This is a great day in the life of Christopher Newport University.

I am pleased to announce that Smithfield Foods and the Smithfield Luter Foundation have committed a gift of $5 million to CNU. This is by far the largest contribution ever made to the University and is the kind of transformational gift that will inspire the success of our students and faculty and encourage others to generously support us.

These funds will be used to establish the Joseph W. Luter, III School of Business and a $1 million merit scholarship program – to be matched dollar for dollar by CNU – that will empower the lives of hundreds of students.

It is certainly appropriate to honor Joe Luter and his family by etching his name forever in the life of one of Virginia’s fine universities. Joe Luter is a leader, a visionary and as Chairman and CEO of Smithfield Foods he has built a dynamic and successful company with global reach. We are honored by his strong and generous support and are excited by this partnership with Smithfield Foods.

Joe and his family have been important business and community leaders in Virginia for generations and CNU is soaring in reach and reputation. The association of our names will bring credit to both.

Smithfield Foods has always felt strongly about the importance of contribution to the larger community. Nowhere has this been more evident than in Smithfield itself. Smithfield Foods has been a major contributor to the revitalization of the downtown area and spearheaded the creation of a beautiful new civic center. The company has also been a generous supporter of other public institutions and civic organizations. We are pleased and honored to benefit from the generosity of this great company.

CNU’s School of Business offers excellent undergraduate programs in finance, accounting, economics, management and marketing. The quality of these academic programs was recently underscored by the awarding of accreditation by the Association to Advance Collegiate Schools of Business (AACSB). This is the most sought after quality indicator of any school that offers business programs and demonstrates our commitment to excellence.

Worldwide, only one in six business schools receives this recognition and only one in three schools in the U.S. CNU is one of just 36 institutions to earn AACSB accreditation offering only an undergraduate program.

The name of Joseph W. Luter III will add great honor and recognition to our Business School and to the University.

One million dollars will be used to fund 25 annual merit leadership scholarships which will be matched dollar for dollar by CNU to produce a total of 50 annual merit scholarships.

The Smithfield Foods Leadership Scholars Program will award to each student $10,000 over 4 years -- $2,000 each year plus an additional $2,000 to encourage foreign study in the junior year.

These 50 Smithfield Foods Leadership Scholars will participate in CNU’s respected President’s Leadership Program (PLP). These students must demonstrate excellence and exceptional potential in the areas of leadership, scholarship and citizenship.

We offer our leadership students an academic curriculum that over four years leads to a minor in leadership studies. Moreover, the program provides each student an array of enrichment activities including special lectures, foreign study opportunities, a summer outdoor leadership experience, internships and a public service requirement of 100 hours.

It is rare that one finds an opportunity to shape a program that will attract outstanding students and nurture an appreciation for the art of leadership and the importance of citizenship.

It is even rarer that one finds an opportunity to enrich the academic life and reputation of a university that will define it for generations to come. I am convinced that the generous support of Smithfield Foods will achieve both of these purposes and I am excited about what it will mean to the lives our students and faculty.

Four million dollars will be added to CNU's endowment and each year interest from these endowment funds will be used to advance the most important priorities of the University and the Joseph W. Luter, III School of Business. These endowment funds will support these important purposes.

Support for Faculty

To recruit and retain faculty members who will empower our students, enhance our curriculum and reputation and reward faculty for exceptional service.

Global Education and Work Experience

Expand opportunities for our students to work and study abroad. Smithfield Foods global operations and reach will help us provide meaningful international opportunities for our faculty and students.

Scholarships

To attract and retain outstanding students because it is the combination of great students and great teaching that creates excellence.

To Enrich the Academic Program

Research and professional development are essential to attracting and keeping the best teachers and these activities help make them knowledgeable and effective teachers. These monies will provide endowment support for student and faculty research, visiting scholars and the acquisition of new technologies – all of which enrich the learning experience.

Distinguished Speakers Program

The knowledge gained in the classroom must be leveraged by the real world experiences of great business leaders who will visit campus and engage our students. We are pleased that Joe Luter – a frequent lecturer at Harvard and other top business schools – will speak to our students on February 6, 2006 and other business leaders of Joe Luter’s stature will visit our campus in the days ahead.

This fall those speakers include Truett Cathy the founder and owner of Chick-fil-a on September 20 and John Allison, Chairman and CEO of BB&T Bank on November 2 nd.

This is a great day in the life of CNU and we would not be here today but for the leadership and strong support of Joe Luter, III and Larry Pope, President and COO of Smithfield Foods. I also want to thank Frances and Joe Luter, IV for all they have done to make this day a reality.