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Trustee donates $1 Million
to CBE
Lehigh University trustee Herbert E. Ehlers has donated $1 million to
Lehigh in support of the deanship of the university’s College
of Business and Economics over the next four years. Richard M.
Durand, the recently named new dean of the college, will be
known during this four-year period as the Herbert E. Ehlers Dean
of the College of Business and Economics.
Lehigh President Gregory C. Farrington, who announced Ehlers’
gift at the university’s quarterly board of trustees meeting
on June 4th, said, "This gift played an important role in attracting
Dick Durand to the deanship. Such funding is critical in allowing
the dean to fund new initiatives and continue successful programs
in the college."
Ehlers is a managing director with Goldman Sachs & Co. in New
York and in Tampa, Fla., and a member of Lehigh’s Class of
1962.
In a letter of intent outlining his gift to the university, Ehlers
said that he believes Lehigh is poised on the "threshold of
greatness," and that his contribution comes at a time when
President Farrington’s "leadership will be the catalyst
that results in Lehigh becoming a great university - one well-known
for excellence."
The announcement of the gift came shortly after the appointment
of Richard M. Durand, professor and chair of the faculty of marketing
at the Robert H. Smith School of Business at the University of Maryland,
as dean. Durand was selected out of a field of more than 100 candidates
for the position and will begin his duties at the end of June.
Ehlers, a native of Cranford, N.J., graduated from Lehigh with a
bachelor’s degree in mathematics in 1962, and then stayed on
to earn a master’s degree in Management Science from Lehigh’s
business college in 1964. As an undergraduate, he was captain of
both the track and cross-country teams for two years, and a member
of Chi Psi fraternity.
After beginning his career with U.S. Steel Corp., he spent nine
years in the investment business conducting investment research
with the brokerage firm of Parker/Hunter Co. in Pittsburgh, Pa.,
before switching to corporate management with U.S. Home Corp. in
Florida and, later, Penn Central in New York City.
From 1981 to 1994, he served as CEO and Chief Investment Officer
of Eagle Asset Management, Inc., a Florida-based investment management
firm with $6.0 billion under management. He was also a member of
the Board of Directors of Raymond James Financial, a diversified
financial services company listed on the New York Stock Exchange.
In 1994, Ehlers founded Liberty Investment Management, a firm with
$5.0 billion in managed assets, and served as its Chairman and CEO.
Goldman Sachs acquired Liberty Investment Management in January,
1997.
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