Daily Archives April 13, 2018

Stephen Schwarzman, School District Change Terms on His $25 Million Gift

Blackstone Group LP CEO Stephen Schwarzman has dropped his stipulation that his high school be renamed after him as a condition for his $25 million gift, the largest known gift to an individual public school.

The condition, which wasn’t disclosed when Mr. Schwarzman announced his gift in February, ran into objections from the community in Abington, Pa., after the school board disclosed it last month. Plans for the gift include paying for a major renovation at Abington Senior High School in Abington, Pa., where Mr. Schwarzman graduated in 1965, and adding a new science and technology center.

An initial pledge agreement, approved last month by the school board, outlined stipulations for the deal...

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