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

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

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.