William A. Schreyer ‘set the standard for many generations of Penn Staters to come’ and had ‘a profound and enduring impact across the university,’ Penn State trustees Chairman Steve Garban said in a prepared statement Sunday.
Schreyer, himself a former board chairman at the university, died Saturday at his home in Princeton, N.J. The 1948 Penn State graduate and longtime university benefactor was 83.
The cause of his death was not specified in materials released by the university.
‘No one has had greater ambition for Penn State and its students than Bill Schreyer,’ Garban said in the statement. ‘He and his wife, Joan, have always believed that our institution could be a home to extraordinary achievements, and through their service and generosity, they have made these achievements possible.
‘The Schreyer Honors College may be the most visible manifestation of their commitment to Penn State,’ Garban went on, ‘but Bill has had a profound and enduring impact across the university he loved so passionately, and he will be deeply missed by his countless friends in the Penn State community. As a volunteer and supporter, he has set the standard for many generations of Penn Staters to come.’
Born in Williamsport, Schreyer developed an interest in the financial world early in life. Upon his graduation from Penn State in 1948, he joined Merrill Lynch as a junior executive trainee, according to an obituary supplied by Penn State.
The job took him to Buffalo, N.Y., where he met Joan Legg. The couple married in 1953, according to the obituary.
Schreyer was employed by Merrill Lynch for more than four decades, culminating in his work as chairman and CEO from 1985 to 1993. His obituary notes that he ‘led the company’s evolution from U.S. stockbroker to diversified global investment bank.’
Just two years ago, his memoir — ‘Still Bullish on America’ — was published. Schreyer reflected on the financial calamities of the prior two years and concluded that he was still an optimist, his obituary indicates.
‘I believe in the regenerative powers of capitalism, as long as there are people at work with intelligence, imagination, courage, character and the desire to make a better life,’ he wrote. ‘I don’t see any of those human qualities going away any time soon.’
At Penn State, Bill and Joan Schreyer’s philanthropy have placed them among the most prolific and influential donors to the university. They announced in 1997 a $30 million commitment to endow the then-incipient Schreyer Honors College. Nine years later, they followed up with an additional commitment of $25 million to the college.
Bill Schreyer said the initial endowment was meant ‘to attract students from all walks of life to Penn State, and nurture and inspire responsible citizenship and a global perspective among students,’ according to a university news story.
The couple committed more than $58 million overall to Penn State.
‘The Schreyer Honors College is truly the fulfillment of Bill’s vision and values,’ university President Graham Spanier said in a prepared statement. ‘Through his own life, he showed that real leaders are dedicated to both excellence and ethics. Thanks to the Schreyers’ support and guidance, our students are graduating from Penn State prepared to follow in his footsteps and take on the challenge of conscientious service and leadership in an increasingly global society.’
Schreyer also served as a Penn State trustee from 1986 to 1998. From 1993 to 1996, he was chairman of the trustees board.
‘No one was more bullish on Penn State than Bill Schreyer,’ head football Coach Joe Paterno said in a university report. ‘In all my years here, no one has done more for us or been more loyal. From helping our kids get jobs on Wall Street to leading the charge in our first fundraising campaign, Bill was always there for the university.’
Outside the university and Merrill Lynch, Schreyer was a trustee at a policy institute, the Center for Strategic and International Studies; a trustee of the George H.W. Presidential Library Foundation; and a consultor for the Vatican’s Patrimony of the Apostolic See, according to the obituary.
Schreyer is survived by his wife; his daughter, DrueAnne Schreyer; his son-in-law, Rodney Frazier; and two grandchildren, Kelly and Charles Frazier.
A private service will be held in Princeton, according to the obituary, and a memorial service is expected in the spring. The family has asked that, in lieu of flowers, any donations made in Schreyer’s memory be sent to the Penn State Schreyer Honors College; the Center for Strategic and International Studies in Washington, D.C.; the Princeton HealthCare System in Princeton, N.J.; or Daytop Village in New York, N.Y.
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