Wednesday, June 28, 2006

Summers Exit Costs Harvard $115 million

Oracle Corp. CEO Larry Ellison has decided not to give Harvard University a planned gift of $115 million, a company spokesman said Tuesday.

Ellison canceled the gift because Lawrence H. Summers stepped down as Harvard's president this month, Oracle spokesman Bob Wynne said. Summers announced his resignation in February, after being embroiled in controversy throughout 2005. Wynne said Ellison began to reconsider his donation when it appeared that Summers would step down.

"It was really Larry Summers' brainchild and once it looked like Larry Summers was leaving, Larry Ellison reconsidered," Wynne said. "It was Larry Ellison and Larry Summers that had initially come up with this notion."

Links to this post:

Create a Link

<< Home