Posted by: Alison Damast on December 10, 2010
On Friday, the University of Notre Dame’s Mendoza College of Business announced a $10 million gift from Kenneth R. Meyer to fund annual fellowships for MBA students. The gift will be matched with university funding, making $20 million available for 16 fellowships for top business school students.
“Ken has been a great friend to the Mendoza College for many years, and his personal example of ethical leadership is inspiring,” said Mendoza Dean Carolyn Woo, in a press release. “The fellowships offered in his name will allow our MBA program to develop like-minded, values-driven leadership from some of the top candidates worldwide.”
Mendoza (Mendoza Full-Time MBA Profile) plans to recruit the 16 fellows from the top 3 percent of all MBA candidates worldwide; those selected will receive full tuition, plus a stipend, the school said. The gift will allow the school to establish the new Meyer Family Center, which will administer the gifts, as well as organize an annual guest lecture on ethical business leadership and organize orientation programming
Meyer, who graduated from Notre Dame in 1996 and got his MBA at The Wharton School (Wharton Full-Time MBA Profile), is the retired chairman and chief executive officer of Lincoln Capital Management Co. He has maintained his ties with his undergraduate alma mater through the years, serving as a member of Mendoza’s Business Advisory Council and endowing the Kenneth R. Meyer Professor of Global Investment Management.
The announcement of a hefty gift at a top 30 business school comes at a time when B-schools are beginning to see a slow but steady uptick in the number of alumni who are giving money to their school, a topic I wrote an article about yesterday. In fiscal year 2010, six business schools reported large alumni gifts in excess of $10 million, up from four in 2009. It will be interesting to see if any other business schools make similar announcements in the coming months, as alumni begin to loosen their purse strings. Perhaps Notre Dame’s gift is a harbinger of good things to come.