Ford Motor Company has announced its newest scholarship program: the Alan Mulally Leadership in Engineering Scholarship. The scholarship is named after Ford’s recently departed CEO and will provide financial assistance to students pursuing degrees in the field of automotive engineering.
Once a year, the scholarship program will award 10 sophomore or junior engineering students with a one-time sum of $10,000. The program will start in the spring semester of 2015 and run for a total of 10 years. Funding for the program consists of $500,000 from Ford Motor Company and $500,000 from Ford Motor Company Fund, the company’s charitable resource.
The scholarship program will be a part of Ford Fund’s global Ford Blue Oval Scholars initiative. Scholarship winners will become affiliated with the company’s corporate science, technology, engineering, and math (STEM) strategic initiative. STEM aims to build a new crop of leaders in these disciplines.
According to Ford Executive Chairman Bill Ford, naming the scholarship after Mulally was a way to display the former CEO’s extraordinary leadership role at Ford. “We are honoring his legacy by providing scholarships to students who demonstrate the strong engineering ability that is required to develop into the next generation of leaders for our industry,” says Ford.