Pramod Jagavathi, Cody Jazdzewski, [Applause] Jesse Johnson, [Applause] Christopher Kakos, Kiran Kanukurthy, Steven Semakula Kibaya, Brock Kline, Kyle Leng, [Applause] Thomas Luong, [Applause] Amber Malone, [Applause] Jennifer Moebius, Timothy Morton, Addie Mrosla, [Applause] Shawn Oldham, John Ostwald, [Music] [Applause] Valerie Overby, James Pierce, Hadley Powless, Ryan Rossman, Andrew Schoenecker, Erich Jame Selvig, Simon Shannon, Eric Sirkin, [Applause] Swarna Swaminathan, Trevor J Thurling, Gaurav Uppal, Dao Vang, Chris Vogtman; Okay will the candidates for the degree of Master of Business Administration from the global Executive MBA program in China please come forward at this time. The Carlson school invites Anne D’Angelo, assistant dean of the Carlson global initiatives, to the certificate table for the presentation of the Master of Business Administration degree for the China Executive MBA program. Joining her at the certificate table for the presentation of degrees for the China Executive MBA program are Sun Yat-sen, University Vice President Xiao Haipeng, and Dean LU Jun, Lingnan University College. Joining me at the readers table to present the candidates is Andy Ramdular, program manager in the Carlson global institute. Regent Simonson, Dean Zaheer, on behalf of the Faculty of the Carlson School presents the 2019 candidates for the degree of Master of Business Administration from the global Executive MBA program in China [Applause] Bao Lili, [Applause] Bin Li, [Applause] Chen Keliang, [Applause] Chen Jianwu, [Applause] Chen Jing, [Applause] Chen Goubin, John Cheung, [Music] Chi Jieling, Teck Lai Chua, Dai Jingyu, John Du [Applause] Gan Huizhi, Gao Jingci, He Zhiguang, Huang Yuanyan, Huang Zhenyu, Lan Caixia, [Applause] Le Jialin, Li Huihua, Li Yinglin, Li Jieyi, Liang Xiao, Liang Jianling, [Applause] Liu Pinghua, Liu Chun, Long Xiang, Lu En, [Applause] Ma Qingya, Ouyang Dong, Peng Yuchao, Su Yanzhen, Wang Xiaoyin, Wang Jing, Xiao Chongyuan, [Applause] Xiao Qihua, Xin Xia, Xiong Guodong, Zhang Jun, Zhong Yuting, Zhou Yan, Zou Ling Yan Will the candidates for the degree of Master of Business Administration from the global Executive MBA program in Vienna please come forward. Joining us, Anne D’Angelo, Assistant Dean of Carlson global initiatives. At the certificate table for the presentation of the Master of Business Administration degrees for the Vienna Executive MBA program is Barbara Stottinger, Dean of the Vienna executive Academy, Vienna University of Economics and business in Vienna, Austria. Regent Simonsen, Dean Zaheer, on behalf of the faculty, the Carlson School presents the 2019 candidates for the degree of Master of Business Administration from the Vienna global Executive MBA program. Karen Apjarova, [Applause] Pranjal Arya, Onur AYGUL, Muhammad Riadh Ben Hadj, Justinas Basalykas, Ivo Berkovic, [Applause] Michael Brandauer, Aram Choi, Oksana Chumak, Viktoriia Denysova, Plamen Dimitrov, Denis Ermoshkin, [Applause] Irina Galera, Jorge Ghilardotti, [Applause] Miha Grilj, [Applause] Rajiv Gupta, [Applause] Agnes Kardos, Alexander Klein, Tatiana Kogonina, Maria Maager, Kamila Makhmudova, [Applause] Joni Mellin, Moritz Obexer, Mari Ono, [Applause] Marek Paska, Gwenaelle Perret-Louka, Olena Petz, [Music] [Applause] Alexandru Popa, Ulrich Pozar, [Music] [Applause] Saurav Prakash, Armin Rauschenberg, [Applause] Philip Sabanas, [Applause] Andreas Schwabe, Nicole Stary, [Applause] Thomas Steinmayer, [Applause] Thomas Stubbings, [Applause] Daniel Thomas, [Applause] Sara Zare [Applause] Will the candidates for the Master of Arts and Human Resources and Industrial Relations degree please come forward at this time. The Carlson School invites professor John Kammeyer-Mueller, faculty director and Stacey Doepner-Hove, Director of the Masters in Human Resources and Industrial relations program to the certificate table for the presentation of degrees. Regents Simonsen, Dean Zaheer, on behalf of the Faculty of the Carlson School presents the 2019 candidates for the degree of Master of Arts in human resources and industrial relations. Kasie Allen, Maryam Karim Becker, Alison Bowman, [Applause] Wenru Chen, Chang Cheng, Lu Dai, [Applause] Rachel Deal, [Applause] Haleigh DeRose Jones, Michelle Louise Drenth, [Applause] Mahlet Gashaw, Emily Gavel, Gwen Celeste Gierke. Alynda Her, Evan James Herland, Greta Hruby, [Applause] Yunting Bonnie Hu, Linyue Huang, Alexus Danielle Hudson, Katie Hudson, Bomi Jang, Justin Lee Juenemann, Jihye Kim, Eva Kraft, Stephen Ku, Lance Langem, Irene Li, Jiani Li, Xinhao Liu, [Applause] Beth Abigail Rydberg Loredo, Yiqian Lu, Shuyi Lyu, Lane Manke, Paige McDaniel, Andrew Mcintyre, Kendall Miller, Kiran Miryala, Mariko Miyamoto, Lauren Murphy, Braden Pang, Charles Bennett Raike, [Applause] Megan Ringsred, [Applause] Nayla Sater, Erin Schueller, Poulomi Sen, Jiaxin Shen, Levi Sheppard, Suyang Shi, Emily Simers, Shubhangini Singh, Shelby Snell, [Applause] Smrithi Srivatsan, Clay Stenstad, [Applause] Yujing Sun, Racquel Kaitlyn Vaske, Aly Wang, Yaxuan Wang, Zhiqi Wang, Starneshia Ayana Wyn, Ruoying Xu, [Applause] Alecia Young, An Zhou, Feigu Zhou, Qing Zou Will the candidates for the Master of Accountancy degree please come forward as directed by the marshals at this time. The Carlson School invites Clayton Forester, Director of the Master of Accountancy program to the certificate table for the presentation of degrees. Regent Simonson, Dean Zaheer, on behalf of the faculty the Carlson School presents the 2019 candidates for the degree of Master of Accountancy. Garek Berard, Muhammad Harestya Darmawan, Erik Evers, Nathaniel Freeman, John Alexander Gargaro, MaryBeth Johnson, Eugene Lim, Nhoua Moua, Dylan Qualley, Ran Zhang Will the candidates for the Master of Business Taxation degree please come forward as directed by the marshals at this time. The Carlson School invites Paul Gutterman, Director of the Master of Business Taxation program to the certificate table for the presentation of degrees. Regent Simonson, Dean Zaheer, on behalf of the faculty there Carlson School presents the 2019 candidates for the degree of Master of Business Taxation. James Callan, Spencer Lionel Chinelly, Anthony James Delahunt, Brooke Haukos, Busung Kang, Zhanar S. Khazhidinova, Jordan Kivel, Zhuzhu Li, William Mayer, Sean Ortgies, Sanghyeon Park, [Applause] [Music] Leigh Rutherford, Syed Arif Shah, Krystle Somers, Hui Yuan, [Applause] Will the candidates for the degree of Master of Science and Business Analytics from the full-time program please come forward as directed by the marshals at this time. The Carlson School invites Professor De Liu, Director of the Master of Science and Business Analytics program to the certificate table for the presentation of degrees. Regent Simonson, Dean Zaheer, on behalf of the faculty, the Carlson School presents the 2019 candidates for the degree of Master of Science in Business Analytics from the full-time program. Isom Adiari, Samuel Amodeo, Connor Austria-Kemble, Abhijitha Babu, [Applause] Rohan Bhatia, Jordan Boonstra, Stephen Champagne, Hengzhen Chang, Jayant Chawla, Lu Chen, Yun-Han Feng, Sushanth Gaddam, Sreevathsan Gopalan, Jerrie Gu, Divya Gupta, Rakesh Gupta, Sarath Haridas, Mayank Hasija, Dhiraj Hinduja, Keming Hu, Stuti Jain, Deeksha Jha, Haojin Jia, Xinwei Jiang, Siva Kallur, Jonas Kimtai, Shakti Bhavesh Kothari, [Applause] Himanshu Kulkarni, Abhinav Kumar, Hui-Lun, Rohit Ladsaria, [Applause] Hua Lang, Kristina Larsen, [Music] Pranav Lingaraju, Yuzhe Lu, Sanjana Mahabale, Sidd Malik, Dhivya Nagasubramanian, [Music] Pranav Srinivas Nagavalli, Tarun Newton, Donald Norlander, Samira Palagiri, [Music] Kevin Pang, Kavya Sankar Puthuvaya, Krishna Chaitanya, Prasanna Rajendran, Vishal Reddy, Rutwik Rath, Yanlun Ren, Colin Robertson, [Music] Rahul Satheesh, Disha Shetty, Shashank Singh, Tarun Singh, [Music] Priyanka Singhal, [Applause] Jiangnan Song, Jesse Sprinkel, [Applause] Erik Stryshak, Williams Summitt, Yoonjoung Suter, Shawn Tangen, Coltt Robert Thunstrom, Chandrakanth Tolupunoori, Ankur Tomar, Madhur Toshniwal, Divya Upadhyay, Aravind Venkat, Siddharth Verma, Anshuman Vijayvargia, Raghuveer Rao, Darshit Vora, [Applause] [Music] Samridhi Wadhwa, Tanmayee Waghmare, Juan Xu, Xiyang Xu, Muyu Yan, Meng Yang, Dingruo Yang, Yuqing Zhang, Zhengyang, Xinyue Zhao Will the candidates for the degree of Master of Science and Business Analytics from the part-time program please come forward as directed by the marshals. Regent Simonson, Dean Zaheer, on behalf of the faculty, the Carlson School presents the 2019 candidates for the degree of Master of Science in Business Analytics from the part-time program. Thomas Benny, David Bierer, Trevor Bishop, Kevin Paul Capeder, Benjamin Clark, Christina Leeson, Anthony Forneris, Ellie Fritz, Meredith Hilgeman, Eric Hoel, [Applause] Mark Kuck, Phil MacDonald, Janessa Miller, [Applause] Betty Pulido, Dana Steinman, Santiago Strasser, Kristin Youngblom, Anthony Zech Will the candidates for the degree of Master of Science and Finance please come forward as directed by the marshals. At this time the Carlson School invites Professor Robert Goldstein, Director of the Master of Science in Finance program with a certificate table for the presentation of degrees. Regent Simonson, Dean Zaheer, on behalf of the faculty the Carlson School presents the 2019 candidates for the degree of Master of Science in Finance Robert Amesbury, Brad Born, Brayden Carroll, Trevor Hopkins, Yingdong Jiang, Zherui Liang, Jingru Liu, Hans Male, Leonardo Malvestio, Jasmine McDonough, Daniel McIntyre, David Murphy, Darshan Shripal Parmar, Rohit Saxena, Shiyi Shen, Vikram Vaid, Yiyun Wu, Yimeng Xu, Lan Yang, Zijia Zhang; Will the candidates for the degree of Master of Science in Supply Chain Management please come forward as directed by the marshals. At this time, the Carson School invites Professor Karen Donohue, Director of the Master of Science of Supply Chain Management program to the certificate table for the presentation of degrees. Regent Simonson, Dean Zaheer, on behalf of the faculty, the Carlson School presents the 2019 candidates for the degree of Master of Science in Supply Chain Management Elias Elizondo, [Applause] [Music] [Applause] Katherine Robertson, [Applause] Zompo Sheuphen, [Applause] Selorm Tukpeyi, [Applause] [Music] Congratulations again to all of you today on your accomplishments that take you from being students at the Carlson School of Management to alumni. And here to welcome you into our alumni family is Brian Milovich, President of the Carlson School Alumni Board. Brian is a 2000 BSB alum, and he headed west after his commencement to start his career at Wells Fargo. He earned his MBA at Berkeley’s Hass School, and then joined a real estate private equity company. In 2010, he moved to Calvera Partners, where he is Managing Principal. Despite being located nearly 2,000 miles away, Brian remained closely connected to campus. He was a passionate advocate for our school, helped countless students and recent grads start and build their careers, and was a driving force behind the success of our San Francisco Bay Area chapter. Brian truly is a gold standard for Golden Gopher alumni. We are thrilled that Brian, like many of our graduates, recently boomeranged home to Minnesota. Here, he has continued to contribute to our success by serving on our alumni board and on our Board of Overseers. Ladies and gentlemen, graduating class of 2019, please join me in welcoming Brian Milovich. [Applause] Graduates, congratulations and welcome to your Carlson school alumni community. Like you, your alumni community is unique, it’s energetic, and it’s well positioned for success. As you know, 2019 marks the 100th anniversary of the founding of the Carlson School. From the first graduating class of 14 students to more than 55,000 alumni worldwide today, you are certainly connected to a thriving Carlson School alumni base. As we celebrate the centennial anniversary all year long, it gives us a chance to reflect on our connections — connections to the past, to tomorrow, to innovation, to the world around us, and connections to one another. The Carlson School has our alumni to thank for playing a major role in the success of the program over the first 100 years and the centennial events around the world are celebrating you. Those of you who are staying in the Twin Cities after graduation, or who are just in the mood to come back for a big party, we’re all invited to attend an entire weekend of centennial festivities this fall. It all starts with the huge celebration on the field of US Bank Stadium on Friday evening, September 13th. It’s followed by the next day with the Carlson tailgates for the Gopher football game at TCF Bank Stadium on September 14th. Now, if you’re one of the many, and growing group of students who are moving around the country and around the world to pursue exciting career opportunities, don’t worry. There are centennial events at a major city near you. Although the centennial is a great excuse to stay engaged in the short term, we want you to stay engaged for the long term. What does that include? That includes participating in the mentorship program. It’s coming back on campus and speaking in a classroom. It’s even grabbing coffee with a fellow alum — and yes, it counts. If you like and share the Carlson posts on social media. The way you connect with Carlson will change over time, but know that we want and we are depending on you to stay engaged. What part do you want to play in the next 100 years of the Carlson School? How will you stay connected and ensure future students have the same if not better opportunities than you? Your relationship with the Carlson School doesn’t end today at graduation. In fact, you’re just getting started, and I’m excited to see how you leave a lasting mark on our community. On behalf of all Carlson alumni worldwide, let me again say congratulations, welcome, and thank you very much. [Applause] Thank You Brian, for incurring our graduates to stay connected to the Carlson School for the long term and for telling us about the many ways we can engage with the school to ensure both the that our current and future Carlson school students have the same opportunities that were afforded to all of you. We could not create the great transformative experience we have here without the help of our alumni as we had done over the past 100 years, and I we hope to continue to do over the next 100 years. So, at this time, I would like to invite Regent Randy Simonson to the podium for the Conferral of Degrees. Thank you. It’s an honor to be here. Thank you, Dean, for inviting me here today. On behalf of the University of Minnesota Board of Regents, I’m honored to preside at this commencement. To the graduates, I extend congratulations. We are here to celebrate not only your academic accomplishments, but also your potential to make a positive difference in the next stage of your lives. You’ll be contributing to your communities, to the state of Minnesota, to the to the nation and even to the world. To your families and friends, thank you for your support of these students as they’ve earned their academic degrees. Will the graduates please rise. Upon the recommendation of the faculty and by the authority of the Regents, I now confer upon you the degrees for which you are qualified. Congratulations. Let us acknowledge your achievement. [Applause] Thank You Regent Simonson. Now, will everyone who is able please rise and join Kevin Deese, MBA class of 2020, as he leads us in singing Hail Minnesota. The words are on page 28 of your program. Afterwards, please be seated until the graduates and faculty have completely recessed out of the auditorium. And again, on behalf of the faculty and staff of the Carlson School, I extend my warmest congratulations to all of you. [Music] [Applause] [Music] Minnesota, hail to thee; hail to thee our college dear; Thy light shall ever be [Music] a beacon bright and clear [Applause] Thy sons and daughters true Will proclaim thee near and far They will guard thy fame and adore thy name Thou shalt be their Northern Star [Applause] [Music] [Applause] [Applause] [Music] [Music] [Music] [Music] [Applause] [Music] [Applause] [Music] [Music] [Music]