Rice Business hosted a celebration Feb. 13 for the newly named Virani Undergraduate School of Business. Houston business and community leaders Farid and alumna Asha Virani ’89 made a historic gift to the university’s business program last fall, igniting a new era of opportunity for students.
“We are so fortunate that the Virani family will lend us their name for this important undergraduate program,” Dean Peter Rodriguez said in his remarks.
Rice welcomed faculty, university leadership and the Viranis’ family and friends to Jamail Plaza outside McNair Hall for dinner, drinks and dessert. Guests were able to greet and chat with the Virani family, including Farid and Asha as well as their son and alumnus Faraz ’21 and daughter Zoya. Guests could also stroll through a visual timeline of Rice Business history with the latest installment being the naming of the Virani Undergraduate School of Business — what Rice Business calls “the foundation” for the school’s future.
Initially launched in 2021, the undergraduate business major has built on the success of Rice Business’ graduate programs and utilizes the same world-renowned faculty. It’s become one of the most popular majors on campus and continues to grow.
“When Peter Rodriguez discussed the formation of the new Rice undergraduate business program, we were looking for a family that had a real passion for Rice, a family that had a demonstrated love for the Houston community, but just as importantly, we hoped that it would be an entrepreneur that was exceptional, because Rice is the No. 1 entrepreneurship program in the nation,” said Lori Sherman, Farid Virani’s fellow board member with Teach For America Houston, in a video shown at the event. “With these criteria, the choice was obvious.”
Caroline Mazur-Sarocka, a senior majoring in business and president of the Rice Business Society, spoke about her experience transferring into the business major and how the program expanded her view on the world of business.
“This is more than just a new name for a new program. Undergraduates now have a distinct identity to rally behind and one of which we can all be proud,” Mazur-Sarocka said. “The Viranis’ historic gift gives us a home and increases our sense of belonging at both the university and the business school.”
“True education must be built on ethics, adaptability and empathy, preparing you to navigate the uncertain future ahead of you,” Farid Virani said. “This belief is deeply rooted. Our family values, guided by our faith and its principles, [remind us that] giving back is not just a privilege, it’s a duty. Personal success means nothing unless it is used to serve others.”
Farid Virani added that he has “no doubt” that the Virani Undergraduate School of Business will become a hub for inspiration, resilience and opportunities — a place for students to be encouraged to think big, act ethically and lead with purpose.
“Our vision is to foster a culture of curious and compassionate lifelong learners who will lead with a strong ethical orientation and intellectual humility,” Asha Virani said.
The gift will significantly impact the more than 300 students currently declared as business majors, fostering a new generation of leaders equipped to tackle pressing global challenges. This includes supporting ongoing growth in the number of business majors at Rice and advancing opportunities in areas like energy transition, artificial intelligence, nonprofits benefiting society at large, health care reform and the revitalization of urban communities.
“The Viranis’ transformative gift will ensure that our business education continues to thrive and, in fact, expand, shaping the future of business leadership, entrepreneurship and innovation at Rice and beyond,” President Reginald DesRoches said. “Fifty years ago, Rice made a bold and forward-thinking decision to establish a business school that would prepare the next generation of leaders for the complexities of a rapidly changing world. Over the past half-century, Rice Business has grown into a powerhouse of business education, producing outstanding graduates … who are making an impact in Houston, across the country and around the globe. Our graduate program is now one of the most recognized in the nation, producing more MBAs than any other program in the state of Texas.”
The business school also broke ground on a new building in 2024 and expects to welcome students to the new facility, adjacent to McNair Hall, in 2026. To learn more about the programs at Rice Business, visit business.rice.edu.