George Mason University will rename its business school after record donation

From left, George Mason University Foundation President Trishana Bowden; Mason BOV Rector Horace Blackman; School of Business Dean Ajay Vinzé; Mason President Gregory Washington; Joe Contrucci, trustee of the Donald G. Costello Trust; Sarah Costello, daughter of Donald Costello; Peg Contrucci; Mason BOV member Jimmy Hazel. (Courtesy Risdon Photography)

George Mason University’s business school will be renamed the Donald G. Costello School of Business, after it received a record $50 million gift from the late-Virginia business leader’s foundation.

Costello was not a George Mason University graduate, but his estate said the successful entrepreneur held a deep respect for the school as a catalyst in fueling the Northern Virginia economy.

“This gift will further that impact by creating career opportunities and new businesses for decades to come,” said Joseph Contrucci, Trustee of the Donald G. Costello Trust.

Costello was born in 1942 in Leesburg, Virginia, and graduated from Loudoun County High School in 1960. In 1976, he and a partner founded Century Stair Company, which eventually became the largest stair manufacturer on the East Coast. Costello died in 2017.

George Mason University said the gift will establish an endowment that will provide scholarships to undergraduate and graduate School of Business students.

The George Mason University School of Business was established in 1977 and enrolls 4,600 undergraduate and 650 graduate students annually.

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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