Lorry I. Lokey
Encyclopedia
Lorry I. Lokey is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 businessperson and philanthropist. A native of Portland, Oregon
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...

, he founded the company Business Wire
Business Wire
Business Wire is a company that disseminates full-text news releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases and other audiences. The company distributes news via its own patented...

 in 1961 and has donated in excess of $400 million to charities, with the majority of the money given to schools. He resides in San Francisco, California
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...

.

Early life

Lorry Lokey was born on March 27, 1927, and grew up in Portland, Oregon
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...

, attending Alameda Elementary School. Growing up in Northeast Portland, he graduated from Grant High School before joining the United States Army
United States Army
The United States Army is the main branch of the United States Armed Forces responsible for land-based military operations. It is the largest and oldest established branch of the U.S. military, and is one of seven U.S. uniformed services...

 and fighting in World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...

. While in the service he worked on the Pacific Stars & Stripes
Stars and Stripes (newspaper)
Stars and Stripes is a news source that operates from inside the United States Department of Defense but is editorially separate from it. The First Amendment protection which Stars and Stripes enjoys is safeguarded by Congress to whom an independent ombudsman, who serves the readers' interests,...

as an editor after the war ended.

In 1949 he graduated from Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...

 in Palo Alto, California
Palo Alto, California
Palo Alto is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, United States. The city shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. It is...

, with a bachelor of arts degree in journalism. While at Stanford he served as editor of the school newspaper, the Stanford Daily. Upon graduation Lokey began working for United Press, now United Press International
United Press International
United Press International is a once-major international news agency, whose newswires, photo, news film and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the twentieth century...

, and then at newspapers and in the public relations field. One newspaper he worked for was the Longview Daily News in Longview, Washington
Longview, Washington
Longview is a city in Cowlitz County, Washington, United States. It is the principal city of the "Longview, Washington Metropolitan Statistical Area", which encompasses all of Cowlitz County. Longview's population was 36,648 at the time of the 2010 census and is the largest city in Cowlitz County...

.

Business career

In 1961, Lokey started Business Wire
Business Wire
Business Wire is a company that disseminates full-text news releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases and other audiences. The company distributes news via its own patented...

, a news release service. Founded in San Francisco, California
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...

, the company started with seven clients on the first day of business. The company expanded and became an international wire service with 30 offices around the world. By 2003, the company had grown to 450 employees with annual revenue of $110 million. In 2006, Lokey sold Business Wire for approximately $600 million to Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...

, Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...

's corporation.

Philanthropy

Lokey began donating large sums of money to charities in 1990. By 2007 he had donated more than $400 million, of which 98 percent was given to secondary and post-secondary education. Some schools include the University of Oregon
University of Oregon
-Colleges and schools:The University of Oregon is organized into eight schools and colleges—six professional schools and colleges, an Arts and Sciences College and an Honors College.- School of Architecture and Allied Arts :...

, Mills College
Mills College
Mills College is an independent liberal arts women's college founded in 1852 that offers bachelor's degrees to women and graduate degrees and certificates to women and men. Located in Oakland, California, Mills was the first women's college west of the Rockies. The institution was initially founded...

, Stanford University, the Technion, Santa Clara University
Santa Clara University
Santa Clara University is a private, not-for-profit, Jesuit-affiliated university located in Santa Clara, California, United States. Chartered by the state of California and accredited by the Western Association of Schools and Colleges, it operates in collaboration with the Society of Jesus , whose...

, and Portland State University
Portland State University
Portland State University is a public state urban university located in downtown Portland, Oregon, United States. Founded in 1946, it has the largest overall enrollment of any university in the state of Oregon, including undergraduate and graduate students. It is also the only public university in...

. These efforts led to his listing as one of the ten highest donors in the United States by the Chronicle of Philanthropy in 2006.

As of 2007, he has donated $132 million to the University of Oregon in Eugene
Eugene, Oregon
Eugene is the second largest city in the U.S. state of Oregon and the seat of Lane County. It is located at the south end of the Willamette Valley, at the confluence of the McKenzie and Willamette rivers, about east of the Oregon Coast.As of the 2010 U.S...

. This includes a $74.5 million donation in 2007 that was the second most ever given to the school, and the largest donation designated for academics. The 2007 donation went towards the creation of the Lorry I. Lokey Science Advancement and Graduate Education Initiative.

In October 2008, the Stanford School of Medicine announced that Lokey will donate $75 million for a research facility. The facility will be named the Lorry I. Lokey Stem Cell Research Building.

External links

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