November 2, 2015

Mike Ilitch School of Business to educate and train the next generation of Detroit business leaders, entrepreneurs

The Wayne State University Board of Governors on Oct. 30 passed resolutions to build a new business school and to rename it the Mike Ilitch

The Wayne State University Board of Governors on Oct. 30 passed resolutions to build a new business school and to rename it the Mike Ilitch School of Business.

The naming is in recognition of a $40 million gift – the largest in university history – from Michael and Marian Ilitch to build a new, state-of-the-art School of Business facility at Woodward and Temple, extending the footprint of Wayne State’s campus south into The District Detroit.

In addition to the $40 million, the gift includes the long-term lease of valuable property for $1 per year.

The Mike Ilitch School of Business will give Wayne State business students a front row seat to the companies and industries evolving in Detroit, along with access to internships, networking and employment opportunities, all while contributing to the city’s continued renewal.

“Marian and I have experienced in our own lives how entrepreneurship creates opportunity, builds community and drives philanthropy,” said Mike Ilitch. “We’re thrilled to work with Wayne State to bring those same values to the next generation of Detroit entrepreneurs in a new state-of-the art business school.”

The school, which will serve more than 3,000 undergraduate and graduate students, will provide new flexible teaching, research, office and community spaces for students and faculty bringing WSU’s outstanding business programs closer to the market. To date, the Wayne State University School of Business has more than 31,000 alumni, many of whom are top-level executives in metro Detroit and across the globe for brands like Carhartt, Aetna, Cadillac and Lear.

“Business education at Wayne State will be transformed through the generosity of Mike and Marian Ilitch,” said WSU President M. Roy Wilson. “Students will have unmatched access to the companies and industries evolving in Detroit, along with internships, networking and employment opportunities, all while contributing to the city’s renewal.”

The Ilitches’ gift is part of Wayne State’s $750 million Pivotal Moments fundraising campaign. It is a lead gift toward the construction of the new business school and the university will seek additional support from successful Mike Ilitch School of Business alumni and friends to complete the new facility as part of the Pivotal Moments campaign.

For more information, visit ilitchbusiness.wayne.edu.