Ed Freeman Appointed First Stephen E. Bachand Professor of Business Administration at the University of Virginia – Darden Reports Online

The University of Virginia has appointed Ed Freeman as the Steven E. Bachand Professor of Business Administration. This landmark milestone follows a $5 million gift from Steve Bachand (MBA '63) and Phyllis Bachand, combined with a gift from the university's Bicentennial Professorship Fund, bringing the endowment total to $10 million. The investment is intended to strengthen the university's commitment to ethical business leadership.

A leading authority on business ethics and the creator of stakeholder theory, Freeman taught at the University of Virginia Darden School of Business for 38 years. His work advocating that corporations serve the interests of all stakeholders, not just shareholders, has revolutionized corporate governance and management practices around the world.

A Vision of Ethical Leadership

Steve (MBA '63) and Phyllis Bachand. (Photo by Jennifer Grissom/University of North Florida)

Dismayed by continuing ethical failures in the corporate world, Steve Bachand envisioned a professorship to foster principled leadership. “In today's business environment, ethical failures can have far-reaching effects. My vision is to achieve a world where business leaders are based on principles, not just skills. I have unwavering faith in the University of Virginia and Darden to foster these values ​​in our future leaders,” said Bachand. His gift reflects a deep belief in the transformative power of ethics education.

The meaning of professorship

Darden Dean Scott Beardsley emphasized the profound impact of Freeman's work and the importance of his new role. “Ed Freeman's contributions to business ethics have fundamentally transformed modern management practice, and the Stephen E. Bachand University Professorship represents our university's commitment to protecting and furthering those foundational principles,” said Beardsley. “This professorship is more than a title; it is a milestone for future generations of students and scholars committed to ethical business practice.”

Freeman's appointment as the Stephen E. Bachand University Professor marks the continuation of the Bachands' tradition of support for Darden. As members of Darden's Major Donors Association, their giving has greatly benefited first-time college students.

Celebrating its 40th anniversary this year, Freeman's stakeholder theory is as relevant as ever. Once revolutionary, his ideas are now essential to the ethos of many global corporations, ensuring that business serves the broader societal good. The home of these ideas at Darden is the Institute of Business in Society (IBIS). One of Faculty Forward's goals, Milestone II of the Powered by Purpose campaign, which ends June 30, 2025, is to fund IBIS to continue advancing ethical business practices.