TechNotes Stanley Leary
Wonderful Friend' Tech 'reluctantly' drops DuPree name from management college
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lumnus Tom DuPree's name has been removed from Georgia Tech's College of Management after he acknowledged it is unlikely he will be able to fulfill a $25 million pledge on schedule. Thomas E. DuPree Jr., IM 74, who made millions in the restaurant business, had attempted to share his wealth with Georgia Tech and then lost it. He made a $5 million gift in 1994 for the DuPree Center for Entrepreneurship and New Ventures. In 1996, he pledged another $20 million that resulted in the management college being named for him. DuPree founded Madison, Ga.based Avado Brands and built the nation's largest franchise of Applebee's. But the company fell on hard times and last November DuPree was removed as chairman and chief executive officer. In February, the company filed for Chapter 11 bankruptcy.
"Circumstances reluctantly have led us to the decision to remove the DuPree name from the college," Tech President Wayne Clough says. DuPree is "a wonderful friend and alumnus who made an incredibly generous pledge" to endow the college, Clough says. DuPree has paid $5.7 million toward the $25 million pledge. "We retain the utmost respect for Tom DuPree and all of his remarkable accomplishments and many philanthropic activities," Clough says. "To honor his legacy to date, Georgia Tech will establish a scholarship program in his name for students from his home county to attend Georgia Tech." Clough says the decision was taken after "recognizing the reality of the circumstances Georgia Tech faces. Our ultimate goal is to ensure that the college has the resources needed to educate the technologically astute business leaders of the future. Tom
Despite good intentions, Tom DuPree's company fell on hard times. Tech has established a scholarship in his name.
DuPree will remain a valued member of our Georgia Tech family, and his advice and assistance will help us reach our high aspirations."
Anonymous Donor Creates $15 million Challenge
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n anonymous donor has made a $15 million challenge gift to accelerate private support for the College of Management. The donor will match gifts to the Georgia Tech Foundation designated for the college and unrestricted in their use. Gifts and pledges started by Oct. 1, 2003, and fulfilled by June 30, 2007, will qualify for the one-to-one matching dollars. "This generous challenge commitment offers us the opportunity, with the help of others who will match the gift, to complete the funding of our dramatic new management building at Technology Square," President Wayne Clough says. "Closure on this obligation will place our College of Management in position to focus its future efforts toward shaping technology-related programs that will distinguish us from the rest of the pack," Clough says. "The possibilities that lie ahead for this college are remarkable and taking advantage of them will quickly bring its reputation in line with that of our outstanding College of Engineering."
Because the donor wants to remain anonymous, participants whose gifts receive matching funds will get facility-naming recognition for the full amount — their gifts combined with the dollar-for-dollar match. The challenge means that a 75-seat tiered classroom that previously required a $250,000 commitment will be named for $125,000. The College of Management building itself could be named for $7.5 million rather than the full $15 million. Terry Blum, dean of the College of Management, says, "Our alumni have been very successful in the world of business, and many of them have the means to make generous personal commitments. I believe they will meet this challenge head-on and push us over the top in our effort to complete funding of our state-ofthe-art new building." For more information about the challenge grant, contact Philip D. Spessard, director of development for the college, at (404) 385-1418 or by e-mail at philip.spessard@dev.gatech.edu.
Spring 2004 • GEORGIA TECH 1 1