SOUTH KINGSTOWN – The former head of one of the world’s largest toymakers has presented the University of Rhode Island with a substantial financial gift to offer more assistance to the school’s business programs.
Alfred J. Verrecchia, former chairman and CEO of Hasbro Inc., and his wife, Geraldine, made a $15 million gift to URI to help elevate the university’s College of Business, URI announced Thursday. The gift, according to a media release, will create a scholarship program beginning in the fall of 2020 that benefit students with “demonstrated academic ability and leadership skills.”
Meet Amgen Women Leaders in Science
Join us for an enlightening forum featuring Alli Ferguson and Satpal Kundra, two distinguished women…
Learn More
“This gift from the Verrecchias is an exceptionally visionary investment. It will expand the College’s faculty in vitally important academic areas and invite the most talented students from across the country and around the world to URI,” said URI President David M. Dooley in a statement. “We are deeply grateful for the Verrecchias’ commitment to positioning the college as a leader in global business education.”
In an interview with PBN, Verrecchia – currently the independent chairman of Boston-based information-management services firm Iron Mountain Inc. – said he and his wife are “very keen” to give with the focus being on education and health.
“Those are two real components that are good for the state and the state’s economy,” Verrecchia said. “I was given a lot of opportunity at the University of Rhode Island and the gift is to try and do my part to make URI a great university and to make it greater.”
Additionally, the gift will help with an internship program that will offer “supplemental funds” to students who have secured internships, as well as create two faculty positions that will draw “top scholars to URI for long-term appointments,” the release states. A technology fund will also be created to help students at the College of Business have access to necessary tools for career preparation.
Along with each program bearing the Alfred J. Verrecchia name, URI will also establish the Alfred J. Verrecchia Center for Business Excellence, which, the release states, will be a hub for teaching, learning and research.
The Verrecchias have made multiple contributions to URI in past years. In 1997, they helped create the Alfred J. Verrecchia-Hasbro Leadership Chair in the College of Business and issued a challenge fund in 2009 for scholarships which yielded more than $1.25 million in financial aid to improve student access, the release states.
“We have been very active at URI over the years,” Geraldine Verrecchia said in a statement. “In that time, we have seen firsthand the many ways the university can make a difference in people’s lives. We want to continue and expand those opportunities.”
James Bessette is the PBN special sections editor, and also covers the nonprofit and education sectors. Email him at Research@PBN.com.
