Boston University Alumnus Gives $50M Gift To School

Boston University has renamed its business school after an alumnus who made his fortune in the retail industry and donated $50 million, the largest gift in university history.

The university's school of management on Monday was renamed the Questrom School of Business after 1964 graduate Allen Questrom and his wife, Kelli, who made the gift through their foundation.

The gift, which includes $10 million given in 2012, will be used to endow 10 faculty chairs and enable planning for a new graduate program facility.

Allen Questrom became known as a turnaround specialist in the department store field, starting at Federated Department Stores, Inc., and orchestrating turnarounds at Neiman Marcus, Barneys New York, and JC Penney.

Questrom says after family values, a good education is the best path to success.