HUDSON, Ohio (March 1, 2017) — The Burton D. Morgan Foundation has granted the Wayne County Community Foundation $500,000 to create the Stanley C. Gault Philanthropic Leadership Fund in honor of the former Goodyear CEO.
The permanent endowment fund will award grants to nonprofit agencies whose work enhances the quality of life and economic vitality of Wayne County residents.
Mr. Gault, a longtime Wayne County resident who died in July 2016, was CEO and chairman of Akron-based Goodyear from 1991 to 1996 and led Rubbermaid Inc. from 1981 to 1991. Before joining Rubbermaid, Gault spent 31 years at General Electric, was director and chairman of Avon Products Inc., and a director of the New York Stock Exchange.
An advisory committee will govern the Gault Fund and advise on the development of community projects that focus on “(Mr.) Gault's philanthropic philosophy focused on sustained input and dedicated mentoring,” the release said.
In addition to his corporate achievements, Gault had strong ties to the community. He served on the Morgan Foundation board of trustees from 1994 to 2015.
A graduate of the College of Wooster, he was on the school's board of trustees for more than three decades, starting in 1972.
Morgan Foundation President and CEO Deborah Hoover cited a statement from the board of trustees at the time of Mr. Gault's 2015 retirement: “Stan Gault guided the evolution of the foundation through steadfast contribution of his wisdom, time, and many talents over more than two decades, freely sharing his vast experiences and generously mentoring others.”
She continued: “The board believes that this gift will perpetuate Stan Gault's exemplary leadership and simultaneously demonstrate their great admiration and appreciation for his pivotal contributions to the Foundation.”
Wayne County Community Foundation executive director Sara Patton said the group was honored by the Morgan Foundation's grant, which will “create a living memorial to Stan Gault. His decades of dedicated philanthropic leadership and uncommon personal generosity have made a lasting impact on Wayne County.
"We are delighted that the Gault Philanthropic Leadership Fund will perpetuate the ideal of service and active involvement in philanthropy that Stan embodied throughout his life.”
The Burton D. Morgan Foundation was established in 1967 by the late Mr. Morgan "to champion the entrepreneurial spirit." The foundation serves youth, collegiate and adult entrepreneurs by cultivating transformative opportunities and interlocking networks.
Mr. Burton's career included time in corporate America as well as in establishing a number of his own companies.
This story first appeared on the website of Crain's Akron Business, a sister publication of Tire Business.