Ford Motor Co. is planning a $1 million scholarship program named in honor of former CEO Alan Mulally.
The Alan Mulally Leadership in Engineering Scholarship announced Thursday provides financial assistance to students pursuing degrees in automotive engineering.
Mulally joined Ford in 2006 and served as president, CEO and a board member until his retirement on June 30. Mulally achieved superstar status by putting an end to infighting, keeping the company out of bankruptcy and getting Ford to build cars that people like to drive.
The scholarship program will award 10 one-time $10,000 scholarships each year to outstanding sophomore or junior engineering students at certain universities around the world. The program is scheduled to run for 10 years starting in spring 2015.