The Georgia Tech Foundation directed a grant of $5 million to support the initiative, combined with initial gifts and commitments of $12 million provided by more than 100 Foundation current and emeritus trustees, along with members of the Georgia Tech Advisory Board and the Alumni Association executive committee. The scholarship fund has now been opened to receive gifts and commitments from the broader Georgia Tech community and other friends.

“The Petersons have championed a generation of hardworking, gifted students by driving initiatives that expand access to an affordable education for all students who earn admission to Georgia Tech,” said John F. Brock III, chair of the Georgia Tech Foundation. “They have a strong commitment to putting a Georgia Tech education within reach of qualified students with financial need. This endowment fund will help generations of students realize their aspirations and build a brighter future for themselves and our world.”

In January 2019, Peterson announced his intention to step down from his current position as soon as his successor was in place. Earlier this month, the Board of Regents of the University System of Georgia announced Dr. Ángel Cabrera, now president of George Mason University, as Georgia Tech’s 12th president. Once Cabrera assumes Georgia Tech’s presidency in September, Peterson plans to return to research and teaching at Georgia Tech.

Under Peterson’s leadership over the past decade, Georgia Tech exceeded the $1.5 billion goal for Campaign Georgia Tech by 20%; grew innovative collaborations and strategic partnerships; and expanded the campus infrastructure, sustainability, and beautification initiatives. In the past decade, total research expenditures and other sponsored activities increased by 78% to $908 million. Enrollment increased by 69%. The number of women in the first-year class increased from 32 to 40%. Georgia Tech’s first-to-second-year retention is 97%, a historic high.