| Lorry I. Lokey | |
|---|---|
| Born | March 27, 1927 Portland, Oregon |
| Education | Stanford University |
| Occupation | Business executive |
| Employer | Business Wire |
| Title | Chairman & CEO |
| Religion | Judaism[1] |
Lorry I. Lokey (born March 27, 1927) is an American businessperson and philanthropist. A native of Portland, Oregon, he founded the company Business Wire in 1961 and has donated in excess of $400 million to charities, with the majority of the money given to schools. He resides in San Francisco, California.[2]
Contents |
Lorry Lokey was born on March 27, 1927, and grew up in Portland, Oregon, attending Alameda Elementary School.[2][3][4] Growing up in Northeast Portland, he graduated from Grant High School before joining the United States Army and fighting in World War II.[5] While in the service he worked on the Pacific Stars & Stripes as an editor after the war ended.[5]
In 1949 he graduated from Stanford University in Palo Alto, California, with a bachelor of arts degree in journalism.[6] While at Stanford he served as editor of the school newspaper, the Stanford Daily.[6] Upon graduation Lokey began working for United Press, now United Press International, and then at newspapers and in the public relations field.[6] One newspaper he worked for was the Longview Daily News in Longview, Washington.[5]
In 1961, Lokey started Business Wire, a news release service.[4] Founded in San Francisco, California, the company started with seven clients on the first day of business.[7] The company expanded and became an international wire service with 30 offices around the world.[4] By 2003, the company had grown to 450 employees with annual revenue of $110 million.[7] In 2006, Lokey sold Business Wire for approximately $600 million to Berkshire Hathaway, Warren Buffett's corporation.[4]
Lokey began donating large sums of money to charities in 1990. By 2007 he had donated more than $400 million, of which 98 percent was given to secondary and post-secondary education.[4] Some schools include the University of Oregon, Mills College, Stanford University, the Technion,[8] Santa Clara University, and Portland State University.[2][6][9][10] These efforts led to his listing as one of the ten highest donors in the United States by the Chronicle of Philanthropy in 2006.[4]
As of 2007, he has donated $132 million to the University of Oregon in Eugene.[4] This includes a $74.5 million donation in 2007 that was the second most ever given to the school, and the largest donation designated for academics.[4] The 2007 donation went towards the creation of the Lorry I. Lokey Science Advancement and Graduate Education Initiative.[4]
In October 2008, the Stanford School of Medicine announced that Lokey will donate $75 million for a research facility.[11] The facility will be named the Lorry I. Lokey Stem Cell Research Building.[11]