University of Pennsylvania’s Wharton School has received the largest single donation ever made to the school from two of its alumni.
The $50 million gift given by Marc J. Rowan, the chair of Wharton’s Board of Overseers, and Carolyn Rowan will be used by the school to retain and attract the best faculty.
The gift will also support the University’s groundbreaking economic policy analysis program, the Penn Wharton Budget Model (PWBM). The University will further use the funds to conduct groundbreaking research to address complex global challenges and opportunities.
“With profound gratitude to Marc and Carolyn Rowan, I anticipate the tremendous impact of their philanthropy on the University of Pennsylvania,” Penn President Amy Gutmann said.
“Their investment in Penn’s future will strengthen our intellectual resources, provide our students with life-changing mentors, and mobilize our knowledge for the advancement of society.”
The school will also recruit three Rowan Distinguished Professors leading the field and appoint Fellows for a five-year term.
“Inspiring Wharton faculty who were committed to cutting-edge business education were catalysts for my success,” Rowan said.
“Carolyn and I are honored to join the vision of the Wharton community to bring the School’s outstanding students face to face with the most important thinkers of our time. As top Wharton researchers advance and shape their fields, they transform the lives of their students, preparing them to make a difference in the business world and beyond.”
Earlier, the Rowans have also donated in various university initiatives like Wharton Customer Analytics, The Wharton Fund, the Institute of Contemporary Art, Penn Medicine’s Basser Center for BRCA, undergraduate, and MBA financial aid.
