Wednesday, April 7, 1999
PHILADELPHIA --- David S. Pottruck, president and co-chief executive officer of The Charles Schwab Corporation, San Francisco, Calif., has made a $12 million gift to the University of Pennsylvania, according to an announcement today (April 7) by University of Pennsylvania President Judith Rodin.
Mr. Pottruck, who oversees all businesses and strategic development worldwide at Schwab, is a 1970 graduate of the College of Arts and Sciences at the University of Pennsylvania. He received a master's degree in business administration with honors from the Wharton School at Penn in 1972.
Mr. Pottruck is a trustee of the University of Pennsylvania and a member of the Athletics Advisory Board.
"We are enormously grateful for this generous affirmation of support from someone who knows us so well and has demonstrated his commitment to the University of Pennsylvania in so many meaningful ways with his time, his energy and his vision," Dr. Rodin said. Mr. Pottruck has designated $10 million of the total to establish the David S. Pottruck Health and Fitness Center, which will include renovation of existing space in Gimbel Gymnasium as well as new construction. The project is expected to begin this summer and will take two years to complete. He also designated $2 million to the Wharton School for its Jon M. Huntsman Hall, a 320,000-square-foot academic center with the most advanced networking and communications technologies for learning scheduled to open on campus in 2002.
The renovation and expansion of Gimbel Gymnasium as the base for self-directed recreational activities is among Penn's highest priorities supported by the University of Pennsylvania's strategic plan Agenda for Excellence, which specifies enhancements to student life and the undergraduate experience. The Agenda for Excellence was designed to solidify the University's position as one of the world's premier urban teaching and research institutions. Since July 1, 1996, more than $500 million has been raised in support of Agenda for Excellence priorities.
"This gift allows us to address the critical needs of our students, members
of the faculty and the staff for indoor recreational space," said Director of Recreation and Intercollegiate Athletics Steven J. Bilsky. "It also will create a vibrant hub of social activity in Gimbel Gymnasium and its surroundings that will positively impact the culture on our campus. It is a marvelous and most welcome commitment."
"We are proud to have David Pottruck as an alumnus of Penn and the Wharton School," said Wharton Dean Thomas P. Gerrity. "His generous contribution to Wharton's new academic building continues his outstanding involvement in and commitment to both the School and to the University."
Mr. Pottruck was an outstanding student-athlete in both football and wrestling at Penn and was the recipient of both the Pennsylvania Football Club Award and the Chuck Bednarik Wrestling MVP Award. He wrestled at 190 pounds and as a heavyweight on varsity teams that had a three-year record of 27-2-1 (17-1 in the Ivy League), winning the Ivy League Championship twice.
He was inducted as a member of the Hall of Outstanding Americans of the National Wrestling Hall of Fame, recognizing former wrestlers who have earned national and international acclaim in their professional lives.
Mr. Pottruck has been a longtime benefactor to the varsity wrestling program at the University of Pennsylvania and the team's practice room in Hutchinson Gymnasium bears his name. He also established the David S. Pottruck Scholarship Fund at Penn and has contributed to both the Wharton School and the Department of Recreation and Intercollegiate Athletics.
Mr. Pottruck is a director of Charles Schwab, Intel Corporation, McKesson HBOC, Inc., and Preview Travel, Inc. He is a director of the Bay Area Sports Organizing Committee and the U.S. Ski and Snowboard Team Foundation.
Mr. Pottruck is a member of the Advisory Commission on Electronic Commerce, commissioned by the Congress to conduct an 18-month study on the Internet and taxation issues.
The Charles Schwab Corporation reported record net income of $348 million on record revenues of $2,736 million for the year ending Dec. 31, 1998. It reported net income of $270 million on revenues of $2,299 million for the previous one-year period.
On Feb. 16, 1999, Schwab announced that assets held in customer accounts surpassed $500 billion during January 1999, ending the month at $521 billion. It also announced that online trades by its customers averaged 153,000 per day in January 1999, with the principal value of customer online securities transactions averaging $2.6 billion per day during the month. The company serves 5.8 million investor accounts through 294 branch offices, four regional customer telephone service centers and automated telephonic and online channels.
Link to the Charles Schwab Web site