Financial exec to donate $9.5M to Adelphi

Adelphi University is getting a $9.5 million gift -- equal to the single largest donation in the Garden City institution's 116-year history -- from financial executive Robert B. Willumstad, a former student at the school.

Adelphi's business school is to be named in honor of Willumstad, 66, co-founder and senior adviser of the private equity firm Brysam Global Partners and current chairman of the university's board of trustees.

Top Adelphi officials are expected to make the announcement Monday.

"I am hoping the gift will help develop some programs for the business school that will create an identity for the business school and provide some scholarships," Willumstad said in an interview. "It's become apparent more so now than ever before, given the economy and globalization around the world, that education is critical to success. And I think the university can provide a real opportunity."

Adelphi received an equivalent gift from alumna Carol A. Ammon in 2006 in honor of her mother, Ruth S. Ammon, for whom the School of Education is named.

The donation from Willumstad, who attended Adelphi part time in the mid-1970s, is his second seven-figure gift to the university. In 2006, he gave $1 million to support the school's first comprehensive campaign.

"Having grown up on Long Island and lived in Garden City for a time, I know how important the university is to Long Island and to Nassau County," Willumstad said. "And I have come to appreciate the team there and the programs that exist."

Adelphi president Robert A. Scott said Willumstad's donation and having a named business school will help recruit faculty and students. The gift also will allow the school to offer more scholarships and add programs in growing fields of study, such as the business of health care, he said.

The business school currently has 580 undergraduates and 410 graduate students. Among its undergraduate offerings are accounting, economics, finance and marketing, and it offers an accelerated MBA program.

Willumstad, of Manhattan, has spent more than 35 years in the banking and financial industry. He was reared in Elmont and went to Sewanhaka High School. He also has lived in Garden City and Lloyd Harbor.

In October 1998, Willumstad played a crucial role in creating Citigroup and was the chairman and chief executive of its Global Consumer Group from 2000 to 2003. He was named president of Citigroup Inc., then the world's largest financial services company, in 2002 and became chief operating officer a year later. He also served as chief executive and president of Citibank North America.

He held those titles until 2005, when he retired. Before Citibank, Willumstad spent 20 years with Chemical Bank. He also served in the Marine Corps Reserve for five years.

Willumstad was chief executive of American International Group (AIG) for three months in 2008. He was ousted in September of that year as part of the government's bailout of the insurance company. Reports indicated he rejected a $22-million severance package.

"Mr. Willumstad is an iconic figure in the world of business known for his integrity," Scott said. "For him to have his name on our School of Business is a signal to everybody that we have a very serious commitment to preparing people for the world of business, and we are worthy of major gifts."

Adelphi awarded Willumstad an honorary degree in 2005. He was elected to the board of trustees in September 2005 and elected chairman in August.

About Adelphi University

Location: Garden City

Enrollment: 8,000 students from 41 states and 60 countries.

Begun: 1896

Business school: 580 undergraduates and 410 graduate students. It offers undergraduate programs in accounting, finance, management and marketing as well as an accelerated MBA graduate program.

Endowment: $125 million.