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Business School Receives $45 Million in Gifts

Business School Alumni Russell Carson, Henry Kravis and Arthur Samberg Make Extraordinary Gifts

Columbia Business School announced May 11 that three prominent alumni will make gifts to the school totaling $45 million. Russell L. Carson and Henry R. Kravis will donate $10 million each, and Arthur J. Samberg will give $25 million.

"These impressive commitments to Columbia Business School are powerful signals not only of the school's core importance to the future of the University, but also of the momentum Columbia is now building toward a critical mass of excellence across every field of undergraduate and graduate education," said University President Lee Bollinger. "We are deeply thankful to Russell L. Carson and Henry R. Kravis and Arthur J. Samberg for their generous support and to Glenn Hubbard for his dynamic leadership that is making Columbia Business School one of the most exciting and innovative in the world."

All three alumni are leaders in the investing community. Russell Carson is a founding partner of Welsh, Carson, Anderson & Stowe, one of the country's largest private equity firms and a leader in healthcare and information services investing. A legendary private equity investor, Henry Kravis pioneered corporate acquisitions through his firm Kohlberg Kravis Roberts & Co. Arthur Samberg is chair and chief executive of Westport, Connecticut-based Pequot Capital Management, one of the world's leading hedge funds. Carson and Kravis are co-chairs of Columbia Business School Board of Overseers and Samberg is a member of its Executive Committee.

These leadership gifts will be used to launch new strategic initiatives in curriculum and faculty development, advancing Columbia Business School's position as a global business thought leader.

Glenn Hubbard, dean of the Business School, said in a May 9 University Lecture: "The present challenge for the top business schools, as I see it, is to inspire our researchers to be in close contact with business leaders and to answer practical questions for the rigorous and vigorous scrutiny of real-world application." About the donations, Hubbard commented, "These alumni have demonstrated a commitment to cultivating ideas that will help business schools shape society and foster growth. Their commitment represents an unprecedented endorsement of Columbia Business School, its teaching approach, faculty, relevance and future plans."

Glen Hubbard
On May 9, Dean Hubbard delivered a University Lecture titled "Business, Knowledge and Global Growth."

These gifts launch three critical areas of the Business School's new strategy. The largest, the Samberg gift, is a challenge grant designed to build the Columbia Business School faculty. It will endow chairs through a matching grant, helping to recruit faculty in burgeoning subject areas and strengthen existing faculty. The challenge-a one-to-one match-is designed in particular to encourage the next generation of supporters of the school.

A portion of the Carson gift will reinforce the Samberg focus on faculty by supporting new Business Practice Partnerships, allowing faculty to team with corporate leaders through sabbaticals, internships and research partnerships. The partnerships reflect one of Columbia's major advantages-its New York City location-providing a constant interchange between theory and practice as the school takes a leadership role in the business community. This gift will also be used to significantly grow the school's Social Enterprise Program-another linkage with New York City.

The Kravis gift, which, like the Carson donation, is an unrestricted gift, will underwrite a new center for case study development, advancing the development of a Columbia Business School case model-focused on short cases with strong quantitative and analytical data, modeled on real-time decision making. Columbia students have clamored for additional cases developed along the lines of Columbia's teaching style. The cases will reflect the imperfect world of decision-making that students will encounter in the business world.

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Published: May 11, 2006
Last modified: May 11, 2006