Parag Satsangi, a freshman business administration and public policy major from Charlotte, N.C., was selected as the first recipient of the Wayland H. Cato, Jr. Merit Scholars Endowed Scholarship at UNC.
Satsangi is a student in UNC Kenan-Flagler’s Assured Admission program, where in partnership with UNC Undergraduate Admissions, the School selects an exemplary group of first-year students for assured admission to the undergraduate business major.
The scholarship was established by Wayland H. Cato Jr., who graduated from UNC-Chapel Hill in 1944 with a B.S. degree in commerce, ranking in the top 3 percent of his class. During World War II he served in the U.S. Navy as commanding officer of a minesweeper in the Pacific Theater. Along with his father, he founded the Cato Corporation in 1946, a multi-state women’s apparel chain headquartered in Charlotte, NC. He was president of the company from 1960-1993, CEO from 1968-1999 and chairman from 1970-2003. In 2004 he became chairman emeritus. In 2007, Cato received the Kenan-Flagler Business School Leadership Award. Among other honors, he was also inducted into the North Carolina Business Hall of Fame.
“I am very honored to be awarded a scholarship in the name of a successful entrepreneur from the University of North Carolina at Chapel Hill,” said Satsangi. “Receiving this scholarship has allowed me to get started on my pursuit of creating a business that helps provide educational accessibility to students in rural villages in South Asia.”
The scholarship is awarded to students based upon academic merit and promise and was created for in-state undergraduate students who are freshmen and/or sophomores who intend to enroll at UNC Kenan-Flagler and have been admitted into the Assured Admission Program. The scholarship can also be awarded to juniors and/or seniors who are currently enrolled in the business school.
The scholarship covers the cost of tuition, fees, room, board, books and other course-related supplies and academic enrichment activities.
“UNC Kenan-Flagler is a leading global school of professional business that is committed to helping high-quality students excel. Mr. Cato’s endowment served as a vital source of support in 2011-12 as we worked to achieve that important goal,” said James W. Dean Jr., dean of UNC Kenan-Flagler.