RED HAT CHAIRMAN DELIVERS COMMENCEMENT ADDRESS FOR THE DUKE MBA PROGRAM AT FUQUA

Robert F. Young, co-founder and chairman of Red Hat Inc., delivered the commencement address for The Duke MBA graduating class at Duke University's Fuqua School of Business Saturday, May 13, in Cameron Indoor Stadium.

A total of 324 students received their MBA degrees at the commencement, the 29th for the two-year daytime MBA program. The university-wide ceremony was held Sunday, May 14, in Wallace Wade Stadium.

"Red Hat is emblematic of the New Economy," said Fuqua Dean Rex D. Adams. "After its spectacular debut as a public company, Bob Young and Marc Ewing, Red Hat's co-founders, have become role models to many of our students, who aspire to be engaged in entrepreneurial ventures. It was a privilege for us to have Bob Young as the commencement speaker for the Fuqua MBA Class of 2000, a man of vision to set them on their way into the business world of the 21st century."

In 1995, Entrepreneurs Young and Ewing decided to put their marketing and technical expertise to use in a venture called Red Hat Linux. Today, as co-founder and chairman of Red Hat, Young remains active in determining the company's strategic and creative direction as well as driving the global, industry-wide adoption of open source development practice. Young's efforts developing Red Hat into a household name have won him prestigious honors such as Business Week's "Top Entrepreneurs" and Smart Reseller's "50 Smart People."

Young graduated with honors from the University of Toronto prior to beginning his high-tech career in the computer finance arena. He has 20-years experience in computer industry finance and marketing.

The class gift, $254,622, raised by the students, was the largest gift and had the highest participation rate of any graduating class. The gift, which represented an 83 percent participation rate, was presented by graduates Elizabeth B. Friedman and Christopher D. Barry. In addition, Fuqua anticipates over $90,000 in matching gifts will be added to the total. The gift will go toward the Annual Fund for renovations in the lobby of the East Wing of the Thomas F. Keller Center.

Associate Professor Jim Smith received the DaimlerChrysler Corporation Award for Innovation and Excellence in Teaching in an elective course. The award was presented by Friedman and Barry.

At graduation, 94 percent of the students were employed and the average salary was between $80,000 and $85,000. The highest percentage of graduates accepted jobs in Middle Atlantic states, followed by the South Atlantic and Pacific.