The improvement reflects Lubar’s commitment to providing a high-quality, flexible graduate business education designed for working professionals.

The U.S. News & World Report rankings evaluate top business schools across the country, highlighting programs that deliver strong academic outcomes while meeting the needs of professionals seeking to advance or pivot in their careers. To be eligible, schools must hold accreditation from AACSB International, widely regarded as the gold standard in business education. The Lubar College of Business has been continuously accredited by AACSB International since 1970.

“Lubar’s continued rise underscores the strength of its faculty, curriculum and connections to Milwaukee’s business community, offering students both academic rigor and real-world relevance as they pursue their next career step,” said Dean Kaushal Chari.

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Jordan Herbert (’10, BBA – Marketing) is the vice president of business development for M3 Insurance

Bryan Johnsen (’16, MS – Accounting, ’12 MS – Finance Analysis) is the executive vice president and CFO of Tri City National Bank

Paige Radke (’15, MS – Finance Analysis) is a wealth management investment strategist at UMB Bank

Kevin Schmoldt (’09, BBA – Finance) is the founder of furthermoreCRE and director of real estate and development for Milbrew Holdings LLC

Megan Seppmann (’22 EMBA) is vice president and commercial officer for the Wisconsin Center District

The post Alumni News, March 2026 appeared first on Lubar College of Business.

Impact Award
Deepak Arora
Founder and CEO
Wearable Technologies

Deepak’s motivation for founding Wearable Technologies is as poignant as it is personal: to prevent others from the pain and loss he and his family experienced when his daughter drowned. The longtime IT and health care technology executive leveraged his artificial intelligence expertise into developing wearables that scan environments for danger and alert caregivers about potential accidents before they happen. It’s led to a partnership with Froedtert South for remote patient monitoring and acclaim from USA Today and CIO Tech World.

Graduate of the Last Decade (GOLD)
Tou Jim Lee
Director of operations and communication
Hmong Wisconsin Chamber of Commerce

Lee joined the Hmong Wisconsin Chamber of Commerce as an intern in 2016 and now leads the multimillion-dollar organization’s infrastructure, branding and business workshops in support of entrepreneurs across Wisconsin. He’s also the founder of Nova Boba, a galaxy-themed boba/beverage business, and the co-founder of Our Scholarship, a nonprofit that supports Hmong and Southeast Asian students.

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Zhao, a professor of Information Technology Management in the Lubar College of Business, studies how relationships among products influence sales. His recent research shows that forecasting improves when businesses move beyond the traditional idea that products are either “complements” or “substitutes.”

“Most models assume products only matter to each other in very limited ways,” Zhao said. “But in real life, customers make choices based on many signals at once.”

Classic examples of complements include phones and phone cases, while substitutes might be two similar smartphone brands. Zhao’s research shows there are many other connections that matter. Products can be linked because they are displayed near each other, share a brand reputation, or follow similar buying patterns over time. Some relationships are indirect or one-sided, and others change as technology and consumer habits evolve.

“Product relationships are not fixed,” Zhao said. “They can grow stronger, weaker, or even flip from complements to substitutes as markets change.”

To capture this complexity, Zhao and his co-authors developed advanced artificial intelligence models that analyze sales data across many products at once. These models learn how products influence each other over time and use that insight to make more accurate forecasts.

The results were striking. In tests using real retail data, the new approach consistently outperformed existing forecasting methods. It also uncovered surprising connections. In one case, sales of a respiratory drug and a cardiovascular drug showed a negative relationship.

“At first, that looks strange,” Zhao said. “But once you think about seasonal health patterns, it starts to make sense.”

Cold weather can increase cardiovascular risks, while respiratory issues are often more common in warmer or drier conditions. Understanding patterns like these helps retailers plan inventory, staffing, and promotions more effectively.

For business leaders, the takeaway is clear. Better data and smarter models lead to better decisions.

“Sales forecasting isn’t just about numbers,” Zhao said. “It’s about understanding customer behavior in context.”

That insight is increasingly important as companies face faster product cycles, tighter margins, and more complex supply chains. Zhao’s research shows that looking beyond individual products can give organizations a clearer view of what’s coming next, and a competitive edge in preparing for it.

1. 
   Information Systems Research
   Authors: Jing Liu, Gang Wang, Huimin Zhao, Mingfeng Lu, Lihua Huang, and Gang Chen  ︎

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Hastert’s career began in engineering and technical sales, experiences that shaped how he thinks about leadership today. “I started my career in technical sales, which forced me to learn why companies invest in technology and how to deliver differentiated value,” he said. “Over time, I realized the leaders who make the biggest impact understand both the technology and the business strategy behind it.”

That realization led him to Lubar’s Executive MBA program, which he completed in 2025 while continuing to advance his career. He enrolled because he wanted to strengthen his ability to lead across an entire organization.

“I felt like I had the street smarts running businesses, but I was missing formal training in areas like finance, marketing and general management,” Hastert said. “The EMBA gave me exposure to every domain of an enterprise and the chance to pressure-test ideas with executives who had been there before.”

Today, Hastert is at the forefront of building products and experiences using AI as it reshapes manufacturing. “The first time I used the internet, the first time I used an iPhone, and the first time I used a large language model all felt like turning points,” he said. “When I saw AI solve problems in seconds that used to take hours, it was clear we were unlocking value we hadn’t even considered possible.”

He believes the companies that succeed with AI are the ones that stay focused on business outcomes rather than hype.

“Technology is an enabler for unlocking business value,” Hastert said. “Organizations that scale successfully have a clear vision, alignment on priorities, and a culture that’s ready for change.”

Hastert remains closely connected to the Lubar College of Business as a member of its Business Advisory Council, where he hopes to help strengthen the region’s leadership in smart manufacturing and digital innovation.

“I want to see our region thrive,” he said. “If we can connect technology with real business value and develop leaders who understand both, we can create impact that lasts for decades.”

For Hastert, the pace of change ahead is not something to fear. It is an opportunity.

“I think more will change in manufacturing in the next five years than in the last fifty,” he said. “That’s what makes this moment so exciting.”

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In her job market paper, “When Leaders Return: How Executive Reappointments Shape Firm Performance,” Lee examines what happens when senior executives return to leadership roles after stepping down due to legal sanctions. The issue goes beyond headlines. It touches on accountability, investor trust, and the real impact of leadership on company performance.

“Executive reinstatement refers to situations in which a senior executive returns to a leadership position after stepping down due to legal sanctions or a major controversy,” Lee said. “For companies, it may restore valuable experience. For investors, it can raise concerns about reputational risk and oversight.”

Lee studies this question using data from South Korea, where presidential pardons create a formal path for sanctioned executives to return to leadership. Because these events are publicly disclosed, she can track when executives come back and measure how their firms perform afterward.

Her findings are striking. Firms connected to reinstated executives often show improvements in operating performance, investment, and growth.

“The observed improvements suggest that experienced executives bring valuable firm-specific knowledge, strategic vision, and networks,” Lee said. “Overall, the results underscore the importance of leadership quality in driving firm performance.”

Yet investors do not immediately reward these gains. In the short term, the stock market tends to respond cautiously. “Investors may place greater weight on reputational concerns or governance risks,” she said.

That gap between stronger operations and muted market reaction highlights a broader tension in corporate finance. Leadership decisions can meaningfully shape hiring, investment, and long-term strategy—but markets may hesitate when reputational questions linger.

Lee’s broader research explores how major corporate events – such as executive turnover and mergers – affect firm outcomes. “I was particularly drawn to research that combines empirical methods and real-world relevance,” she said.

As Lee looks ahead, she hopes to build “a meaningful research agenda while being a committed and effective teacher.” Through her work, she is shedding light on a complex question facing boards and investors alike: when leaders return, what truly changes?

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“The LaMacchia Competition highlights what is possible when talented students pair innovative ideas with disciplined business thinking,” said Steve Michael, Karl A. and Lillian Bostrom Professor of Innovation and Entrepreneurship. “It’s rewarding to see our students develop ventures that not only show strong potential but also address meaningful opportunities in the marketplace.”

The 2026 competition highlighted a wide range of ventures – from consumer products to financial technology – reflecting the entrepreneurial spirit that continues to grow across the Lubar community.

First prize ($15,000) went to Olivia Wegner, creator of KittyGo, an all-in-one cat carrier and litter box designed to make traveling with cats cleaner, safer, and less stressful. The product addresses a common challenge for pet owners by combining thoughtful design with practical functionality.

Second prize ($7,500) was awarded to sisters Joyce and Luna Penterman for De Dames Ice Cream, a Dutch-inspired ice cream venture rooted in their family’s dairy farm and cheese factory in Thorp, Wisconsin. The sisters plan to begin producing ice cream on the farm using milk from their family’s cows, building their brand locally before expanding to Milwaukee.

Third prize ($5,000) went to Mark Deutschmann for MoneyMate, a digital personal finance and portfolio analytics platform designed to help everyday consumers better understand and manage their finances. By translating complex financial data into simple insights, the platform aims to boost financial confidence and literacy.

Two ventures received honorable mention awards ($1,000). Maia Scurry and Andjela Kresanovic were recognized for Hroshi, a fintech platform that allows employers to offer Bitcoin contributions as part of employee benefits. Devon Grohall earned recognition for Eyes Won’t Wait, a mobile optical service designed to bring vision care directly to communities across the Milwaukee area.

Together, this year’s winners demonstrate how Lubar students are turning innovative ideas into ventures that address real-world needs – one startup at a time.

The following served on the panel of judges for the competition:

• Alan Katz, President, Katz Consulting, and Founder of Katz Bagels
• George Satula, Vistage (TEC) Chairman, Vistage Worldwide
• Kyle Stephens, Vice President of Operations & Strategy, CanSource; and Co-Founder, President, Craft Beverage Warehouse LLC

In the months preceding the competition, the following served as mentors to the venture teams, providing valuable guidance for formulation and presentation of their business plans:

• Jude Anders, Consultant (Retired), Shoreline Concepts, LLC
• Kevin Baumgart, President, Set Sales: Sales and Management Expert
• David Irwin, CEO, gThankYou!, and General Partner, Hiawatha
• Melanie Manuel, Small Business Consultant, America’s SBC
• Girish Shah, Owner, TechGenba
• Mark Ship, Principal and Business Advisor, Sandler & Ship

At the outset of the process, the following individuals presented workshops on developing effective new venture business plans to interested students:

• Greg Martin, Director, 51���� Small Business Development Center
• Melanie Michael, Assistant Professor of Practice in Marketing, Marquette University

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Lubar’s accounting program is highly competitive and benefits from its location in southeastern Wisconsin, home to many Fortune 500 and prestigious national and international companies that actively recruit Lubar graduates for internships and full-time roles in accounting and finance.

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Amit Bhatnagar, professor of marketing, received the RAPSIG Noble/Grewal/Gundlach Mentoring Award at the 2026 American Marketing Association (AMA) winter conference in Madrid.

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Tou Him Lee (’19 BBA) received a 2026 51���� Alumni Association GOLD Award for his career advancement. He is the director of operations and communication at the Hmong Wisconsin Chamber of Commerce, where he first joined as an intern in 2016. He now leads the multimillion-dollar organization’s infrastructure, branding and business workshops in support of entrepreneurs across Wisconsin. He’s also the founder of Nova Boba, a galaxy-themed boba/beverage business, and the co-founder of Our Scholarship, a nonprofit that supports Hmong and Southeast Asian students.

Mary Ellen Stanek (’84 MBA), CFA, is among the Milwaukee Business Journal’s new , which includes those individuals who were named Power Players every year over the past decade. She is the chief investment officer emeritus at Baird Asset Management.

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