2025 Spring Commencement: Stephen M. Schanwald ’77 and Honorable Ryan D. McCarthy, MBA ’13

The University of Maryland’s Robert H. Smith School of Business celebrated new graduates on May 22, 2025, at the XFINITY Center in College Park. Keynote speakers highlighted the impact of a great attitude and the power of expectations. The ceremonies recognized 1,144 undergraduate students, 677 business master’s students, 250 MBA students, 11 PhD students and 23 EMBA students.

Stephen M. Schanwald ’77: A Great Attitude Can Have A Lasting Impact 

When Stephen M. Schanwald’s father lost his job, the family had to move far from home. It was a big change, but as Schanwald sees it, had that not happened, his life may have turned out completely different.

“Understand that life is 10% what happens to you and 90% how you react to it,” he said as he addressed the Smith School’s undergraduate class of 2025. “Your circumstances don’t define you. But how you react to them does. Sometimes the bad things that happen to us put us directly on a path to the most wonderful things that will ever happen to us.”

Schanwald shared his personal journey with students, which started as a student at the University of Maryland, where he worked–for free–for Russ Potts, who ran the first sports marketing department in the history of intercollegiate athletics. Schanwald is the former Executive Vice President of Business Operations with the Chicago Bulls and a trailblazer in sports marketing. His 40-year career as a sports management executive was filled with success, setting attendance records, innovating new ways to generate revenue and even establishing the NBA’s first-ever Community Relations Department.

Encouraging graduates to work hard, learn to deal with adversity and to cherish and appreciate every moment of the journey, he also told them to wake up “every morning with a great attitude” because it makes for a great day, “which turns into a great month, which becomes a great year, which becomes a great life.”

Schanwald recently made a generous $8 million gift to establish the Stephen M. Schanwald Sports Management Program and is also a member of the program’s Advisory Board.

The gift was part of a larger, $18 million commitment that also supports Maryland Athletics.

In addition to Schanwald, student Abigail Manga’25, spoke to students in a speech inspired by her favorite musical, Hamilton. She encouraged her classmates, “Don’t throw away your shot”. Manga said that Smith is “a place that empowers you to take risks, and a place that, no matter where life takes you, will always feel like home.” Manga earned her degree in information systems and was part of the QUEST Honors Program and the College Park Scholars with a focus on Public Leadership.

Honorable Ryan D. McCarthy, MBA ’13, Expectations Are Powerful 

In his address, Honorable Ryan D. McCarthy, MBA ’13, began by telling students how his Smith MBA helped him deliver results during his time at Lockheed Martin. “MBA grads are not only expected to be skilled practitioners, but also future leaders in their fields,” the former Secretary of the Army said. McCarthy outlined some things that are expected of leaders, like knowing details, making decisions and never giving up.

“Keep your expectations high. Leaders don’t get to be too choosy about which activities may be below their pay grade—especially when lives and fortunes are at stake,” he said. Ultimately, he added, decision-making is key to executive leadership. He referenced his time serving as Undersecretary, then later Secretary of the Army, where he was responsible for a $180 billion organization with 1.5 million people.

“We found more than $30 billion in program cuts to free up money for higher priority efforts,” McCarthy said. “To be sure, not everyone agreed with the choices. But, they had to be made to prepare the Army for future combat that would be vastly different as disruptive technologies provided adversaries opportunities to whittle away at the total American military dominance witnessed since the end of the Cold War.” He said they raised expectations by carefully explaining the rationale to Soldiers, government officials and private stakeholders.

He concluded by telling students that they were ready, “armed with the skills and experiences gained at the Smith School, you should expect to be good teammates and great leaders.”

McCarthy was sworn in as the 24th Secretary of the Army under President Donald J. Trump and served in the role until January 20th, 2021. He currently serves as Operating Partner for AE Industrial Partners and is the Vice Chairman of the Board of Advisors of the University of Maryland Robert H. Smith School of Business.

Student speaker Janeil Birch, MS Accounting ’25, spoke about how the Smith School became a place where she witnessed the “relentless drive, the late-night grind, and the sacrifices we all made to be here.”

“This is not just a moment; this is a testament to our courage, our perseverance, our unbreakable spirit,” she said. “No matter where life takes us, let us always remember this feeling—the feeling of victory, of triumph, of dreams realized.” Birch earned a Master of Science in Accounting from the Smith School and holds a Bachelor of Science in Accounting from Florida Gulf Coast University’s Lutgert School of Business.