Complex sentence: She is the third generation of Stephens to own and run the university, starting with the founder Richard S. Stephens, her grandfather, in 1929 and her father Richard A. Stephens, who took over in 1951.
Split into simpler sentences: She is the third generation of Stephens to own and operate the university. Her grandfather, Richard S. Stephens, founded the university in 1929, and her father, Richard A. Stephens, became President of the university in 1951.