Complex sentence: In May 2015, Martin was honored by receiving an endowed chair at Harvard Medical School, the Martin Family Professorship in Basic Research; it will be renamed the Joseph B Martin Professorship in Basic Research upon his retirement.
Split into simpler sentences: In May 2015, Martin was honored by receiving an endowed chair at Harvard Medical School: the Martin Family Professorship in Basic Research. It will be renamed the Joseph B Martin Professorship in Basic Research upon his retirement.