The Alvin Ailey Dance Foundation has announced that it has raised more than $40 million in honor of Joan H. Weill, who is retiring after fourteen years as chair of the New York City-based dance company’s foundation and twenty years on its board.

The announcement launches a $50 million Campaign for Ailey's Future in support of the company's artistic and educational programs as well as an expansion of its building. The lead gift to the campaign, $16 million from Weill's husband, former Citigroup CEO and chair Sanford I. "Sandy" Weill, will match additional gifts to the campaign through the end of this year's opening night-gala benefit in December.

Other significant contributors to the campaign include the Elaine P. Wynn & Family Foundation, which has pledged $5 million, and Ronald O. Perelman and Daria L. and Eric J. Wallach, who have pledged $3 million each. In addition, Bloomberg Philanthropies, the Ford Foundation, and Pamela D. Zilly and John H. Schaefer all have committed at least $1 million to the campaign.

The company’s foundation recently announced Daria L. Wallach, managing partner at Lord, Abbett & Co. and its current president, as the foundation's new chair. The foundation’s new president will be Debra L. Lee, chair and CEO of BET Networks. Both appointments are effective January 1, 2015, at which point Joan Weill will become chair emerita.

"It's time for somebody else to take it over and move it to the next level," Weill told the New York Times. "It's been one of the greatest experiences of my life."