Panera Bread founder donates $20 million to fund Massachusetts college's "transformation"
The founder of Panera Bread is giving his alma mater in Worcester, Massachusetts a lot of dough. Clark University on Tuesday announced that trustee Ron Shaich is donating $20 million, the largest single gift in the school's history.
Clark president David Fithian said the big donation will fund a "transformation plan" that was announced in June.
"With this gift, Mr. Shaich is supporting what he recognizes to be difficult yet absolutely necessary changes to propel Clark into a new chapter of sustained vibrancy and excellence," Fithian said in a statement.
"Rather than spend my money and philanthropy broadly, Clark is one of the very few things I am investing in and it is because I believe it has the ability to have a profound impact on the world," Shaich told The Boston Business Journal.
Clark has an endowment of $501 million.
New direction for Clark University
Fithian said in June that Clark was at a "critical inflection point" and would be cutting faculty by up to 30% over the next three years. The school was seeing lower-than-expected enrollment, with 100 fewer students than originally projected in the class of 2029.
The New York Times reported earlier this year that Clark is among the schools that depend the most on international students, with 34% of students coming from outside the U.S. The Trump administration has issued a series of restrictions on international students this year, and the president suggested that Harvard University should cap its international student population at 15%.
Clark has said it will be changing its degree focus to three areas: Climate, environment & society; media arts, computing and design; and health and human behavior.
Who is Ron Shaich?
Shaich graduated with a bachelor's degree in political science from Clark in 1976.
According to Clark, he is credited with defining the "fast casual" restaurant category. He is the founder and former chairman and CEO of Panera as well as Au Bon Pain.
Currently, Shaich is the chairman and lead investor of restaurant chains Cava, Tatte and Life Alive.