News Summary
Raymond A. “Chip” Mason, the founder of Legg Mason and a notable leader in business and education, has died at the age of 88. A significant alumnus of William & Mary, Mason was pivotal in enhancing the school’s business program and served in various leadership roles, impacting both education and the community. He leaves behind a legacy marked by philanthropy, leadership, and a commitment to business excellence.
Naples, Florida – Raymond A. “Chip” Mason, the founder of Legg Mason and a prominent business leader, passed away on Friday at the age of 88. His death was confirmed by William & Mary University, where he made substantial contributions as an alumnus and benefactor.
Mason, who graduated from William & Mary in 1959, began his career at a young age. At 25, he briefly worked at his family’s brokerage firm in Lynchburg before establishing Mason & Co. in 1962 in Newport News. This firm later merged to become Legg Mason, which Mason led for over 40 years, stepping down in 2008. During his tenure, Legg Mason grew to manage an impressive $830 billion in assets at its peak.
Legacy at William & Mary
Mason’s influence extended beyond his business achievements; he played a crucial role in transforming William & Mary’s business school into a nationally recognized institution. In the late 1960s, he was instrumental in establishing the Raymond A. Mason School of Business. His leadership on the Business School Foundation Board and financial support helped to expand the school’s curriculum, reach, and reputation.
In recognition of his philanthropic efforts, William & Mary named the business school in his honor in 2005, marking a significant milestone as the first named school at the university. The school’s current president acknowledged Mason’s visionary leadership and his impact on business education.
Community Engagement and Leadership Roles
In addition to his work with William & Mary, Mason held vital leadership positions in various organizations. He chaired the board of trustees at Johns Hopkins University, the Greater Baltimore Committee, and the United Way of Central Maryland. His engagement with the local community included support for cultural institutions such as the Baltimore Museum of Art and the National Aquarium.
Mason was also an active advocate for the Baltimore Orioles, participating in discussions to prevent the team’s sale and support their presence in the city. He played a significant role in multiple financial organizations, including the Security Industry Association and the National Association of Securities Dealers, further establishing his reputation within the financial sector.
A Lifetime of Recognition
Throughout his career, Mason received numerous accolades for his contributions to education and business. William & Mary honored him with an honorary doctorate of humane letters as well as the Alumni Medallion and Clarke Medallion, the university’s highest honors. His legacy in both the business world and academic settings is marked by a deep commitment to leadership and philanthropy.
Survived by Family
Raymond A. “Chip” Mason is survived by his wife, Rand, and his children and stepchildren: Carter, Morgan, Paige, Pamela, Pike, and Hayward, along with several grandchildren. The university expressed condolences to the Mason family, honoring his significant contributions to business and education.
Deeper Dive: News & Info About This Topic
HERE Resources
Upcoming Meeting for William & Mary Board of Visitors
Additional Resources
- MSN Money
- Wikipedia: Raymond A. Mason
- Baltimore Sun
- Google Search: Raymond A. Mason
- Bloomberg
- Encyclopedia Britannica: Chip Mason
- WYDaily
- Google News: Chip Mason Legg Mason
- 12 On Your Side
- Pensions & Investments
Author: STAFF HERE WILLIAMSBURG WRITER
WILLIAMSBURG STAFF WRITER The WILLIAMSBURG STAFF WRITER represents the experienced team at HEREWilliamsburg.com, your go-to source for actionable local news and information in Williamsburg, James City County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Williamsburg Farmers Market, Yorktown Market Days, and Busch Gardens Food & Wine Festival. Our coverage extends to key organizations like the Greater Williamsburg Chamber of Commerce and Colonial Williamsburg Foundation, plus leading businesses in education and hospitality that power the local economy such as College of William & Mary, The Williamsburg Winery, and Sodexo. As part of the broader HERE network, including HEREVirginiaBeach.com, we provide comprehensive, credible insights into Virginia's dynamic landscape.
