NYU NAMES WILLIAM ALLEN, RETIRING CHANCELLOR OF THE DELAWARE COURT OF CHANCERY, TO HEAD NEW CENTER FOR LAW AND BUSINESS

New York City (March 6, 1997) -- New York University has named William Allen, retiring Chancellor of the Delaware Court of Chancery, as director of a newly established center at NYU for the Study of Law and Business.

Allen will teach jointly beginning fall, 1997, in the NYU Stern School of Business and the NYU School of Law.

"I am tremendously excited by the prospect of teaching at NYU and participating in the further development of the University’s great expertise in matters of corporate law, finance and corporate governance," said Allen. "New York is the nation’s financial and legal center, and NYU is becoming a preeminent center for scholarship and teaching in those areas. It is a perfect location for me."

The Center will be a major innovation in professional education for law and business, designed to facilitate and encourage communication, joint research, and joint teaching projects between finance and business scholars of the business school and legal scholars of the law faculty. The Center also will seek to impact teaching, research and, in some instances, policy development in areas relating to its broad subject matter.

John Sexton, dean of the NYU School of Law, and George G. Daly, dean of the Stern School of Business, both said they look forward to working with Allen in his new role.

"The new center under the leadership of William Allen represents a unique collaboration which will greatly strengthen both the business and law schools at NYU," said Dean Daly. "We believe this will be a model for other such cross-disciplinary efforts at the University."

"Chancellor Allen has shaped the law governing corporations through wise and scholarly opinions throughout his tenure," said Dean Sexton. "Our students and faculty long have studied his decisions, which universally are regarded as models of erudition. We are thrilled that he has chosen NYU’s new Center for Law and Business, and we look forward to having him with us."

Allen previously served as visiting professor at Stanford Law School in 1994 and adjunct professor at the University of Pennsylvania Law School in 1992-1993 and 1995. Allen also is an Overseer Emeritus at the NYU Stern School of Business.

Allen is married to Ruth Horowitz, Ph.D., professor of sociology at the University of Delaware. Dr. Horowitz has been on the faculty of the university since 1976 and has served as a public member of the Board of Medical Practice since 1987. Dr. Horowitz will accept a position as professor of sociology at NYU in the fall.

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3/6/97