Nike Founder Phil Knight Donates $400 Million to Stanford

Nike co-founder and chairman Phil Knight is donating $400 million to a scholarship program at Stanford University. The first part of the name honors Philip H. Knight, who earned his M.B.A. from Stanford, co-founded Nike Inc. and is giving $400 million for the program.
He is teaming up with the college's outgoing president, John L. Hennessy, for the Knight-Hennessy Scholars Program, Stanford announced Tuesday. Stanford has a total endowment of $22 billion, causing some to speculate that the donation is unnecessary, an example of wealthy largesse rather than a truly philanthropic exercise.
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While the Rhodes Scholarships admits 32 primarily American students annually for two years of study, the Knight-Hennessy Scholars will receive three years of full tuition and living expenses.
Fully endowed means the scholarships can be paid for by returns from the $750 investment pot, so Stanford will not have to raise funds for the programme each year.
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Knight's founding gift to the Knight-Hennessy Scholars endowment is the largest cash gift from an individual to Stanford. Hennessy will assume the position in September, after stepping down as president.
Mr Knight said the scholarships would create a new generation of "skilled problem-solvers". The program will tackle major world issues like poverty and climate change. Ranked among the top five in the world, Stanford's seven graduate and professional schools in which scholars will enroll include law; business; medicine; engineering; humanities and sciences; education; and Earth, energy and environmental sciences. The students will be nominated by their undergraduate institutions. According to the program's website, the scholars will participate in personal development programs, including the new King Global Leadership Program and "immersion study trips with access to thought leaders across the business, government and nonprofit sectors".
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