Wall Street Veteran Brian M. Barefoot Named 11th President of Babson College; 1st Graduate To Lead The College.

Business/Education Editors

WELLESLEY, Mass.--(BUSINESS WIRE)--April 17, 2002

Brian M. Barefoot, a former senior executive with more than three decades of experience at PaineWebber, Inc. and Merrill Lynch & Co., has been named the 11th President of Babson College by the Babson College Board of Trustees.

Barefoot, a member of the Class of 1966, has been serving as president since June 2001. He is the first graduate of the college to serve as President.

William F. Markey, Jr., MBA Class of 1964, Chairman of the Babson Board of Trustees, said, "We sought a strong leader with excellent business management skills, a clear vision for the college, superb fundraising ability, and a real passion for the school. As we look forward to the unique opportunities and challenges that lie ahead, we are convinced that Brian is the best person for the job. He brings a deep understanding of the opportunities and challenges that lie ahead, gained from years of close association with Babson in a variety of roles."

The Presidential Search Committee, co-chaired by Trustees Anthony C. Woodruff, Class of 1965, and Kathryn D. Karlic, Class of 1976, and assisted by executive search firm Heidrick & Struggles, interviewed a number of candidates over the past year from both the business and academic worlds. "During the past year Brian Barefoot has gained the trust, respect, and credibility of all Babson constituents - faculty, administrators, students, alumni, and trustees - leading us to conclude that he is the right person for the position," said Woodruff. "Brian Barefoot is, hands down, the best individual for the job," said Karlic. "He clearly has the proven leadership ability, the well-honed people skills, and the business contacts that are vital to the growth and prosperity of this college."

Barefoot said, "I am excited about the opportunity to lead Babson to the next level of excellence by expanding our focus on entrepreneurship, continuing our emphasis on innovative teaching, and providing an environment where our students can thrive."

Since taking the position last summer, Barefoot has established a Long-Range Planning Committee to develop a strategic and financial plan that will guide Babson through the next several years and serve as a foundation for a capital campaign. Barefoot has been an active ambassador for Babson throughout the U.S., Europe, Latin America, and Asia in order to strengthen relationships with alumni, prospective and current students, parents, partners, and the business community. He has championed the developing partnership with the Franklin W. Olin College of Engineering, an important strategic alliance for both institutions.

Barefoot's career in financial services has spanned more than three decades. At PaineWebber, Inc. from 1994 to 2001, he served as Executive Vice President and Director of Investment Banking, and a member of its Board of Directors. During twenty-five years at Merrill Lynch & Co, from 1967 to 1992, he held various senior management positions, retiring as Senior Managing Director. From 1992 to 1994, he was founder and President of Frontier Sports Development Corp. He is currently non-executive Chairman of the Board of NeoVision Hypersystems Inc., a leading provider of software solutions specializing in advanced visualization and decision support for the financial services industry.

Barefoot joined the Babson College governing board in 1985 and has served in many capacities including chair of the Investment Committee, chair of the Development and Alumni Relations Committee, and chair of the Executive Committee. He served as chair of the Board of Trustees from 1996 to 2001. From 1992 to 1997, he was co-chair of Babson's capital campaign, which raised a record $122 million. In 1994, he received the Cruickshank Alumni Leadership Award, the college's distinguished alumni service award, for his many contributions to Babson College.

Barefoot served on the Board of Trustees of the Kent Place School in Summit, New Jersey, a leading private independent school for women, from 1987 to 1998. In 1998, he was awarded the prestigious Ellis Island Medal of Honor by the Ellis Island Honor Society for his contributions to the business and educational communities.

He received an MBA from Pace University Lubin School of Management in 1970 and has completed various Harvard Business School executive education programs.

Barefoot, 59, was born in Cincinnati, Ohio in 1943. He is married and has three children. His son, John, received an MBA from Babson in 2001.

Babson College in Wellesley, Mass., recognized internationally as a leader in entrepreneurial management education, grants BS, MBA and custom MS degrees through its Undergraduate Program and the F.W. Olin Graduate School of Business at Babson College, and offers executive development programs to experienced managers worldwide through the Babson School of Executive Education. Through Babson Interactive, LLC, the college develops distance learning programs and business simulations for executives and graduate students. More information about Babson College is available at www.babson.edu.