The founder of a New York-based shipping company is donating $40-million to Harvard University’s business school to expand its training facilities for corporate leaders, The Boston Globe reports.
The gift from Foremost Group chairman James Si-Cheng Chao will fund a second campus education center for current executives, to be named for the donor’s late wife, Ruth Mulan Chu Chao. Four of the couple’s daughters attended Harvard Business School, among them Elaine Chao, who served as secretary of labor under President George W. Bush.
The Chao Center is slated to begin construction in 2014 and will provide offices and meeting and dining facilities. Harvard is already building Tata Hall, a classroom and dormitory building for executive training funded by a $50-million gift from Indian conglomerate the Tata Group.
“Executive education is a key element in our strategy to be a global business school,” said Patricia Bellinger, head of executive education at the Business School. “It gives the school an opportunity to reach people who are already leading companies and nonprofits.”