Allen Questrom Gives $50 Million to Boston Univ. for Business School

Allen Questrom, the former chief executive of Barneys, Neiman Marcus, Federated Department Stores and JCPenney, has given $50 million to his alma mater, Boston University, for its management school. The money was donated by Questrom and his wife, Kelli through the Allen and Kelli Questrom Foundation.

In a ceremony yesterday, the University’s School of Management was officially renamed the Questrom School of Business. The money will endow 10 faculty chairs and help plan for a new classroom building.

“We are enormously grateful for this magnificent gift,” said Kenneth Freeman, the Allen Questrom Dean and Professor of the school. “Allen Questrom is a retailing industry icon, having restored to profitability many companies during his turnaround career, while demonstrating the highest integrity, exceptional leadership, and tireless service in support of others.”

Questrom, a B.U. trustee, has been giving to the school for a long time. Previous gifts include the endowed deanship and professorship in 2007 and a $10 million gift in 2012.