College of Business receives $150 million donation


Jeannette Yan

Gies College of Business students celebrate the generous donation from the Gies Family at the Business Instructional Facility on Oct. 26, 2017.

By Daily Illini Staff Report

The University received a donation of $150 million from alumni Larry and Beth Gies. Becoming the first named college at the University, the College of Business has been renamed to the Gies College of Business.

Larry Gies, founder, president and CEO of Madison Industries, is an alumnus of the Gies College of Business.

Madison Industries is a Chicago-based private equity firm that buys and grows brands and businesses.

“The donation will have a big and immediate impact,” said Jeffrey Brown, dean of the Gies College of Business. “With the additional resources going towards scholarships, student programs and hiring new faculty, it’s really building a sense of enthusiasm and excitement that has created a rallying point for students.”

Although the naming of the College won’t be official until the board approves of it, Brown is confident of board approval and said the College has already begun branding around the Gies College of Business.

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Students in the college are also excited about the donation.

“The $150 million donation and name change gave me a lot of pride in the College of Business,” said Andrew Michelotti, senior in Business. “I’m excited for it to make this University more diverse, bring in exciting new faculty and allow for the College to invest further into technologies that give us a more competitive edge.”

Brown said both undergraduate and graduate students will benefit in various ways from the donation.

“We want to become known as the best and most innovative school globally. Period,” Brown said.

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