Blackstone Group CEO donates $25M, gets name on high school

A $25 million donation by Blackstone Group CEO Stephen Schwarzman is getting his name on the Pennsylvania high school he graduated from.

Abington Senior High School would be renamed Abington Schwarzman High School under the plan approved Tuesday. The board says Schwarzman agreed to make the donation in exchange for naming rights, among other things.

A news release announcing the gift last month made no mention of a name change.

It said the move was part of a larger effort by Schwarzman to make public schools more open to private donations and to encourage other wealthy donors to support public education.

The Blackstone Group is a global private equity firm based in New York.