By David Buie-Moltz
The University of Virginia has appointed Ed Freeman as the inaugural Stephen E. Bachand University Professor of Business Administration. This milestone follows a $5 million gift from Steve (MBA ’63) and Phyllis Bachand, matched by the University’s Bicentennial Professors Fund, totaling a $10 million endowment. This investment aims to cement the institution’s commitment to ethical business leadership.
A luminary in business ethics and the architect of stakeholder theory, Freeman has taught at the UVA Darden School of Business for 38 years. His work, which advocates for businesses to serve the interests of all stakeholders rather than just shareholders, has revolutionized corporate governance and management practices worldwide.
A Vision for Ethical Leadership
Disheartened by persistent ethical failures in the corporate world, Steve Bachand envisioned a professorship fostering principled leadership. “In today’s business environment, ethical lapses can have widespread repercussions. My vision is to see a world where business leaders are not only skilled but also principled. I have unwavering trust in UVA and Darden to cultivate these values in future leaders,” Bachand said. His gift reflects a deep-seated belief in the transformative power of ethical education.
Significance of the Professorship
Darden Dean Scott Beardsley underscored the profound impact of Freeman’s work and the significance of his new role. “Ed Freeman’s contributions to business ethics have fundamentally reshaped modern management practices. The Stephen E. Bachand University Professorship represents our commitment to uphold and expand upon these foundational principles,” Beardsley said. “This chair is not just a title; it is a beacon for future generations of students and scholars dedicated to ethical business practices.”
Freeman’s appointment as the Stephen E. Bachand University Professor marks a continuation of the Bachands’ legacy of supporting Darden. Members of Darden’s Principal Donors Society, their previous contributions have significantly benefited first-generation college students.
Freeman’s stakeholder theory, which celebrates its 40th anniversary this year, remains as relevant as ever. His ideas, once revolutionary, are now integral to the ethos of many global corporations, ensuring that business serves a broader societal good. The Institute for Business in Society (IBIS) is the home of these ideas at Darden. Among the goals for Faculty Forward, Milestone II of the Powered by Purpose campaign, which wraps up on 30 June 2025, is to persistent ethical failures and continue advancing ethical business practices.
About the University of Virginia Darden School of Business
The University of Virginia Darden School of Business prepares responsible global leaders through unparalleled transformational learning experiences. Darden’s graduate degree programs (MBA, MSBA and Ph.D.) and Executive Education & Lifelong Learning programs offered by the Darden School Foundation set the stage for a lifetime of career advancement and impact. Darden’s top-ranked faculty, renowned for teaching excellence, inspires and shapes modern business leadership worldwide through research, thought leadership and business publishing. Darden has Grounds in Charlottesville, Virginia, and the Washington, D.C., area and a global community that includes 18,000 alumni in 90 countries. Darden was established in 1955 at the University of Virginia, a top public university founded by Thomas Jefferson in 1819 in Charlottesville, Virginia.
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Darden School of Business
University of Virginia
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