Building a Mays Family Legacy

Texas A&M University’s former students, as a whole, have enjoyed great success — but few can match the trajectory of Lowry Mays ’57.

After experiencing a family tragedy — his father’s death — at the age of 10, Lowry pulled himself up by the bootstraps to become “the man of the family.” The lessons from those days proved foundational in the development of his characteristic resilience and commitment to hard work.

He soon applied those traits to his petroleum engineering coursework and Corps of Cadets service at Texas A&M. But his college experience was profoundly formative in other ways — and he left Aggieland with a deep respect for his alma mater, a commitment to embodying the Aggie Core Values, and an understanding of the life-changing opportunities inherent in education.

That combination played a key role in Lowry’s transformation into a leading entrepreneur, philanthropist, and role model for what’s possible. “He was the quintessential Aggie,” said Mays Business School Dean Nate Sharp. “He was an honest, hard-working man who lived every aspect of his life with complete integrity.”

Homing In on the Signal

Some might say the winds of fate had a hand in the businessman’s unparalleled climb from a U.S. Air Force petroleum engineer to an internationally respected entrepreneur — and to a point, that impression would be correct.

By 1972, Lowry had earned an MBA from Harvard Business School and transitioned into investment banking. He agreed to co-sign a loan to purchase an FM radio station — and soon found himself owning the station when the co-signer backed out. As was his nature, the Aggie committed to the challenging task of navigating an unfamiliar industry, tapping his wide network — including another notable San Antonio businessman Billy Joe “Red” McCombs, who eventually joined the company as a silent partner — as well as the knowledge and skills he gained at Texas A&M and Harvard.

Slowly but surely, the new owner began to find his bearings. Under Lowry’s leadership, the company focused on operational excellence and improving advertisers’ sales. Using this approach, the company thrived and was well-positioned to grow exponentially after the industry’s deregulation in the 1980s.

As a result, Clear Channel Communications became a corporate juggernaut. At its peak, the company owned 1,200 radio stations, as well as television stations, outdoor advertising ventures and live event venues. In 2008, Lowry and McCombs sold the company for approximately $25 billion.

A True Partnership

When asked about his professional success, Lowry always credited his wife, Peggy Pitman Mays. “My father would never have achieved what he did without the strength of my mother,” said their daughter, Linda Mays McCaul ’87.

Lowry and Peggy complimented each other in their approach to life, building a strong faith-based and intentional partnership that served as a solid foundation for their family as well as Lowry’s extensive business endeavors. Both also appreciated the value of a dollar, having grown up during the Great Depression.

The pair brought different strengths to the relationship. Lowry was a humble and kind man who didn’t like to have his praises sung. His focus was on hard work and selfless service, lessons he learned in spades while watching his widowed mother work several jobs in order to afford sending Lowry and his sister to the best schools.

Peggy’s traits included loyalty, tenacity, compassion, and an adventurous spirit. And even though she didn’t attend Texas A&M, Peggy cheerfully donned maroon and was committed to the Aggie Core Values.

Both also devoted part of their resources toward the betterment of society. For Lowry, the desire to give back was rooted in his family’s financial struggles after his father died. He often recounted his boyhood memory of a YMCA employee giving him a gold coin that could be used anywhere at any time. “Dad had a lot of things like that happen to him during that tragic year when his father died,” daughter Kathryn (Kathy) Mays Johnson explained. “Those experiences helped him realize how important nonprofits were to people who did not have a lot of money.”

While Lowry and Peggy were drawn to different philanthropic causes, the couple always made their philanthropic decisions jointly. The pair often initially volunteered their time and talent so they could gauge the organization’s soundness before making a financial investment.

Unsurprisingly, the Aggie was always open to his alma mater’s proposals and his keen eye soon spotted the promise inherent in the university’s business school. Impressed by Dr. Benton Cocanougher, the school’s dean at the time, and the world-class faculty who increasingly were joining the school, Lowry — who served on The Texas A&M University System Board of Regents from 1985-1991 and 2001-2007 — realized the school’s potential and wanted future Aggie business majors to benefit from the unbeatable combination of a world-class education and the Aggie Core Values.

The couple also saw the opportunity to deeply imprint the importance of philanthropy long-term into the Mays family’s DNA. In 1994, Peggy and Lowry dedicated one-third of their estate — which was an unprecedented decision at the time — to establish the Mays Family Foundation. By September 2024, the Mays Family Foundation had committed more than $250 million to the communities in which the Mays family lives, works, and serves.

A Growing Family Legacy

Lowry and Peggy raised their children — Kathy, Linda, Mark, and Randall — with the same values, work ethic, and independence they had. The four children also learned about the formative role that Texas A&M played in their father’s life and the couple’s commitment to philanthropy.

To that end, the Mays children watched as Lowry and Peggy made the decision in 1996 to commit $15 million and gain naming rights of Texas A&M’s business school. In doing so, Mays Business School became the first named school in Texas A&M’s history. Over the years, the family continued to build a strong relationship with the business school, making gifts to support excellence funds, scholarships, chairs, teaching awards, marketing initiatives, and facilities.

Their four children learned these lessons well and are passing their parents’ legacy to their combined 16 children, including four Aggies. This latest generation is already taking note.

Case in point: Paige Johnson ’21, the only grandchild to have attended Mays Business School, who received her college diploma from Lowry at the graduation ceremony. Now serving on Mays Business School’s Dean’s Advisory Board, she brings the insights and perspectives of a recent graduate to the board’s discussions.

“Paige is ably upholding her grandparents’ legacy of selfless service and engagement while continuing their commitment to education as a way of changing lives,” said Sharp. “She’s a wonderful role model not only for her cousins but also for younger generations of Aggies who will see her example of engaging in selfless service in the very early stages of her professional career. I know Paige’s grandparents would be so proud.”

A Continuing Investment

Despite the loss of Peggy in 2020 and Lowry in 2022, the Mays family has continued to support Mays Business School. The foundation’s four voting board members — Kathy, Linda, Mark, and Randall — recently unanimously approved a $25 million gift to support the construction of a new graduate education building, which will be named in Lowry’s honor.

This latest gift brings the family’s total philanthropic support of the school to more than $72 million. “Our aspiration is for Mays Business School to become the preeminent public business school in America. The Mays Family Foundation’s incredible generosity is helping us get there. We cannot become the preeminent public business school without preeminent facilities and learning environments for our students,” Sharp explained, adding that this new building will have a strong, visible presence right on University Drive.

Fittingly, the new building will be home to the nascent Engineering MBA program that mirrors Lowry’s combined engineering and business background. “I think if he could have obtained the education that he got at Harvard in College Station, he would have loved to,” Paige said.

Ultimately, the new graduate education building will serve as a visible reminder of what’s possible, as evidenced by its namesake, one of the greatest Aggies of all time. “Lowry Mays had a major influence on Texas A&M University and on the world at large, so a world-class building named in his honor will be a fitting tribute to the bold way he lived his life,” Sharp said. “He’s someone we hope our students look to and seek to emulate. He loved this university and this business school with his whole heart, and we are honored to be a part of Lowry’s great legacy.”

The New Generation Carrying on the Mays Family Philanthropy