CHICAGO (CBS) — A DePaul University alumnus is showing his dedication to the school with a mammoth donation.

As WBBM Newsradio’s Bob Conway reports, Chicago investment manager and philanthropist Richard Driehaus has donated $30 million – the biggest gift ever to DePaul.

The Chicago Tribune reports the interest earned on the endowment will be used to recruit and keep faculty at the 100-year-old DePaul College of Commerce, which will be renamed the Richard H. Driehaus College of Business and the Charles H. Kellstadt Graduate School of Business.

Business college dean Ray Whittington tells the Tribune about 25 percent of the faculty members will reach the age of 68 during the next decade while a shortage of replacements is expected.

Driehaus earned both his undergraduate and master’s degrees from DePaul, the Tribune reported. DePaul president the Rev. Dennis Holtschneider approached Driehaus in June about the possibility of about making a large donation, the newspaper reported.

LISTEN: WBBM Newsradio’s Bob Conway reports

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