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January 22, 2004
By Karen M.
Gajewski
UCSD Names
School of Management in Recognition
of $30 Million Gift from Ernest Rady Family Foundation
The University of California, San Diego today announced the second
largest philanthropic gift in the university's history -- a $30
million gift from Ernest Rady and the Rady Family Foundation --
to support UCSD's recently established School of Management.
The university
will name the school the Rady School of Management in recognition
of this extraordinary leadership support.
Rady is the founder
and chairman
of American Assets, Inc., a privately held conglomerate based in San
Diego that is primarily involved in financial services, investment
management and real estate. He is the chairman and chief executive
officer of the Irvine-based Westcorp Inc. (NYSE: WES), a financial
services holding company whose principal subsidiaries are WFS Financial
Inc. (Nasdaq: WFSI), one of the nation's largest independent automobile
finance companies, and Western Financial Bank, a community bank located
in Southern California. Rady also is chairman and president of Insurance
Company of the West, a privately held multi-line property and casualty
insurer.
The
gift to UCSD is comprised of a $15 million pledge payable by 2005
to support the construction of a state-of-the art facility for the
school, and a long-term gift of $15 million that will be used at
the discretion of the dean. Construction planning is currently under
way, with occupancy expected in the fall of 2006.
"This
is truly an historic moment for the School of Management, the university,
and the greater San Diego community," said UCSD Acting Chancellor
Marsha Chandler. "With this transformative leadership gift from
Ernest Rady and the Rady Family Foundation, we are now poised to
meet our goal of creating an innovative model for business education
that capitalizes on UCSD's nationally-recognized academic strengths,
and on the expertise in San Diego's entrepreneurial and high-tech
business community."
"It
is very exciting to be a part of this management school from its
initial planning efforts, and to help make this promising venture
a reality for UCSD and the region," said Rady. "We felt it was important
to become involved and to provide financial support because we are
eager to see the school start training future business leaders.
These students will go on to make a profound impact on the world,
and it's an honor to play a role in their educational development."
"We
are honored to have the Rady family's support and we recognize the
confidence this demonstrates in the future of this school and its
mission of excellence," said Robert S. Sullivan, founding dean of
the school. "Naming the school for Ernest Rady, who is a successful
and visionary businessman, will convey to our students and the community
that this is a place for high achievement, innovation and daring
enterprise."
The
Rady School of Management, a major initiative for The Campaign for
UCSD: Imagine What's Next, received several other leadership gifts
in 2003. In October, the university announced a $5 million gift
to the school from Carol and William Stensrud. Last February, Roberta
and Malin Burnham made a gift of $5 million to the school, and last
March, QUALCOMM, Inc. established the school's first endowed faculty
chair, named the Jerome S. Katzin Chair in Corporate Governance.
The long-term funding goal for the Rady School of Management exceeds
$100 million.
The
gift from Ernest Rady and the Rady Family Foundation is the largest
naming gift for the campus. In 2000, Rebecca and John Moores pledged
$20 million to support the Rebecca and John Moores UCSD Cancer Center,
and in 1998, Joan and Irwin Jacobs pledged $15 million that named
the Jacobs School of Engineering. The couple furthered their support
for the school with a $110 million gift in March 2003. In 1995,
Audrey S. Geisel, widow of author Theodor "Dr. Seuss" Geisel, created
an endowment for the UCSD Libraries. In honor of this leadership
gift (for an undisclosed amount), the university library was named
Geisel Library.
UCSD's
School of Management was established in response to the growing
need for strong management and leadership skills in the technology-driven
California economy. The charter class of executive MBA students
will enroll in fall 2004. The charter class of full-time students
is slated for fall 2005, and the first executive education and leadership
courses (non-degree) commenced in November 2003.
Unlike conventional MBA programs, UCSD's program will target students
from diverse academic and cultural backgrounds who have an understanding
and appreciation of science and technology. The school will offer
a full-time and executive MBA program, as well as other executive
programs and a Ph.D. program. In addition, joint degree programs
are being planned with the Jacobs School of Engineering, School
of Medicine, and Graduate School of International Relations and
Pacific Studies.
Rady
has been deeply involved in the San Diego community since moving
to the city with his family in 1966. He is a member of UCSD's Chancellor's
Associates; serves as a trustee of the Salk Institute for Biological
Sciences, and the Scripps Foundation for Medicine and Science; and
is past chairman of the Children's Hospital and Health Center of
San Diego. Rady is involved in the Congregation Beth Israel synagogue,
the United Jewish Federation (past president), and the National
Conference of Christians and Jews (past chairman). In addition to
his charitable work, Rady is active in business organizations, including
the World Presidents Organization (WPO) and T.E.C. (The Executive
Committee).
Additional business activities included serving as a principal shareholder
in Coast Distributing, a distributor of Anheuser Busch products
in San Diego; PAR Broadcasting, which owned radio stations and telecommunications
towers in San Diego (Rock 105.3, Q106, KOGO A.M. 600 and KCBQ) and
throughout the United States; and Summit Resources, a publicly traded
oil and gas company listed on the Toronto Stock Exchange. He was
also one of the owners of the San Diego Sockers professional soccer
team and a partner in the San Diego Padres.
Rady
was born and raised in Winnipeg, Canada. He attended the University
of Manitoba where he earned an undergraduate degree in commerce
(University Gold Medal) and an advanced law degree (Law Society
Award for Academic Achievement). He is a past member of the Manitoba
Bar Association.
The gift from Ernest Rady and the Rady Family Foundation contributes
to the $1 billion fund-raising goal of The Campaign for UCSD: Imagine
What's Next. Campaign priorities include supporting students and
faculty through scholarships, fellowships and endowed chairs; creating
and expanding academic programs; funding research endeavors and
health sciences advancements; and providing innovation funds and
unrestricted support. The amount raised, as of January 22, is $560.5
million. The campaign is scheduled to conclude in June 2007.
Media
contacts:
Karen Gajewski, 858-822-3353
Lindsay Orth, 858-822-5309
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