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BOSTON, Massachusetts (Reuters) -- Prominent donors have delayed multimillion-dollar gifts to Harvard University since Lawrence Summers resigned as the school's president and a search began for his replacement, people familiar with the matter said Thursday.
Last month, Oracle Corp. chief executive Larry Ellison announced he would not donate $115 million to Harvard because Summers' participation in overseeing how the money would be spent was crucial.
The former U.S. treasury secretary in the Clinton administration announced his resignation in February after a turbulent five-year tenure.
Now, billionaire magazine publisher and real-estate developer Mortimer Zuckerman, Richard Smith, a former member of Harvard's governing board, and banker and philanthropist David Rockefeller have delayed making their gifts, the Wall Street Journal reported Thursday.
Harvard declined to speak about the matter, citing a long-standing policy of protecting potential donors' privacy by not commenting on gift discussions. The men could not be reached for comment.
But people familiar with the matter said several large gifts that had been discussed have not yet arrived.
Boasting a $26 billion endowment, Harvard has long ranked as the world's richest university, often able to attract multimillion-dollar donations from its 328,000 alumni and others who support the university's projects.
But when Summers, known for a brusque management style that alienated some Harvard faculty members but also admired for trying to reshape the 370-year-old school, stepped down, speculation mounted about how his departure would affect fund-raising.
The university ended fund-raising for its fiscal 2006 at the end of June but does not have final numbers yet. Officials said fund-raising was quite strong into the fourth quarter.
Harvard said benefactors often take extra time in making large gifts during times of change.
"It is quite normal in situations of leadership transition in any not-for-profit organization for donors who are considering very major gifts to wait for a new leader to be in place before finalizing and announcing a major commitment," said Sarah Friedell, a spokeswoman at the university's Alumni Affairs and Development Department.
Former Harvard President Derek Bok has agreed to return as interim president until a permanent replacement is found.
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