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Ex-GE chairman sets up endowment at UMass

SHARE Ex-GE chairman sets up endowment at UMass

Jack Welch, the former chairman of General Electric Co., has donated $1 million for scholarships to help students at his alma mater. The money will go to Salem High School graduates attending the University of Massachusetts.

UMass president William M. Bulger announced the John and Grace Welch Endowed Scholarships on Tuesday. The fund is named after the executive's parents.

"My years at Salem and at UMass were a very important part of my life, and I hope these scholarships will allow other young people from Salem to realize their dreams, just as UMass helped me realize mine," Welch said.