Prominent Business Leader and Philanthropist, John Pappajohn, Passes at 94
John Pappajohn
Prominent business leader and philanthropist John Pappajohn, a former member of the Leadership 100 Board of Trustees and a longtime member of the Investment Committee, passed away at 94 on April 22, 2023, at his vacation home in Naples, Florida.
Demetrios G. Logothetis, Chairman, conveyed the condolences of Leadership 100 to John’s daughter, Ann Vassiliou, son-in-law, Argyris “RJ” Vassiliou, Chairman Emeritus of Leadership 100, and grandchildren Nicholas and Alexandra, all of whom are Leadership 100 members.
“John was a voice of wisdom who guided Leadership 100 over the decades, especially with regard to our investments through his long service on the Investment Committee. He was an extraordinary business leader and philanthropist who inspired generations in business, the arts, health services and higher education,” according to Logothetis.
Pappajohn was an Archon of the Ecumenical Patriarchate, Order of Saint Andrew, a Founder of the Faith Endowment, a member of The Hellenic Initiative Board, and a contributor to the St. Nicholas Greek Orthodox Church and National Shrine. He was a member of St. George Church in Des Moines, Iowa and St. Katherine Church in Naples, Florida.
Born in Greece in 1928, Pappajohn immigrated to the United States with his mother at the age of nine months and grew up in the Greek community in Mason City, Iowa. He graduated from the University of Iowa in 1952, earning his Bachelor of Science (BSc) degree from the then-College of Business Administration, taking six years to do so because he alternated going to college with his two brothers—two would work while the other attended classes.
Pappajohn said he learned the value of hard work early growing up in Mason City. As a child, he had to repeat kindergarten because he spoke little English. His father died when he was sixteen, forcing him to work while simultaneously attending school. He returned to Mason City after graduating from the University of Iowa and sold insurance, then started Guardsman Life Insurance Company in Des Moines in 1962. He sold the company in 1969 for $100,000 and used that money to start his own venture capital fund, Equity Dynamics. Focusing on health care and medical technology, the firm grew rapidly, and he became one of the state’s most prominent business leaders. Pappajohn has been involved in more than 100 startups, 50+ IPOs, and has served as a director in more than 40 public companies.
Pappajohn credited the beginning of his love of art to an art appreciation class he took as a senior at Iowa. His wife Mary, who passed away on March 27, 2022, shared this passion and after marrying in 1961, the two began their art collection with a purchase made while on their honeymoon. Throughout their lives, both John and Mary served on the boards of notable art museums. They had a special relationship with the Des Moines Art Center, which they worked with to establish the 4.4-acre John and Mary Pappajohn Sculpture Park in Des Moines, which features many pieces from their collection.
He and his wife, Mary, felt a debt to his alma mater and repaid the university many times over for his educational experience, including a $4 million gift in 1992 to build the John Pappajohn Business Building for the College of Business.
Pappajohn’s passionate support of entrepreneurship was witnessed in 1996 when he provided the seed funding to start five entrepreneurial centers throughout the state. Centers were established at the University of Iowa, Iowa State, UNI, Drake, and Northern Iowa Area Community College. His goal was to revive the entrepreneurial spirit in Iowa, where the economy had been battered by the farm crisis. “I want to make Iowa the most entrepreneurial state in America,” he said at the time. His commitment to the entrepreneurial centers never waned. In total, he gave approximately $30 million to the five Pappajohn Centers.
The Pappajohns provided more than $100 million in support to philanthropic causes around the world, with a particular fondness for higher education and the arts. Of note are those at the University of Iowa including the Pappajohn Pavilion in the University of Iowa Hospitals and Clinics, the John and Mary Pappajohn Clinical Cancer Center, and the John and Mary Pappajohn Biomedical Research Building. They also supported the John and Mary Pappajohn Educational Center in downtown Des Moines. As he stated in the 1992 issue of Business at Iowa magazine, "I've always felt life has been generous, and my philosophy has been to give back much of what I received. The logical place for me was where I got my education."
A 1995 recipient of the Horatio Alger Award, he received an Honorary Doctorate from the University of Iowa in 2010. He received the University of Iowa Distinguished Alumni Service Award in 1991 and the Hancher-Finkbine Alumni Medallion in 2004. Other awards and honors include the Iowa Business Leader of the Year, Beta Gamma Sigma Entrepreneur of the Year, Iowa Region of the National Conference of Christians and Jews Brotherhood Award, Hellenic Heritage Achievement Award, Meredith Willson Heritage Award, Central Iowa Business Hall of Achievement, Iowa Hall of Fame, and Ellis Island Medal of Honor.
He also was a major donor to the University of Iowa Hospitals and Clinics and with his wife, Mary, established the John and Mary Pappajohn Higher Education Center in Des Moines.
A self-taught expert in medicine, he was particularly successful with his investments in medical technology and innovations such as managed care. He was known for being hands-on with the companies he backed, helping them get on track and making sure other investors were paid before taking his own profits, which earned him invaluable trust.
