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Five Smith
Alumni Enter University of Maryland Alumni Hall of Fame
Five Smith School alumni joined the University of Maryland Hall of
Fame on Saturday, June 4. Inductees were Robert H. Smith ’50, real
estate developer and longtime supporter of the Smith School; Thomas
V. Miller ’64, ’67 (Law), member of the Maryland State Senate; Gary
Williams ’68, championship-winning coach of the men’s Terps
basketball team; Larry David ’70, creator of the television series
“Seinfeld;” and Carly Fiorina, MBA ’80, trailblazing technology
executive.
The Hall of Fame ceremony is held only once every five years and
represents a tremendous honor for the alumni involved. The third
Hall of Fame class was inducted in the beautiful new Riggs Alumni
Center.
Three Smith School alumni were previously honored with induction
into the Hall of Fame: Waldo Burnside ’49, CEO and president of
legendary local retailer Woodie’s; the Honorable Harry R. Hughes
’49, 57th governor of the state of Maryland; and Samuel J. LeFrak
’40, who presided over one of the world’s largest building firms.
You can see photos of past and present Alumni Hall of Fame honorees
online or in person at the new Riggs Alumni Center. |
Gerald Stempler ’53 has
learned about leadership in family businesses from every angle, both in
theory and in practice. Stempler worked with his father in their textile
leasing business, and later went on to become its CEO. When he went to
get his MBA and PhD, he was able to expand and reflect upon what he had
learned from his work experiences. “For me, theory came from practice,
not the other way around,” says Stempler.
Stempler says there some unique challenges and constraints that come
from working with family. “My father and I were a perfect match. People
didn’t even notice the transition when my father retired because our
management styles were so similar. But we were not a perfect match for
my brother-in-law,” says Stempler. “He eventually separated from our
business because of the difference in our leadership styles. But he is
still in business with his two sons because he and they are a good
match.”
Family-owned businesses around the world have been the beneficiary of
Stempler’s expertise. He spent one year living and working in
Switzerland at the International Management Institute, developing a
family business program. Stempler also joined forces with one of his
daughters in a consulting practice focused on family businesses. He
likens the experience to that of a doctor delivering an unwelcome
diagnosis.
“Some people are willing to go through the pain to make the necessary
changes, and some aren’t,” Stempler says. “If we could keep our family
life separate from business, and hire family members who fit our
personality and our business, then family businesses wouldn’t have the
problems they do. Most people don’t have the discipline to do that.”
Stempler got his first taste of the difficult decisions that come
with leadership as the president of his fraternity, Sigma Alpha Mu. “It
was my first occasion to be a manager,” he says, “and I had to fire our
cook. It was the worst experience I had ever had. I still dislike having
to fire people.”
Stempler and his wife Deana work together in their foundation, the
Stempler Family Foundation. Much of their grant-making is focused on
Jewish charities, but they also give to educational institutions. Many
of the gifts are endowments, which allow the recipient to use the
interest as part of their operating budget on a continuing basis. “Both
my wife and I feel that we’re fortunate to have money to give, so we
feel obligated to give to those who don’t have it,” says Stempler.
Stempler lives in the metropolitan Washington, D.C., area with his
wife Deana. He has one son and three daughters. |
