Iona College Receives $15M Gift, Largest in School's History

Robert V. LaPenta, an Iona College alumnus (’67, 00’H) and Board of Trustee member, has given his alma mater a $15 million gift as part of the Iona Forever Campaign, the largest single donation in the school’s 75-year history, announced Iona President Joseph E. Nyre, Ph.D.

The gift will support the redesign and transformation of the New Rochelle-based college’s School of Business, according to officials. Hagan Hall, the home of Iona’s business school, will receive a new structure connecting to the existing building -- nearly tripling the space available for students and faculty. The building will house state-of-the-art classrooms, case study and meeting spaces, faculty offices, a lecture hall, a business career center and an expanded trading floor classroom.

School officials added that this construction and renovation project will create a facility that fosters the interactive learning environment critical to training 21st-century leaders.

“I am proud to support Iona’s mission of creating graduates that are smart, ethical, creative problem solvers,” said LaPenta in a statement. “My time at Iona prepared me well to be successful in business, and positively impact businesses and the livelihoods of others. I believe this gift will enhance Iona’s strong business school performance and reputation well into the 21st century.”

LaPenta is chairman, CEO and founding partner of Aston Capital, a private investment company specializing in secure military communication companies and companies with green technology. He also serves as chairman and CEO of Revolution Lighting Technologies and The Radiant Group. Prior to these endeavors, LaPenta founded L-1 Identity Solutions and co-founded L-3 Communications.

With a goal of raising $150 million, the Iona Forever Campaign serves as a key component to Iona’s comprehensive five-year strategic plan. The transformational campaign will enhance learning and living environments, advance world-class faculty and dynamic academic programs, and support a record level of student scholarships.

To date, Iona’s Board of Trustees, Campaign Cabinet, alumni and friends have raised more than $63.7 million in philanthropic support.

“We are enormously grateful for this transformative gift,” said Nyre of LaPenta’s donation. “It will enable us to construct a facility that advances our vision, sharpens our distinctiveness, increases affordability and strengthens infrastructure.”

Iona College’s business school is accredited by AACSB International, a distinction awarded to just 30 percent of business schools worldwide. In late 2014, PayScale ranked Iona’s MBA program as a top-50 program nationally for return on investment.

LaPenta, one of the school’s most generous benefactors, previously invested in the construction of the LaPenta Student Union Building, the Ryan library, and the trading floor for the School of Business.

“As a student it’s incredible to see an Iona graduate making this sort of investment,” said Tommy Severin, a senior and member of the honors program who is also president of the Student Government Association. “It really shows how much a very successfully individual got from his education and believes in Iona College. On behalf of students today and in the future, thank you, Mr. LaPenta.”

Photo credit: Iona College