Newswise — Harvey Mudd College (HMC) trustee R. Michael "Mike" Shanahan and his wife Mary have pledged a $25 million gift to the college, the largest gift in its 53-year history.
The Shanahans are long-time supporters of HMC, a nationally renowned liberal arts college of engineering, science and mathematics, and Mike Shanahan has been a member of its board of trustees since 1992. He currently serves as chair of the board's executive committee, was chair of the board from 1998 to 2006 and chaired its investment committee from 1995 to 1997.
The first portion ($12.5 million) of the five-year, $25-million pledge was given to the college in October, it was announced at the trustees' annual Saddle Rock retreat Nov. 8. The funds are unrestricted and will be used to move forward the college's strategic plan, "HMC 2020: Envisioning the Future," which was adopted in 2006.
"The Shanahans' leadership has always been exemplary, but this gift is a real testament to their commitment to our college and its mission," said HMC President Maria Klawe. "During these challenging economic times, we're very fortunate to have supporters with their vision be willing to step up and make such a bold and generous statement about the value of the education we provide and its impact on our society. Our gratitude is profound." "We are pleased to be able to support the important work being done at Harvey Mudd College," said Mike Shanahan. "Mary and I continue to be inspired by the creative ways the college's administration, faculty and students work together in creating new knowledge that meets the changing needs of our society. We hope this gift inspires others to offer their support to an institution whose success translates so directly to the improvement of the quality of life for our nation, the world and its people."
With the fulfillment of their $25 million pledge, the Shanahans will have given more than $35 million in support of the college. During their 16-year association with HMC, they have supported a variety of initiatives, including annual scholarships, the construction of the Hoch-Shanahan Dining Commons, and the creation of the following funds and initiatives: the R. Michael Shanahan Family Endowed Scholarship, Shanahan Endowed Dean of Faculty Chair, Shanahan Endowed Student-Directed Projects Fund and other special projects.
The 28,000-square-foot, state-of-the-art Hoch-Shanahan Dining Commons was built in 2005 and named for the Shanahans and trustee Richmond J. Hoch '63 and his wife Diane. It was the second building at HMC to earn a LEED-NC silver rating by the U.S. Green Building Council, and at the time, HMC was the only college or university in California with two LEED-certified buildings.
At the college's commencement ceremonies in 2006, Mike Shanahan was awarded the Sprague Award for Outstanding Volunteer Service. The HMC alumni association recognized his service to alumni by presenting him with the Order of the Wart in 2004.
Mike Shanahan is chairman emeritus of Capital Research and Management Company, which serves as the advisor to The American Funds. He is also chairman of the executive committee of The Capital Group Companies, Inc. Clients of subsidiaries of The Capital Group Companies have assets of more than $1 trillion dollars. Additionally, he is vice chairman and a director of The Investment Company of America; vice chairman and a director of AMCAP Fund; and a director of American Funds Distributors and Capital Strategy Research. He is a portfolio counselor for several mutual funds within the American Funds family.
Mike Shanahan received a B.A. from Stanford University in 1960 and subsequently spent three years in the U.S. Navy as a junior officer. He joined Capital in 1965 as a financial analyst after receiving a M.B.A. from the Stanford Business School. He is a member of the Los Angeles Society of Financial Analysts.
The Harvey Mudd College strategic vision, "HMC 2020: Envisioning the Future," revolves around six themes:
"¢ Innovation, leadership and impact, especially in engineering, science and mathematics"¢ Focus on experiential and interdisciplinary learning"¢ Unsurpassed excellence and diversity at all levels"¢ Nurturing and developing the whole person"¢ Global engagement and informed contributions to society"¢ Improvement of infrastructure and resources to support HMC's commitment to excellence and building community