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CONTACT: GEORGE MCCRORY
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Maytag Communications
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Release: Aug. 16, 1999

Maytag announces corporate gift to University of Iowa honoring Hadley

NEWTON, IOWA-- Maytag Chairman and CEO Lloyd D. Ward announced today a corporate gift to the University of Iowa Henry B. Tippie College of Business in honor of alumnus Leonard A. Hadley and his accomplishments at Maytag. Hadley retired Aug. 12 as chairman and CEO after a 40-year career with the home and commercial appliance manufacturer headquartered in Newton.

The Maytag gift will endow the Leonard A. Hadley Chair in Leadership in the Tippie College of Business. The College's MBA and undergraduate programs are ranked among the top public programs in the country. Hadley received an accounting degree from the University of Iowa in 1958 and later studied law here. He serves on the board of visitors at the Tippie College of Business and is a member of the UI Foundation board of directors.

In announcing the corporation's gift, Ward said, "Len Hadley's career at Maytag personifies the highest level of corporate leadership skills: strategic thinking and vision, integrity and values. As we honor Len's transformation of Maytag with this gift, we also acknowledge and support an outstanding business program and the graduates who will help transform tomorrow's workplace."

Earnings from the endowment will provide support for a business faculty member who has exhibited outstanding leadership in a major discipline or functional area of business. The funding will support the Hadley chair holder's research, teaching and other professional leadership activities.

According to Gary Fethke, dean of the Tippie College of Business, the endowed position will help the college attract and retain outstanding faculty scholars.

"This endowed chair position will allow us to explore new research and scholarship and will result in tremendous benefits to our students, faculty, the Tippie College of Business and to the business community," Fethke said.

UI President Mary Sue Coleman said Hadley has been a long-time supporter of the university and has shared his knowledge and expertise through presentations to students in the Executive MBA program.

"While our students have benefited enormously from Len Hadley's vast store of business acumen, he has added much more to the university by serving tirelessly on advisory committees and on the University of Iowa Foundation Board of Directors. We are indebted to Len and to the Maytag Corporation for their investments in young people and ultimately in Iowa," Coleman said.

Hadley joined Maytag in 1959 and held a number of financial positions before becoming president of Maytag Company in 1986. A member of the Maytag Corporation board of directors since 1985, he was named chief operating officer in 1991, president and CEO in April 1992, and chairman and CEO in December 1992. Hadley was named to the Iowa Business Hall of Fame in 1997 for leading the corporation's growth to a diversified home and commercial appliance enterprise.