October 2012 – the Chao family announced its intention to honor that legacy — as well as the life of its late matriarch, Ruth Mulan Chu Chao — with a $40 million gift to Harvard University and Harvard Business School.
“My family and Harvard Business School have had a remarkable relationship spanning four decades,” said Angela Chao, the youngest daughter of the Chao family. “We are so pleased to be able to further the School’s work of educating leaders who make a difference in the world while at the same time honoring our mother – the woman who inspired us with her selflessness and courage.”