Detroit Medical Center CEO donates $61,000 for scholarships

August 31, 2012

The CEO of Detroit Medical Center in Michigan decided to donate his personal stock in the company to award college scholarships for his employees.

Mike Duggan unselfishly puts $61,000 this year into college scholarships for the children and grandchildren of DMC employees. It's a way for Duggan and his wife to give back to the community.

"If I'm here next May, it will be another $60,000 or if the Vanguard stock goes up it will be more than that," explained the generous CEO.

The scholarships are awarded on academic acheivement, extra curricular activities and financial need. The students must be no older than 25, have a grade point average of at least 2.5 and must be enrolled in full-time studies at a U.S. or Canadian school.

"We're in need, because books are very costly," DMC employee Patricia Wilson told reporters.

60 children and grandchildren were awarded a $1000 scholarship through the fund Duggan created. He plans on continuing the fund each year depending on the value of the stock.