U of C Booth School getting $75 million donation – Education News

on Oct5

4 October 2017 | 10:15 am

A pair of University of Chicago Booth School of Business graduates who married after meeting at the school in the 1970s have donated $75 million to the institution.

The gift from the Florida couple, Richard and Amy Wallman, will be used to provide scholarships to Booth students, for faculty research and to sponsor programming that complements student studies, the school said in a statement. The money may also go to support “emerging priorities” as determined by the school’s new dean, Madhav Rajan, who started in July.

“Amy and I were so impressed with Dean Rajan’s vision for the school; we hope our gift will help advance that vision,” Richard Wallman said in the statement.

The school said that by providing more financial assistance to students, the contribution will help it recruit a “broader and more diverse set of students” to the school.

DIVERSITY GOALS

Fostering diversity was one of the goals Rajan set out in a video shot when he was hired.

“We need to have an organization that is inclusive, that validates viewpoints of all kinds and that actually supports and encourages diversity,” he said. “I would like Booth to be a leader in that, rather than a follower.”

About 12 percent of Booth’s full-time MBA students this year are minorities and about 42 percent are women, with 40 percent coming from outside the U.S.

OTHER RECENT GIFTS

Multi-million-dollar gifts aren’t a rarity at Booth, one of the top business schools in the country, or the University of Chicago, which has about a $3.8 billion budget. Earlier this year, an Indonesian entrepreneur who earned an MBA at Booth gave the school $20 million and the wealthy local Duchossois family gave $100 million to the University of Chicago’s medical center.

Northwestern University in Evanston has attracted its share of major gifts, too. Just last month, hedge fund firm founder Alec Litowitz and his wife Jennifer donated $10 million to that school. And in 2015, Warren Buffett’s sister, Roberta Buffett Elliott, gave the school more than $100 million.

The Wallmans have previously sponsored 26 scholarships recipients. All Booth MBA students who earn high honors on graduating (and alumni who already earned such degrees) will now be called Wallman Scholars in honor of the couple’s gift.

Richard Wallman, 66, earned his MBA from Booth in 1974. He was chief financial officer at industrial technology company Honeywell International and its predecessor, AlliedSignal. He also worked for Ford, IBM and Chrysler over the course of his career.

Amy Wallman, 68, earned her MBA from Booth in 1975 and became an audit partner at Ernst & Young, where she spent most of her career before retiring in 2001. She also served as a director at Omnicare for 11 years. The Wallmans are residents of Ponte Vedra, Fla.



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