Ford establishes $1 million scholarship to celebrate retired CEO Mulally image

Alan Mulally, the executive in charge of Ford since 2006 and credited with avoiding the same bankruptcy fate as GM and Chrysler back in 2009, has just retired. The company now dully honors him with a scholarship fund.

The Alan Mulally Leadership in Engineering Scholarship is a $1 million purse designed to help automotive engineering students from worldwide universities, with the advent of the fund in 2015. For the next decade, each year 10 students will be given $10,000 one-time scholarships.

“Alan’s engineering background and data-driven decision making paved the way for the extraordinary leadership he provided at Ford,” Ford Executive Chairman Bill Ford said in a statement. “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.”

For the new scholarship, $500,000 come from the automaker and the rest is provided by the Ford Motor Co. Fund, a well-known philanthropic organization. Mulally ceded control over Ford a few months earlier than expected – he was signed until the year’s end – to make way for his groomed successor, Mark Fields, which took over this month from his previous position as the company’s chief financial officer.