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Founded in 1914, the Alfred P. Sloan School of Management was formerly an engineering management course at the MIT Department of Economics and Statistics. In 1925, a master’s degree program was established. The Sloan School of Business is named after Alfred P. Sloan Jr., who was the president of General Motors, who donated $5 million in 1950 to establish the School of Industrial Management. In 1952, the School of Industrial Management was officially opened. In 1960, the College opened a Ph.D. program. In 1964, the College was renamed the Alfred P. Sloan School of Management, today’s Sloan School of Management.