Charter Trustee Perelman in natl. media spotlight

Wharton School alumnus and noted financier Ronald Perelman -- who donated $20 million to Penn in 1995 to create the Perelman Quadrangle -- was elected a Charter Trustee February 19, officially making him a member of the University Board of Trustees until the age of 70. Worth a cool $6.2 billion, Perelman, a long-time University trustee, is the chairperson and chief executive officer of MacAndrews and Forbes Holdings Inc., whose extensive portfolio includes Revlon and First Nationwide Bank. The company is ranked as one of the richest in Forbes magazine's private 500 list, and Perelman himself has been ranked as high as fourth on the magazine's annual ranking of the 400 wealthiest Americans. But recent national media attention directed at the longtime donor since the end of last year has focused not on his relationship with Penn, but instead on his acrimonious divorce and child custody battles, lavish weddings and forays into politics. The billionaire's bitter child custody and child support battles with his ex-wife, Patricia Duff, have received intense media coverage in New York City since December. And aside from his current legal difficulties, Perelman has also played a role in the recent scandal in the White House. Washington lawyer and presidential friend Vernon Jordan called Perelman last January in an effort to land former White House intern Monica Lewinsky a job at Revlon. But despite his unflattering portrayal in the media, University officials say his personal life is unrelated to his achievements and generous donations to Penn. University President Judith Rodin praised Perelman's dedication to his alma mater, noting that he "has made a number of substantial contributions and is deeply committed to Penn." In his new role as a University Charter Trustee, Perelman, 55, will become one of the 10 members of the board accorded the special recognition, and will serve until the age of 70. According to Trustees Chairperson Roy Vagelos, who heads the Trustees nominating committee, Perelman was the only choice put forward by the committee to receive the honor. "[Charter Trustees] are the people who have made significant contributions to the University," said Vagelos, who cited Perelman's "critical" aid to the Perelman Quad project as a major reason for its evolution. Vagelos noted that the Trustees tried to keep "personal things" out of their appointment decisions and added that the press' attention toward Perelman's legal battles "certainly does not diminish his standing as a Trustee." Perelman, who received a bachelor's degree from Wharton in 1964 and an MBA two years later, noted that "to be designated a charter Trustee is a great honor because it allows me to remain an active participant in the life of this great, vital institution." For the past several months Perelman has been at the center of highly publicized legal battles with Duff, arguing over custody of their 4-year-old daughter and how many millions the megamogul must pay in support. Duff has demanded increased support on top of the $30 million divorce settlement and $1.5 million yearly alimony she received after the divorce in 1996. Over the course of the case, details have emerged about Perelman's extravagant lifestyle, which includes a Manhattan townhouse, a 60-acre East Hampton estate and a mansion in Palm Beach, Fla. Perelman often travels from one luxury home to the next by way of his private jets and yachts. Jim Conroy, the senior vice president and special counsel at MacAndrews and Forbes, said, "Mr Perelman's relationship with Penn is one of very long standing and the current litigation has nothing to do with his activities at Penn." Perelman's $20 million donation to Penn is being used to fund renovations in the Perelman Quadrangle -- consisting of Irvine Auditorium and Logan, Williams, Houston and College halls -- which will house student organizations, classrooms, administrative offices and several food service locations. The $82.5 million project will be complete in time for the graduation of the Class of 2000, according to University officials.

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