Sanford I. Weill and Maurice R. Greenberg Give $150 Million to Weill Medical College of Cornell University

Extraordinary Gifts Launch $750 Million Capital Campaign<br />$332 Million or 44% Raised Toward Goal<br /><br />A Major Boost for New York City in the New Year; Mayor Michael Bloomberg Joins in Announcement

Jan 8, 2002


Antonio M. Gotto, Jr., M.D., D.Phil., the Stephen and Suzanne Weiss Dean of Weill Medical College of Cornell University, announced today that Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup Inc., and his wife, Joan, and Maurice R. Greenberg, Chairman and Chief Executive Officer of American International Group, Inc. (AIG), and his wife, Corinne, are giving $150 million to the Medical College. Their gifts kick off Weill Cornell's $750 million Capital Campaign to advance and support its clinical mission. The launching of the Campaign at the start of this new year reconfirms the Medical College's confidence in the resilience of the philanthropic community in the aftermath of the tragedy of September 11.

Dr. Gotto said, "Sandy Weill and Hank Greenberg have long supported the research, educational, and clinical programs of the Joan and Sanford I. Weill Medical College of Cornell University and our partner, NewYork-Presbyterian Hospital. These extraordinary gifts are yet another indication of their commitment to enhance and expand medical science and health services for the benefit of New Yorkers, Americans and those who come to us from abroad. We are grateful for their countless contributions to medical science and to the New York community, and we thank them for this auspicious beginning to our $750 million Capital Campaign to advance the clinical mission of Weill Cornell Medical College."

The $150 million includes $100 million from Mr. and Mrs. Weill and $50 million from Mr. and Mrs. Greenberg and The Starr Foundation. With these latest gifts, the Weills and the Greenbergs together have contributed over $400 million to Weill Cornell Medical College and its hospital partner, NewYork-Presbyterian Hospital.

Hunter R. Rawlings III, President of Cornell University, said, "This is an historic day for Cornell University, and it is a wonderful show of support for New York City and for one of its leading institutions. We are inspired by this outstanding investment in Weill Cornell Medical College and in New York City during this critical time. These generous gifts from Mr. and Mrs. Weill and Mr. and Mrs. Greenberg will not only enable the college to maintain and enhance its international reputation, but will also serve as a catalyst to bring jobs to the city and boost its economy."

Mr. Weill said, "Today marks the kick-off of Weill Cornell's $750 million Capital Campaign, entitled 'Advancing the Clinical Mission.' We are thrilled to announce that, with these gifts today, we have already raised $332 million—or 44%—of our goal. The world looks to New York City as the leader on almost every front—including medicine. As native New Yorkers, my wife, Joan, and I are grateful to have this opportunity to support the Medical College and the city, and we know this Capital Campaign will help New York City and Weill Cornell Medical College continue as leaders in science, research, education, and clinical care." Mr. Weill is Chairman of Weill Cornell's Board of Overseers.

Mr. Greenberg said, "It is a privilege to make this contribution to the outstanding work of Weill Cornell Medical College and to support the vital goal of expanding the college's clinical programs. During our long association with the Weill Cornell Medical College and NewYork-Presbyterian Hospital, my wife, Corinne, and I have witnessed many significant advances in medicine. The Medical College is recognized worldwide for excellence in many medical areas, including heart disease, cancer, pediatrics, mental health, aging, and the neurosciences. This Capital Campaign to advance the clinical mission of the Medical College will lead to further inroads in the diagnosis, treatment, and prevention of disease." Mr. Greenberg is Chairman Emeritus and a current member of NewYork-Presbyterian Hospital's Board of Trustees and a member of Weill Cornell's Board of Overseers.

Harold Tanner, Chairman of Cornell University's Board of Trustees, said, "In the past few years, under the leadership of Dr. Antonio Gotto, Weill Cornell Medical College has strengthened its position as a world leader in medicine and has built on its distinguished history of translating medical breakthroughs to advance patient care. In 2001, U.S. News & World Report ranked Weill Cornell Medical College among America's elite medical schools and its faculty among the best in the world."

Dr. Herbert Pardes, President and CEO of NewYork-Presbyterian Healthcare System, said, "As partners in health care and academic medicine, NewYork-Presbyterian Hospital and Weill Cornell Medical College have a shared mission and commitment to excellence in patient care, research, medical education, and community service. These extraordinary gifts from two of the country's leading businessmen and philanthropists will serve to propel that mission in the years ahead."

Advancing the Clinical Mission

Dr. Gotto said, "This Capital Campaign will support the recruitment of new faculty, new and improved clinical programs, new endowed funds for students and faculty, infrastructure upgrades and new facilities and will continue our goal to make Weill Cornell a leader in 21st century medicine."

In 1999, Weill Cornell successfully completed a strategic investment of $316 million for its basic research initiatives. As a direct byproduct, Weill Cornell has significantly increased its total research funding received from the National Institutes of Health (NIH): $125.4 million in 1998, $133.4 million in 1999, and $153.5 million in 2000.

With this new campaign, the Medical College seeks to translate these research discoveries to address patient care and ensure the quality of the next generation of its faculty, medical students and facilities. The strategic plan for advancing the clinical mission specifically calls for new clinical programs and the expansion of existing programs in 37 areas, with special emphasis on women's health, children's health, heart disease, cancer, neurological disease, and diseases of aging. Among programs that the Capital Campaign will support are the Iris Cantor Women's Health Center; the Gastroenterological Center; the Stroke Center; and an expanded Irving Wright Center on Aging.

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