Purdue News
Purdue News
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February 25, 2000 Krannert alumnus invests in business education futuresWEST LAFAYETTE, Ind. – Steven A. Webster, a 1973 graduate of Purdue University's Krannert School of Management, has made a $2 million gift to give future business students a new home. "I had a positive experience as an undergraduate at Purdue," Webster said. "I believe investing in education makes a great deal of sense. I also feel that my gift to the Krannert School will really make a difference." The $55 million Krannert at the Frontier campaign, the largest privately funded project in Purdue's history, has as its central goal building and renovating facilities to house the Krannert School's undergraduate and graduate education and research. The $31 million building will be located across the street from the existing Krannert Building at the corner of State and Grant streets on the West Lafayette campus. The campaign also seeks $24 million to fund scholarships, endowed professorships and high-technology equipment. To date, the campaign has raised $23 million. Webster went into the energy business in 1988 when all the smart money was getting out, according to a 1997 article in Investor's Business Daily. He started buying up oil rig equipment in classic Economics 101 fashion when the price of oil was so low that the drilling gear was hardly worth the price of recycling the steel. The Houston company he founded was Falcon Drilling Co. Webster's contacts in the oil industry and the financial fundamentals convinced him that the industry would turn around. He continued buying equipment, calmly staying the course and convincing his investors, including the legendary George Soros, to do the same. When the price of oil went back up and the U.S. oil industry revived, Webster's company rode the wave, going public in 1995 and merging with Reading and Bates to become R&B Falcon Corporation, the largest company in the oil-rig industry in 1997. R&B Falcon is traded on the New York Stock Exchange. Webster came to Purdue from Bethlehem, Pa., where his parents still live. He earned his bachelor of science in industrial management at the Krannert School and then his master of business administration at Harvard. After graduation, he worked in investment banking and venture capital. "Steve Webster is a great friend of Purdue University and the Krannert School," said Richard A. Cosier, dean of the Krannert School and Leeds Professor of Management. "His immense generosity allows us to take a major step in completing our new building. "A true leader in the energy business, Steve is a role model for our students." Webster currently serves as vice chairman of the board of R&B Falcon and as a managing director of Donaldson, Lufkin & Jenrette Merchant Banking. He also serves as a director and chairman of the board of Carrizo Oil & Gas, an oil and gas exploration company; a director of Crown Resources Corporation, a precious metals mining company; and a director of Geokinetics, a seismic contractor. Carrizo, Crown and Geokinetics are all listed on the NASDAQ. Webster also serves as a director of Camden Property Trust, a real-estate investment trust that is listed on the NYSE; and as a director of Grey Wolf Inc., a land drilling contractor, listed on the American Stock Exchange. Webster's son Barrett is also a Purdue graduate. "When my son was at Purdue, it provided a chance for me to get back involved with Purdue and the Krannert School," Webster said. "I liked the people and liked what they were doing." He is a member of the Krannert at the Frontier cabinet and the Dean's Advisory Council. Webster and his wife have four children and live in Houston. Purdue's Krannert School offers undergraduate, master's, doctoral and executive programs. Source: Richard A. Cosier, (765) 494-4366; rcosier@mgmt.purdue.edu Writer: Mike Lillich, (765) 494-2077; mlillich@purdue.edu Purdue News Service: (765) 494-2096; purduenews@purdue.edu
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