Steve Schwarzman was president of his high school’s student council, but he’s not making the rules now.
An agreement putting the name of billionaire co-founder of Blackstone Group on the school -- one of the stipulations of a $25 million donation he pledged -- was rescinded Tuesday by the Abington, Pennsylvania, school board following objections from some residents. The main complaint was that the deal had been done in private with little input from the public.
Schwarzman, 71, dropped the requirement to have his name added to Abington Senior High School, and a new agreement was posted Wednesday on the district’s website to be voted on April 24. The revised deal will put the private equity executive’s name on a new science and technology center, but no longer stipulates that he’ll receive regular updates on the school’s computer science curriculum or construction progress. The first $6 million contribution is due on July 1.