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Tuesday, September 18, 2018 11:28:40 PM
The Howard Hughes Medical Institute (HHMI) is an American non-profit medical research organization based in Chevy Chase, Maryland.[2][3] It was founded by the American businessman Howard Hughes in 1953. It is one of the largest private funding organizations for biological and medical research in the United States. HHMI spends about $1 million per HHMI Investigator per year, which amounts to annual investment in biomedical research of about $825 million. The institute has an endowment of $18.2 billion, making it the second-wealthiest philanthropic organization in the United States and the second-best endowed medical research foundation in the world.[4] HHMI is the former owner of the Hughes Aircraft Company - an American aerospace firm which was divested to various firms over time
Frank William "Bill" Gay (September 11, 1920 – May 21, 2007) was an American executive who oversaw several entities for Howard Hughes. He was chairman of the board of directors of the Hughes Air Corporation. He served as a senior vice president and member of the board of directors for the Hughes Tool Company. He was also president and chief executive officer of Summa Corporation.
Born in Salt Lake City, Utah, he was a student at University of California, Los Angeles when he was hired by Hughes. He was responsible for the creation of Hughes Dynamics, a short-lived computer services subsidiary of Hughes Tool in the early 1960s.[1][2] A member of The Church of Jesus Christ of Latter-day Saints, Gay put together the so-called "Mormon Mafia" that comprised Hughes's inner circle in his later life. Appointed by the Delaware Court of Chancery, Gay served as trustee of the Howard Hughes Medical Institute from 1984 until his retirement in 2006. He had previously served on the Institute's executive committee from 1971-1984
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