What does "DeWitt W. Buchanan, Jr." in a professor's title mean? I've got to cite the author of a text and her full title is 


  Jeanne Brett, DeWitt W. Buchanan, Jr., Distinguished Professor of
  Dispute Resolution and Organizations; Director of the Dispute
  Resolution Research Center


I'm at a loss, her name is Jeanne Brett so why is this person's name in her title? When I google  "dewitt w. buchanan" all I get is entries for DeWitt W. Buchanan or this professor. What does it mean in academia terms, is this a prize, the name of an institute, an honorific title, is it important to cite it when talking about the professor? 

I could have posted it to ELU, but it seems something very idiomatic to academia. So...help ?
You would list the "DeWitt W. Buchanan, Jr., Distinguished Professor of Dispute Resolution and Organizations" if you were, for instance, issuing a press release about Prof. Brett's accomplishments, or writing very formal correspondence. You might also mention it if you were introducing Prof. Brett in a seminar. 

Under most normal circumstances, however, such information is not needed, and could come across as being almost pretentious.

As for what the "Dewitt W. Buchanan, Jr., Distinguished Professor" represents, it's what's known as an endowed chair or named chair. Mr. Buchanan was the person honored by the chair—either because he gave the money to establish the chair himself, or others gave the money on his behalf or in his honor.