Harvard Business School Dean Jay O. Light speaks to the newly admitted class of 2012 this spring, casually referencing the talking points he had scribbled on a yellow notepad five years ago.

It was essentially the same speech he had given since he became dean—the only noticeable difference was the change in class year.

Light, who will be replaced by Business School professor Nitin Nohria after serving as dean since 2006, has been lauded for his deep understanding of the institution with over 35 years of experience on the Business School faculty, as well as for his amiable demeanor and sense of humor that have endeared him to many members of the community.

But while many students, professors, and alumni praise Light for his leadership during the recent economic downturn, several long-time faculty members note that Light’s agenda closely followed that of his predecessor. Some of the school’s most prominent initiatives, they say, grew out of preliminary work undertaken during the previous administration under Kim B. Clark ’74, whom he replaced first as interim dean in 2005 before assuming the permanent position.

“He didn’t stifle innovation,” Business School Professor Jay W. Lorsch says. “He came in and was really building on what Clark had done.”

MANAGING A CRISIS

When the stock market tumbled in October 2008, the Business School was celebrating its 100th year with a weekend of extravagant festivities shortly before the school too would feel the effects of the financial crisis.

But Light took quick action to minimize the impact of economic turbulence, showing foresight in taking precautions against an increasingly deeper and more widespread recession, according to several students and faculty.

“He recognized earlier than most what a significant event this was and how deeply it could impact the school,” says Business School professor David A. Moss. “He was careful about cutting expenditures early on, and now the school finds itself in a much better position because of his early response.”

Light also took into consideration the potential negative impacts of the crisis beyond the school’s infrastructure. Multiple students, faculty, and alumni praise how he handled new budgetary constraints, as he juggled various priorities while facing diminished resources.

For example, says M. Scott Daubin, a former Student Association co-president and a member of the MBA Class of 2010, Light injected additional funding for the MBA Career and Professional Development Office to help soon-to-be MBAs find employment in a much-weakened job market and allocated a larger budget to subsidize the salaries of new graduates who chose positions at non-profits.

“[Light had] been at the school for so long he really understood the MBA perspective,” Daubin says. “I think he did a good job of trimming some costs, but also investing in areas that were especially important.”

MORE OF THE SAME

Light was named interim dean after Clark suddenly announced in June 2005 that he would be stepping down to assume the presidency of Brigham Young University-Idaho.

Less than a year later, Light was appointed to the deanship on a permanent basis, leaving little time to develop his own agenda, as several faculty members say his administration seemed to be an extension of Clark’s instead.