Washington University Chancellor Mark Wrighton on Tuesday announced the university had received a $12 million donation from the Koch family to create the Koch Center for Family Business.
The family business program, which is part of the university’s Olin Business School, was created in April 2016 and had been funded, in part, by a four-year, $1.09-million gift from Roger and Fran Koch and Paul and Elke Koch. The Koch brothers are the third generation in leadership at Koch Development Co., a St. Louis-based commercial real estate development firm. They also both serve as co-chairmen on the family business program’s board.
The new money will allow the university to create an endowed professorship, to be called the Koch Distinguished Professorship, in family business.
The announcement came at Washington University’s third annual family business symposium.
“It was clear from the moment I arrived in St. Louis that family business is integral to the community,” Olin Dean Mark Taylor said during the announcement. “Some of the very first people I met — even before I became dean — were Roger, Fran, Paul, and Elke Koch. They have been extremely instrumental in thinking about how we can forward scholarship in family business.”