Andy Grove donates $26 million to alma mater

Former chairman and co-founder of Intel Andy Grove on Thursday announced a donation of $26 million to his alma mater, The City College of New York. With the endowment, the college plans to set up an engineering school named after Grove, besides supporting new interdisciplinary programs and research initiatives. The money will also be used to provide wireless Internet access in the engineering school's primary building and set up a central e-mail server. The college is currently running a campaign to raise $1.2 billion by 2012 and has raised $625 million in gifts and pledges so far.

"The City College of New York represents the book ends to my professional life--from the cold January day in 1957 when I found my way to the admissions office to the chance encounter, a few weeks ago, with the winner of the Intel Science Talent Search on the day he was starting at City," Grove said in a statement. "This institution is a veritable American-dream machine. I hope to help keep it that way."