In 1916, the school was renamed the "School of Commerce and Administration". Soon after in 1922, the first doctorate program was offered at the school. In 1932, the school was rechristened as the "School of Business". The School of Business offered its first Master of Business Administration (MBA) in 1935. A landmark decision was taken by the school at about this time to concentrate its resources solely on graduate programs, and accordingly, the undergraduate program was phased out in 1942. In 1943, the school launched the first Executive MBA program. The school was renamed to "Graduate School of Business" (or more popularly, the "GSB") in 1959, a name that it held till 2008. That year alumnus David G. Booth gave the school a gift valued at $300 million, and in honor of the gift the school was renamed the "University of Chicago Booth School of Business".