AUBURN, Ala. (AP) - Birmingham businessman Raymond J. Harbert has committed to give $40 million to the Auburn University College of Business. School officials say it's the largest gift in the university's history.
Following the announcement, the university's board of trustees voted Friday to name the business school the Raymond J. Harbert College of Business.
Harbert is chairman and CEO of Harbert Management Corp., a Birmingham-based independent investment firm. He has served as president pro-tem of the Auburn University Board of Trustees.
Harbert says he made the commitment because he wanted to help Auburn University become "the best it can be." He says he hopes the gift will help Auburn's business school seek out top professors who will challenge students.
AU President Jay Gogue said the gift makes an important statement about AU's image.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.