The gift will be used to support four-year scholarships for students in the business school, with preference to students from communities served by Mount Vernon Mills. Robert B. Pamplin Jr., president and chief operating officer of R.B. Pamplin Corp., which owns Mount Vernon Mills, said the gift serves a dual purpose.

"Mount Vernon's commitment recognizes and honors Roger and, at the same times, provides four-year scholarships to students in the communities served by Mount Vernon Mills," Pamplin said. President Palms said Mount Vernon's scholarship endowment is particularly welcome in a climate of rising costs in higher education.

"In a time when higher-education costs are increasing, sometimes putting incredible financial demands on students and their families, this gift from Mount Vernon Mills has even more meaning for the University," Palms said. "It will help us recruit some of the most promising students in the Carolinas and other states. And it will enable these students to pursue their education at The Darla Moore School of Business without incurring debt and worrying about paying for their education."

An Anderson native, Chastain began his career as a management trainee with Riegel Textile Corp. in 1964 and eventually became president and COO. In 1985, when Mount Vernon purchased Riegel, he remained as president of Riegel Textile Division and became executive vice president and director of Mount Vernon Mills. He was named president, COO, and director of Mount Vernon in 1993.

Chastain earned a bachelor's degree in business from USC in 1964 and was named a distinguished alumnus of The Darla Moore School of Business in 1994. In 2000, he was elected president of the USC Business Partnership Foundation for two years and president of the American Textile Manufacturers Institute for a one-year term.

He and his wife, Bunny, have a daughter, Molly Elizabeth, and two sons, Jason, a 1996 graduate of USC, and Brent, a 1998 graduate of the university. Preference for the scholarships will be given to students who have a financial need and a strong academic record from Greenville, Johnston, Spartanburg, LaFrance, McCormick, Ware Shoals, Williamston and Woodruff in South Carolina; Alto, Cleveland, Commerce, Cornelia and Trion in Georgia; Brenham and Cuero in Texas; Tallassee, Ala.; Fresno, Calif.

The $1 million gift, part of USC's $500 million capital campaign, is the second to The Darla Moore School of Business this month. On Feb. 15, Palms announced a $1 million gift from BMW Manufacturing Corp. to establish an endowment for international initiatives in the business school.