93-07-16:  Salomon Brothers' Executive to Take Over Darden Deanship


     Leo I. Higdon Jr., an expert in global investment banking
and international finance, will become dean of the Darden
Graduate School of Business Administration effective Oct. 1,
University President John T. Casteen III announced last week.

     As managing director of Salomon Brothers Inc., Mr. Higdon
has been a member of the firm's executive committee and co-head
of its global investment banking division. He is responsible for
managing the Global Investment Bank, with a staff of more than
500 professionals and operations in North America, Europe and
Asia.

     "Mr. Higdon is notable both for his acumen and his
integrity. At Salomon he has been as adept at building community
as at making deals. He comes to Darden uniquely sensitive to its
requirements for leadership, which while distinct from those of
the marketplace, ultimately draw on the same exemplary personal
and intellectual qualities," Mr. Casteen said.

     Mr. Higdon, 47, succeeds John W. Rosenblum, who has served
as dean since 1983. Mr. Rosenblum announced earlier this year
that he would step down June 30 to return to full-time teaching
and research. C. Ray Smith is serving as interim dean.

     Barbara Nolan, vice provost and a member of the search
committee, said, "It was clear to all members of the committee
that Mr. Higdon is committed to making Darden a truly inclusive
community. He will treat women and minorities as equal players
on the Darden team."

     An external study made public last year found that a
"hostile climate" existed for women at Darden. Since the report,
Darden has taken several steps to address gender issues and
diversity, including conducting a school-wide survey on the
gender climate, changing the school's mission statement to make
it more inclusive, and hiring its first chaired female professor.

     In his 20-year career with Salomon Brothers, Mr. Higdon has
represented a number of companies, including IBM, Time-Warner,
World Bank and CPC International, in major strategic and
financing transactions.

     He has been recognized four times by Institutional Investor
magazine for completing "Deals of the Year." The honors were
bestowed on him in recognition of Time-Warner Corp.'s
largest-ever common stock rights offering in 1991, the 1987
merger of American Motors and Chrysler Corp., the 1985 successful
fend-off by Uniroyal Inc. of a hostile takeover, and a 1983 B.F.
Goodrich deal.

     "I am genuinely excited at the prospect of joining such a
prestigious business school. After early conversations with many
of my future Darden colleagues, I am convinced we can develop a
shared vision to enhance the school's reputation and commitment
to excellence as we approach the challenges of the 21st century,"
Mr. Higdon said.

     "This is something that's been a long-time interest of mine.
I was admitted to Harvard's doctoral program when I was at
Chicago and came very close to going into teaching, but I had two
kids and debts and thought I ought to get my head above water.
Now here I am 21 years later.

     "I'd like to be in a position to teach. But first I want to
get my ducks in a row about what initiatives we want to get
started. Teaching is a way off. I'm not presumptuous enough to
have a 10-point plan of things I want to change. The only thing
I want to do is enhance the Darden School's international
reputation," he said.

     In addition to his work in global finance, Mr. Higdon serves
on the board of directors of Africare, a nonprofit organization
dedicated to economic, health and agricultural development in 27
African countries.

     Africare's Executive Director Payne Lucas called Mr. Higdon
"an out-of-the-ordinary corporate executive who will be perfect
for the University of Virginia." Mr. Higdon has brought to the
Africare board not only his Peace Corps experience and his
special knowledge of business in Africa, Mr. Lucas said, but also
"outstanding motivational skills and commitment to our program
that make him a particularly effective leader."

     Former U.Va. Rector Joshua P. Darden Jr. said, "Lee Higdon
is genuinely impressive. At Salomon Brothers, he has been a
consensus builder, a solid business leader and an effective force
for change. The Darden School is ready for the leadership Mr.
Higdon will provide."

     Mr. Higdon is a member of Georgetown University's board of
directors and vice chair of its finance committee. He is on the
advisory board for Georgetown's School of Business and serves on
the boards of the Brooklyn Museum and Fordham Preparatory School
in New York, where he is an alumnus.

     A native of Chicago, Mr. Higdon received an A.B. degree in
history at Georgetown University in 1968 and an M.B.A. degree,
majoring in finance, at the University of Chicago in 1972.

     Before joining Salomon Brothers, he worked as an associate
in Blyth Eastman Dillon's corporate finance department. He also
served two years in the Peace Corps in Malawi, where he taught
and worked in community development.