University Of Chicago Given $100 Million For Its Executive MBA Program
The University of Chicago has received a $100 million gift from entrepreneur and investor Konstantin Sokolov. The donation will be used to support multiple components of the university's Executive MBA Program at its Booth School of Business.
In honor of the donor, the university said it would rename the program the Sokolov Executive MBA Program. It will also create a new clinical professorship for a scholar who will teach Executive MBA students.
'With this extraordinary gift, Konstantin Sokolov offers a powerful testament to the impact of the education provided by the University of Chicago Booth School of Business,' said University of Chicago President Paul Alivisatos, in a news release. 'I am pleased to know that students will benefit from his generous support, which will allow the school to continue fostering innovation, leadership and excellence in business education.'
Chicago's executive MBA program has a long and distinguished history. First created in 1943, its initial cohort consisted of 52 students who met two nights a week at a building on Michigan Avenue. Today, it trains more than 200 students annually in a 21-month multidisciplinary curriculum — dubbed 'The Chicago Approach' — that's offered in Chicago, London and Hong Kong. In addition to formal classes, it places special emphasis on career and leadership development through personalized executive coaching, leadership workshops and an executive-in-residence experience.
Konstantin Sokolov immigrated to the U.S. from Russia at age 21; he received his Executive MBA from the University of Chicago in 2005. Sokolov is the founder of IJS Investments, a private equity firm located in Chicago. His gift marks the 20th anniversary of his graduation from the program.
'I am immensely proud to be able to support the incredible achievements made by Chicago Booth, an institution with a legacy of pioneering research and transformative education since its founding,' Sokolov said in the news release.
'I am deeply honored by the school's decision to give my name to its world-leading Executive MBA Program," he added. "Two decades after my graduation, the lessons I learned, the experiences I gained, and the friendships I forged at Booth remain the foundation of my career and my life. The school's relentless pursuit of knowledge is an inspiration, and I hope my support will contribute to its continued success.'
The new gift will be used for several purposes, according to the university, including additional support for student scholarships and daily operations as well as enhancements to the curriculum and the forging of greater professional connections and related opportunities for students.
'With Konstantin's remarkable commitment, the Sokolov Executive MBA Program will continue to educate future generations of leaders, giving students the insight and skills they need to move people and organizations to success,' added Madhav Rajan, dean of Chicago Booth and the George Pratt Shultz Professor of Accounting. 'This gift will help the school further adapt and refine its offerings to meet the evolving global business landscape.'
Chicago's Booth School is widely recognized as one of the leading business schools in the nation. Forbes recently ranked it first on its list of best business schools.
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