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CONTACT: GARY FETHKE
Dean, College of Business
(319 335-0862)
CONTACT: MICHAEL NEW
President, University of Iowa Foundation
(319) 335-3305
Iowa City IA 52242
Release: Immediate

 

Editor's note: Gary Fethke and Michael New will be available for comment at today's (Feb. 18) Board of Regents meeting.

UI College of Business to be named after Henry B. Tippie in recognition of $30 million gift

IOWA CITY, Iowa -- Henry B. Tippie, a 1949 graduate of the University of Iowa College of Commerce, has made a major commitment to the College of Business Administration to support its students and faculty. In recognition of Tippie's past, present, and future support that will exceed $30 million, the college will be called the Henry B. Tippie College of Business.

The gift will be the fifth largest by an individual to a U.S. business school and the largest individual gift to the UI. The Henry B. Tippie College of Business will be the first academic division at the UI to be named.

UI President Mary Sue Coleman announced the gift at today's (Feb. 18) Iowa State Board of Regents meeting in Iowa City.

"This is truly an exceptional day for the University of Iowa and the College of Business. Henry Tippie recognized the value of his education and how it led to his success, and he wanted to contribute to the future success of our students," Coleman said. "This gift will enable us to build upon the strengths of the College of Business and maintain its status among the top business schools in the nation."

The gift will support undergraduate scholarships, as well as faculty professorships and chairs, according to Gary Fethke, dean of the UI College of Business.

"This naming of the College of Business is a tremendous commitment by one of our most successful graduates. I'm especially delighted because Henry made it the hard way, from a loving but modest background to the greatest successes in many business endeavors, ranging from truck leasing to ranching. Henry embodies the best Iowa has to offer -- integrity, imagination, good humor, intelligence, and friendship. We are indeed fortunate to have the name of this wonderful man attached to our college," Fethke said.

Tippie, a 1949 accounting graduate of the UI, is vice chairman of the board and chairman of the executive committee of Rollins Truck Leasing Corp. and has a major interest in other multi-million dollar companies.

"I benefited beyond all expectations from attending the University of Iowa under the G.I. Bill for veterans. My wife Patricia and I are honored by the opportunity to make a repayment and assist in the continuing growth of the University and its College of Business," Tippie said. "I'm a strong believer in education and it's a great honor to be asked to continue assisting the growth of this College."

Tippie will visit the UI April 9 for a ceremony commemorating the College naming and will make additional comments at that time.

In addition to being a founding member of the College's Board of Visitors, Tippie has been a generous donor to the UI, beginning with a $10 donation in 1957. "He has given every year since then," said Michael New, president of the UI Foundation.

"Henry Tippie is a prime example of the thousands of loyal contributors who began by making small gifts and who have continued to support the UI year after year, knowing that their gifts ­ of whatever size ­ do make a difference. We hope this long history of generosity will inspire other alumni and friends to continue, and perhaps increase, their support in years ahead. Henry is the sort of person who makes things happen, and we are confident that today's gift will have a 'multiplier effect' that will soon be felt campus-wide," New said.

Tippie's past gifts include four scholarships, six professorships, an endowed research chair in accounting, as well as the Tippie Auditorium, Pat's Diner and adjacent student lounge in the Pappajohn Business Building. With Henry Royer, former president of Firstar Bank in Cedar Rapids, Tippie also endowed the Henry Fund, a real-money investment management program for MBA students.

Tippie, 72, was born on a farm near Belle Plaine, Iowa, attended a one-room schoolhouse and later the Belle Plaine Schools, where, in his senior year, he enlisted in the Army Air Force and served as a staff sergeant with the 20th Air Force on Guam.

After attending the UI, he became a CPA in Des Moines, Iowa, and later accepted a position as controller with John Rollins and Associates in Delaware. Tippie helped the company negotiate the acquisition of the Orkin Exterminating Company, which became a Harvard Business School case study because it represented one of the first leveraged buyouts of a major corporation by a small company.

In addition to his positions with Rollins Truck Leasing Corp., the third largest U.S. lessor of trucks and trailers, he is also a director of Safety-Kleen Corp. (NYSE), the largest U.S. commercial collector and incinerator of hazardous waste; and a director of RPC, Inc. (NYSE), an oil field services company and manufacturer of Chaparral boats. He is chairman of the executive committee of Matlack Systems, Inc. (NYSE), one of the nation's largest tank truck organizations; director of Rollins, Inc., which owns Orkin Exterminating Company; and chairman of the board of Fischer and Wieser, a specialty foods company in Fredericksburg, Texas. He is vice chairman of the board of Dover Downs Entertainment, Inc. (NYSE), a multi-purpose entertainment complex for NASCAR and IRL auto racing, Toyota Grand Prix of Long Beach, thoroughbred horse races and video lottery (slot) machine operations. He also owns and operates two ranches near Waco and Austin, Texas, and he is chairman, president and CEO of Tippie Services, Inc., a management services organization

In 1996 he received the Horatio Alger Award. He received the UI Distinguished Alumni Award for Service in 1981 and the Outstanding Accounting Alumnus Award in 1989.

2/18/99