[APPLAUSE] >> Please be seated.

Graduates, Mary Bara, honored guests, Faculty, staff,

family, and friends, welcome to the 2016 graduation

ceremony at Stanford University's Graduate School of Business.

>> [APPLAUSE]

>> What does your graduation signify?

As you know, studying at the GSB means so

much more than mastering the concepts of management,

it is as much about personal transformation.

As you sit before us eager to receive your diplomas,

I encourage you to think about how you have changed And

grown, during your time here.

Your graduation today, celebrates all that you have done and

become, and your readiness to have a dramatic and

positive impact on the organizations you will lead, manage or

found and through those organizations, the communities they serve.

What you have accomplished at the GSP, you have not accomplished alone.

You've learned and received help, guidance, mentorship and

support from many quarters, all of which are represented here, today.

First, you're sitting shoulder

to shoulder with your classmates, as you have throughout your time here.

Think how much you've learned from one another in squads, clubs,

study trips small group dinners, talk,

touchy feely, or just in quiet conversation together.

You forged bonds here that will become lifelong friendships,

which will nurture and sustain you in the years ahead.

Take a moment to show your appreciation for one another.

>> [APPLAUSE] >> Sitting behind me on the stage

is a group of faculty, who represent

the more than 200 tenure line faculty and

practitioners, who have been your teachers,

coaches, mentors, study trip companions,

career advisers, and so much more.

I would ask the faculty to stand so

that your students can express their appreciation.

>> [APPLAUSE]

>> And at various locations

throughout the amphitheater,

our staff from the MBA, MSX and

PhD programs, without their

tireless efforts on behalf of all of us,

none of us would be celebrating today.

I ask the staff to stand, if they are not already standing.

Wherever they are and be recognized.

>> [APPLAUSE] >> I have left the most important for

last, each of you has been

supported by family and friends,

as you will be throughout your lives.

They provided encouragement, validation, love, and

yes, in many cases, financial support as well.

While we will hand the diplomas to you, you know that in parenthesis

after your name, belong the names of those who have nurtured you and

supported you along the way.

This is your opportunity to stand and say thank you to your friends and

family, who are here to celebrate your accomplishments with you.

>> [APPLAUSE]

>> Our mission is

different from that most business schools.

Our focus is on transformation,

we are privileged to be the most selective business school in the world.

>> [APPLAUSE].

>> In making our selections, we try to pick the highest potential young men and

women, and to provide them with an education

that will enable them to go on to live lives of impact and meaning.

I hope that this has been a transformative experience for you and

that you have become infected by the GSB's lofty ambitions for

you and that you will indeed take this education, and

your desire to have an impact out with you.

I recently returned from East Africa, where I'd gone for the opening for

our new seed center in Nairobi.

>> [APPLAUSE] >> I love being in Africa,

but one of the things it so clearly reminds me of

is how many people in the world live in very dire circumstances.

And let's not kid ourselves that the difference between where we sit today and

people with exactly the same talents

in the slums of Kibera is entirely of our own making.

Each of us has helped along the way and has been a recipient of good fortune,

whether by birth or the assistance of others, with that comes

a responsibility to make the most of the opportunities that we have been given.

It has become my custom to send you off with three wishes that I have for

you in your future.

Here are my hopes for the class of 2016.

First, do not be confused about what really matters.

It is the most important relationships in your life, that give it meaning.

Make sure that you nurture them.

They will sustain you in the good times and the bad.

Second, be a lifelong learner.

Life is a marathon, not a sprint.

Life expectancy is going up, and you will likely want to work for a very long time.

So settle in for a long journey and constantly invest in your self

knowledge and capabilities, both professional and personal, so

that you're increasingly well equipped for the years that still lie ahead.

Finally, let me note that at a recent 30th GSB reunion, 82% of the class showed up.

I want you to reflect on that for a moment, 82%.

So look around, make this

group of people an important part of your life for the rest of your life.

Stay connected to one another and to us.

Our graduation speaker today is an alumni,

who embodies these values while leading one of the largest and

most important companies in the world, General Motors.

In 2015,

she was ranked first on Fortune's list of the 50 most powerful women in business.

And just this week, she was named as number five on

the Forbes list of the most powerful women in the world.

As well as number one on their list

on their list of the most powerful women in business

>> [APPLAUSE]

>> Mary Barra graduated from

the Stanford GSB with an MBA in 1990.

She was an Arjay Miller Scholar and I'm so pleased that at age 100.

Yes, folks.

That's 100, that Arjay is with us today to recognize this

year's Arjay Miller Scholars.

Please give a round of applause to Arjay.

>> [APPLAUSE]

>> Apart from her two years at the GSB,

Mary has pretty much been all GM, all the time.

She started as a General Motors Institute co-op student at

the Pontiac Motor Division, earning a BS in electrical engineering in 1985.

After a variety of other roles,

Mary was put in charge of global product development In 2011.

And so, we see the fruits of her vision and leadership on the road everyday.

We have gotten to know Mary and her leadership very well in the last few years

as we have worked together on a transformational leadership program for

senior executives, and high potentials at General Motors.

We take about 35 of these incredible executives and

put them together with GSB faculty 5 times a year at various locations

around the world, culminating in a group-based action project

that addresses present strategic issues facing the company.

In this context, I've gotten to observe Mary's leadership style in person.

She leads like a GSPer.

She's self-aware, inclusive, open, direct and decisive.

In short, she's an iconic exemplar of the goals we had for

each of you in leadership labs.

Despite the rigors of her role, Mary and her husband, Tony make time for

their community.

As examples in 2014, they chaired the Detroit International Wine Auction,

raising a record $2.4 million for scholarships and community arts programs.

And in 2012, they chaired the Barbara Ann Karmanos Center

30th Annual Dinner, raising nearly $1.7 million for

cancer research and Mary Feinstein for Stanford too.

I'm so proud to have her as a member of my advisory council while at the same time,

she serves on what we at the GSP like to think of as Stanford's other board,

the Stanford University Board of Trustees.

It is a pleasure to have Mary with us today.

Please join me in giving a warm GSB welcome to Mary Barra.

>> [APPLAUSE]

>> Dean Saloner,

Dean Emeritus Arajay Miller, members of the Stanford Board of Trustees and

the GSB advisory council, distinguished faculty and administration.

Honored guests, parents, family, friends.

And most importantly, members of the class of 2016.

Thank you for having me here this afternoon.

I am truly honored to be a part of your commencement ceremony.

Dean Saloner as an alumna and a member of the GSB Advisory Council, I want to thank

you for your significant contributions to this school and to General Motors.

>> [APPLAUSE] >> And

to the graduates, let me say that it seems like a lifetime ago.

>> [LAUGH] >> Well, that's not going to work.

>> [LAUGH] >> It does seem

like a lifetime ago when I sat where you sit today.

I recall very well, the promise and the excitement of commencement and

I am thrilled for each of you.

So, congratulations.

>> [APPLAUSE] >> Everything we

know about the class of 2016 tells us that you are one of the most accomplished and

diverse classes in the school's history.

42% of your class are women.

>> [APPLAUSE] >> And

23% are US minorities, both all time highs.

>> [APPLAUSE] >> International

students represent 44%, also a new high.

>> [APPLAUSE] >> In fact,

members of your class represent 62 different countries and

I got to spend some time with a few of you yesterday at a breakfast meeting and

I have to tell you, what I most appreciated was the diversity of thought.

As a class, you have previous experience in more than 300 organizations.

Everything from consulting and private equity to manufacturing and

the military, to government, education and nonprofit organizations.

There is no doubt that you are well-prepared and

well-positioned to fulfill the GSP's vision to change the world.

Of course, the world has changed considerably since I graduated.

When I graduated in 1990, the Dow Jones Industrial Average closed above 29,000 for

the first time and we were all amazed with something that was being introduced

called the World Wide Web and there was no such thing as a smart phone or texting.

If you were an early adapter in 1990, you had what was called a flip phone and

you used it to actually make phone calls, but

not everything has changed since I was a student.

Just as it is today, Stanford was still the finest school in the world

with a faculty that was second to none.

I know this,

because many of you have studied with some of the same professors who taught me.

I'm very happy today to see Professor George Foster who

was my teacher for accounting.

>> [APPLAUSE] >> I'm also thrilled to

see Professor James VanHorne who came out of retirement last spring to teach

Finance 211.

>> [APPLAUSE] >> And what I find most remarkable is that

an updated textbook by the late Professor Charles Hornbrook is still used today.

My point is that you and I learned from the best, the people

who literally wrote the books and now the e-books on business management.

And so, it is no surprise to me that you are extremely well-prepared for

the road that stretches out before you.

But as one who has traveled some distance on that road,

I can also tell you what you learn here is just the beginning of what

you'll need to know for success going forward.

When I came to Stanford, I quickly learned I didn't know what I didn't know.

I was 26 years old.

I'd lived my entire life in Southeast Michigan and

I worked for General Motors since I was 18.

>From accounting to corporate culture to entrepreneurship,

my eyes were opened and I learned to see the world from a different perspective.

My experiences on this campus changed my life and accelerated my career.

They prepared me to manage and ultimately to lead.

So allow me to share four leadership lessons that I have learned since

graduation.

Lessons that have been important to me and I hope will be of some value to you.

First, leaders listen.

You are graduating from one of the finest business schools in the world.

Be proud of that, but also be humble and

know that any significant accomplishment is always a team effort.

It's okay to admit when you don't know.

It's okay to ask for help and

it's more than okay to listen to the people you lead.

In fact, it's essential.

Some years ago, I was asked to lead GM's Global Human Resources Function during

a critical time for the company.

I had never worked in HR before, but I was confident I could make a difference.

I accepted the position and I immediately began to identify areas I

believed that we could improve, and help the company’s performance.

Pretty quickly, I came to the conclusion that the company’s vacation policy was too

generous.

I was troubled by a program that allowed employees to take additional vacation days

beyond what they had earned by purchasing these additional days.

So, I propose to my staff to eliminate the program.

They told me it was a bad idea.

I argued that the program had out lead to usefulness.

No longer a place and are more leaner more nimble, more competitive company.

And so, I eliminated the program.

The next day, the employees nearly eliminated me.

>> [LAUGH] >> What I did not fully understand,

because I did not listen to my team was that employees purchase

these days to give them flexibility in their work and life.

What's more, employees often use these times at fractions at a time,

a few hours here and there.

So they could attend to personal matters like caring for

an elderly parent or attending a child's sporting even, or