Henry B. Tippie, namesake of the University of Iowa business college, dies at 95

IOWA CITY — The namesake of the University of Iowa’s Henry B. Tippie College of Business — and numerous other funds, scholarships, boards and faculty chairs — died Sunday at age 95.

Tippie — who grew up on a farm in Belle Plaine, served in the U.S. Army during World War II, attended UI on the G.I. Bill, and made his way to Wall Street, where his business acumen propelled the wealth he’d use to launch endless philanthropic endeavors — passed away at his home in Austin, Texas.

“Optimism, conditioned on reality, was ever present with Henry, and he really believed that ‘every day is a new day,’” said Gary Fethke, dean emeritus of the UI business college, of the man he called, “an Iowa success story.”

“He was a plain man who achieved great things, thoroughly enjoyed his life, appreciated his friends, loved his wife, and made the world a better place,” Fethke said.

Tippie left a literal mark across the UI campus and state of Iowa:

Tippie’s impact also stretched far beyond those entities, facilities, positions, and awards that bear his name to the people earning them, employed by them, and working and learning in and through them.

As of the 2021 budget year, the Tippies had provided more than 900 scholarship awards for UI students.

"I felt that if I could ever get in a position where I could give some assistance to those in need of a University of Iowa education, then I would try to do something as repayment," Tippie once said.

Business acumen

That commitment stemmed from the start that Tippie’s UI Bachelor of Science in Commerce degree in accounting gave him, launching him into his first job as a junior accountant in the Des Moines area.

He became a certified public accountant in 1951 — remaining a member of the Iowa Society of CPAs and the American Institute of CPAs for more than 50 years — and joined John W. Rollins and Associates, a small Delaware-based communications firm, as its controller in 1953.

He helped Rollins acquire the pest-control company Orkin in 1964 through a deal that marked among the first leveraged buyouts in U.S. history of a major corporation by a smaller company, according to the UI Center for Advancement.

The deal — which eventually became a Harvard Business School case study — turned Rollins into a publicly traded Fortune 1000 firm with more than 700 pest control operations in 55 countries and five companies listed on the New York Stock Exchange.

Even after retiring, Tippie stayed active in the Rollins leadership — going to the office and attending meetings in Atlanta or Delaware.

And he always credited his success back to Iowa.

“When I was in college, I was a total unknown,” he said during a speech on the UI campus in 2014, but added, “When I got out of there, I had a foundation that would prepare me for things ahead.

“I am the recipient of somebody giving me a chance.”

Philanthropy

With little to give back as a recent graduate, Tippie made his first donation to UI in 1953 — a $5 gift to the Chester F. Phillips Scholarship Fund.

That swelled, as Tippie’s wealth grew, and the university in 1999 named its business college in honor of the couple’s philanthropy.

He continued his giving through service, as a member of the national campaign committee for Iowa Endowment 2000 and on the steering committee for UI’s $1 billion “Good. Better. Best.” campaign — among other things.

He and Patricia were honorary chairs for the “For Iowa. Forever More.” campaign that started quietly in 2008, went public with a $1.7 billion goal in 2013, and ended up amassing donations from 272,543 individuals totally $1.975 billion by 2017.

As part of that campaign, the Tippies created a $15 million matching challenge that added $30 million to the effort.

“He had a generous soul that led him to show his thankfulness both financially and through enthusiastic personal support,” current Tippie Dean Amy Kristof-Brown said in a statement. “Knowing that Henry had faith in me as a new dean to guide the college that bears his name was the greatest gift that he could give.”

The Tippies’ love for athletics and the Hawkeyes fueled their giving to student-athletes, administration, and facilities. In a statement following his death, Head Football Coach Kirk Ferentz called Tippie not only "a generous financial contributor to the University of Iowa and our football program“ but a "friend to our coaches, staff and student athletes.”

“His philosophy and approach to business was like our approach to football, which is to work hard, assess what you did well, prepare to do better and then move forward,” Ferentz said. “My initial hope when meeting Henry and Pat more than a decade ago was that they would make a gift to the football program. Not only did we receive a financial contribution, but it was the beginning of a close and wonderful friendship.”

Honors

In recognition of his contributions to the UI campus, students, faculty research, and the sweeping implications his work and support has meant, Tippie over the years has received numerous honors, including the “UI Distinguished Service Alumni Award,” the “Hancher Finkbine Medallion, the ”Outstanding Accounting Alumni Award,” and in 1996 the Horatio Alger Award.

He received an Honorary Doctorate of Humane Letters from UI in 2009 and from Allegheny College in 2011, and he became the 17th member of the NYSE Wall of Fame in 2018.

“Henry was equally comfortable in a tuxedo in New York City and blue jeans in Waco,” Fethke said in a statement of his friend Tippie, who for years owned a 33,000-acre ranch in Texas. “He could relate to everyone from CEOs and university presidents to janitors. He knew how to take risks and invest aggressively, and he knew when to be humble.”

In 2020, Tippie recorded a video message for UI’s business college graduates — acknowledging the unparalleled circumstances they were embarking into and encouraging them nonetheless.

“You are graduating during a most challenging time,” he said. “Your future will be what you make it.”

Gratitudes

As the University of Iowa was not the only benefactor of Tippie’s generosity, other campuses upon learning of his death have issued statements praising him as a “friend” and sharing condolences.

Coe College in Cedar Rapids on Monday said although Tippie and his wife weren’t Coe alumni, they supported the campus “as if they were.”

“Coe is one of many institutions in Iowa that remain grateful to the Tippies for their investments to ensure our students have opportunities to grow,” Coe President David Hayes said in a statement. “Although his time at Coe was limited to his military service, his impact was beyond measure."

Tippie — at age 17 — first found his way to Coe in 1944 upon enlisting in the Army Specialized Training Reserve Program. Bunking with 200-some cadets in the Eby Fieldhouse basement, Coe offered Tippie his first military training and college coursework.

Later in life, Tippie organized a reunion of the Coe cadets — who today are commemorated via plaque in Coe’s Athletics and Recreation Complex.

He also over the years donated more than $1 million to Coe — establishing the President’s Special Assistance Fund in 2002 supporting student financial aid.

The Tippies a decade ago created the Henry B. Tippie Professorship in Business and Economics, and more recently donated to the David and Janice McInally Center for Health and Society — slated to open this fall.

Kirkwood Community College too on Tuesday expressed sadness at the news of Tippie’s passing.

For more than 25 years, Tippie and his wife had donated $3.5 million to the college through support for student scholarships and campus projects. In 2017, the couple recently gave $1 million to the Henry B. and Patricia B. Tippie Business Endowed Scholarship — prompting Kirkwood to dedicate its Tippie Businss Education Center in Neilsen Hall to the couple in May of that year.

“Henry Tippie was an amazing man who understood the importance of giving back to his community,” Kirkwood President Lori Sundberg said in a statement. “He had a massive impact on so many other lives and will continue to do so. Henry set an example for all of us to follow in how we can work together to make a better world for everyone.”

Tippie’s giving to Kirkwood began three decades ago:

Among the Kirkwood students helped by Tippie's giving is Hannah Rohwedder, a Tippie scholarship recipient studying agriculture production.

"Receiving this scholarship helped me realize that all my hard work and determination throughout the years has given me a great, helpful reward, but also that someone else sees my future potential and ability to work for my goals,“ Rohwedder said in a statement.

"In return, I will work hard to achieve these goals` and help others along the way, just as others have helped me."

Vanessa Miller covers higher education for The Gazette.

Comments: (319) 339-3158; vanessa.miller@thegazette.com