AMES, Iowa (AP) – Officials say the Iowa State University College of Business will be renamed because of a $50 million commitment from two California benefactors.

The university said in a news release Monday that the college will be renamed the Debbie and Jerry Ivy College of Business, pending approval by the Iowa Board of Regents. Officials say it’s the largest-ever commitment to the college. The gift will establish an endowed fund that eventually will provide the college around $2 million annually.

The university says Jerry Ivy is president and chief executive officer of Auto-Chlor System in Mountain View, California. Debbie Ivy also is a member of Auto-Chlor System’s executive team.

Jerry Ivy earned a bachelor’s in industrial administration from Iowa State in 1953.