The School of Business at Purdue University has received a major gift. The university announced Tuesday that Raytheon Technologies Corp. (NYSE: RTX) has committed $4 million for a named chair position in the reimagined business school.
The new position will be the Raytheon Technologies Chair in Integrated Business and Engineering (IBE), a program Purdue says is a foundational component of the new School of Business outlined in September.
“Fully integrating business and engineering expertise is essential to the future of both our industry and American competitiveness on the global stage,” Raytheon CEO Greg Hayes said in written remarks. “Continuing to evolve the way that we teach – and learn – about developing innovative solutions to the world’s most complex challenges is the only way forward. This chair position is part of our commitment to that end.”
Purdue says the commitment continues a long-standing relationship with Raytheon, which had about 30 engineers taking courses in the business school’s executive training program last year.
Purdue President Mung Chiang said the partnership represents a significant achievement for the university and the business school.
“Purdue and Raytheon Technologies both have their eyes on the future, and we share an interest in cultivating well-rounded leaders,” Chiang said. “We have already established an important relationship with them, particularly in research and development. This gift is an incredibly meaningful expansion of our collaboration.”
The university said last year the reimagining its School of Management into a new School of Business includes doubling the size of its existing building and expanding faculty and student enrollment.
In a September interview with Inside INdiana Business, Krannert School of Management Dean David Hummels said the change is the result of a sharp increase in demand from students and also builds on the school’s original mission of combining science and engineering training with providing students business acumen.
“The combination of those things is really potent in terms of the ability of individuals to go on to lead or found great technology companies,” said Hummels. “And so, from a curricular perspective, we are dramatically expanding degrees that really sit at the intersection of the STEM disciplines and business because we think that’s what the market needs, and that is historically the kind of preparation that has led our graduates to go on to be CEOs or company founders.”
Purdue did not provide a timeline for finding someone to fill the new chair position.