UCSD Names School of Management in Recognition of $30 Million Gift from Ernest Rady and Rady Family Foundation

Business Wire, Jan 22, 2004

Business Editors/Education Writers

SAN DIEGO--(BUSINESS WIRE)--Jan. 22, 2004

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).