The University announced on Tuesday that Russian-born private equity investor Konstantin Sokolov (M.B.A. ’05) donated $100 million to support the Executive MBA Program at the Booth School of Business. The donation represents more than 10 percent of Sokolov’s net worth and is among the largest ever made to Booth, according to the Chicago Tribune.
“This gift will help the school further adapt and refine its offerings to meet the evolving global business landscape,” Madhav Rajan, dean of Booth and George Pratt Shultz Professor of Accounting, said in a University press release.
Booth’s Executive MBA Program, a 21-month program taught across Booth campuses in Chicago, Hong Kong, and London, is designed for professionals who want to pursue a business degree while remaining in the workforce. The program will be renamed to the Sokolov Executive MBA Program in Sokolov’s honor.
According to the release, the donation will ensure the continued availability of scholarship and operating funds and allow for the program to build its alumni network. A new clinical professorship, a role filled by a practitioner with experience in their field, will also be established for a scholar who teaches Executive MBA students.
The donation comes less than a year after Booth received $60 million from two alumni to support the Master in Finance program. Due to increased uncertainty around federal funding, institutions are increasingly relying on private donors—including alumni who want to give back to their alma maters—for support. Booth’s official website reports that 39 percent of its revenue comes from alumni giving.
In a recent Chicago Tribune profile, Sokolov said he still looks up his classmates when he is in Chicago and credits the Booth program for launching his career. This month, he is celebrating the 20th anniversary of his graduation.
“The lessons I learned, the experiences I gained, and the friendships I forged at Booth remain the foundation of my career and my life,” Sokolov said in the University press release.
Determined to pursue a career in telecommunications, Sokolov moved from St. Petersburg, Russia, to the United States in 1997 at the age of 21, according to the Tribune. He then enrolled at Booth in 2003. He is also the founder of IJS Investments, a Chicago-based private equity firm.
Sokolov previously donated $1.5 million to Booth, which funded improvements to the student lounge at the Gleacher Center, Booth’s downtown Chicago campus.
