Boston University renamed its business school Monday in honor of a retail industry magnate and his wife, after the couple donated $50 million to the school — the largest donation in the university’s history.
BU’s School of Management was christened the Questrom School of Business following a short campus ceremony Monday honoring Allen and Kelli Questrom. The money will endow 10 faculty chairs and enable the school to begin planning to build a new graduate program facility, university officials said.
Allen Questrom graduated from BU’s business school in 1964 and is a member of the university’s board of trustees. He and his wife, Kelli, have donated to the school in the past.
He is known for a career leading several department stores including JCPenny, Neiman Marcus, Barneys New York, and Federated Department Stores, which later became Macy’s.
Questrom is famous, in particular, for his turnaround skills and helped lead many of those companies out of bankruptcy.
Kelli Questrom is a former fashion promoter and volunteer who also serves on the board of several art museums and educational organizations.
“This is a transformative moment in the history of the school and the university,” BU President Robert A. Brown said in statement.
The business school’s 1996 building was designed for 1,700 students but now accommodates more than 3,500, according to the statement. The donation will allow the school to plan for additional classrooms.
The donation comes two and a half years after BU announced a $1 billion fund-raising campaign. The university so far has raised $823 million, officials said.
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