Lorry I. Lokey (March 27, 1927 – October 1, 2022) was an American businessperson and philanthropist. A native of Portland, Oregon, he founded the company Business Wire in 1961 and donated in excess of $700 million to charities, with the majority of the money given to schools. He resided in San Francisco during his later years.[1]
Lokey resumed college in 1947, having been drafted into the army in 1944, following his freshman year,[7] graduating from Stanford UniversityinPalo Alto, California, with a Bachelor of Arts degree in journalism.[9] At Stanford, he worked on The Stanford Daily, becoming editor of the school newspaper in 1949.[7] Upon graduation Lokey began working for United Press, now United Press International (UPI), and then at newspapers and in the public relations field.[9] One newspaper he worked for was The Daily NewsinLongview, Washington.[8]
Inspired by the sight of a teletype machine transferring financial news during a conference in Los Angeles,[10] Lokey started Business Wire, a news release service, in 1961.[6] Founded in San Francisco, California, the company started with seven clients on the first day of business.[11] The company expanded and became an international wire service with 30 offices around the world.[6] By 2003, the company had grown to 450 employees with annual revenue of $110 million.[11] In 2006, Lokey sold Business Wire for approximately $600 million to Berkshire Hathaway, Warren Buffett's corporation.[6]
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.[6] Some schools include the University of Oregon, Mills College, Stanford University, the Technion,[12]Santa Clara University, Bellarmine College Preparatory, and Portland State University.[1][9][13][14] These efforts led to his listing as one of the ten highest donors in the United States by the Chronicle of Philanthropy in 2006.[6] He was also an early signer of The Giving Pledge.[15] During his lifetime, Lokey donated over 90% of his fortune,[2] exceeding US$700 million.[16] He was the University of Oregon's 2017-2018 honorary degree recipient.[17]
In 2018, he donated $10 million to the University of Haifa for the construction of a new building in downtown Haifa, Israel.[18]
As of June 2014, Lokey had also donated a total of $139.9 million to the University of Oregon in Eugene.[19] 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.[6] The 2007 donation went towards the creation of the Lorry I. Lokey Science Advancement and Graduate Education Initiative.[6]
In October 2008, the Stanford School of Medicine announced that Lokey would donate $75 million for a research facility.[20] The facility is named the Lorry I. Lokey Stem Cell Research Building.[20] He also donated money to establish a new chemistry building at the Ben-Gurion University of the Negev in Israel.[21]
