GSB Takes New Name

On Wednesday Oct. 7, students, faculty, alumni and friends of Georgetown gathered in Gaston Hall to witness what University President Leo J. O’Donovan, S.J., called “a defining moment in the history of Georgetown University,” the renaming of the Georgetown School of Business. The institution’s new name is the Robert Emmett McDonough School of Business, [in recognition of Robert McDonough's (SFS '49) donation of $30 million to the school](http://www.thehoya.com/news/gsb-gets-30-million-donation/). cDonough is the founder and chairman of RemedyTemp, Inc., one of the largest temporary employment agencies in the country. After graduating from the School of Foreign Service in 1949, he worked for the United Nations in Yugoslavia. When he returned to the United States, he made his fortune as an oil executive. After he moved to California, he recognized the need for skilled temporary workers and opened the first RemedyTemp office in California in 1965. He is currently a member of Georgetown’s board of directors and the School of Business’ board of visitors. cDonough’s gift, the largest single donation ever received by Georgetown, is part of the university’s Third Century Campaign, the largest fundraising campaign in the school’s history. According to the Office of Alumni and University Relations, [the university hopes to raise $750 million over the next six years](http://www.thehoya.com/news/campaign-has-750-million-goal/). “This was the defining moment for the school and the donation sparked a wave of unity and enthusiasm throughout the GSB community,” said Ginger Casper (MSB ’99), who attended the event. According to the event press release, the money will go towards financial aid for students, new faculty positions, including chair positions for distinguished faculty and a “state of the art learning center worthy of our dreams.” cDonough said he hoped to make the name McDonough a synonym for excellence like Wharton, Kellogg and Stern. “We will regard this as a challenge for the future, not just an achievement of the past,” O’Donovan said. O’Donovan expressed gratitude to McDonough, whom he called a “beloved Hoya,” and said, “With profound gratitude, I humbly accept your gift of $30 million. That may be the easiest thing I’ve had to do in nine years as president.” cDonough, who has been giving money to Georgetown for years, said he gave this grant because he wanted to do something constructive with his money. Explaining why he decided to give it to the business school, McDonough said, “I think that in today’s world we are in global warfare and it’s all about business,” and that a strong business environment can promote prosperity and peace. cDonough also talked about the importance of what he called “payback.” He encouraged students to give back to their university, noting that 98 percent of last year’s MBA graduates gave to the Annual Fund. “That is the future of Georgetown,” he said. “We are passing on the baton. The future of Georgetown is truly in your hands.” Business School Dean Christopher Puto concluded the ceremonies by thanking McDonough. “Georgetown has given the foundations, you have given us the catalyst for our transformation,” he said.

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