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Tuskegee University receives $5 million gift from foundation established by Cerberus Founder and CEO Stephen Feinberg

December 14, 2020

Contact: Kawana McGough, Office of Communications, Public Relations and Marketing

White Hall

Tuskegee, AL – Tuskegee University has received a $5 million gift from the charitable foundation established by philanthropist Stephen Feinberg. Mr. Feinberg is the co‐founder and co‐chief executive officer of Cerberus Capital Management, a global private equity firm with investment assets across complementary credit, private equity, and real estate platforms.

This gift is one of the largest major single gifts by an individual donor or privately funded foundation to the University in its history. The donation will be used to establish the Stephen Feinberg Scholarship Program, which will provide need‐based scholarships for students with financial hardship.

The foundation stated, "We're very pleased to honor our founder's philanthropic vision with a grant that has real potential to advance racial equity in postsecondary education and meaningfully impact opportunities available to bright and talented students."

“Steve and I have spoken extensively about the rich history and mission of Tuskegee which make it a very special and unique institution. His commitment to improving the lives of African American students who have financial challenges is exceptional and inspiring,” stated Gregory S. Nixon, who facilitated the gift and is a Tuskegee University Trustee. “In short, the Feinberg Scholarships will change lives.”

“We are extremely appreciative of the foundation’s generous investment in Tuskegee and its commitment to our students,” said Interim President Charlotte P. Morris. “African American families have been hit inordinately hard by the pandemic and by the recession,” noted Dr. Morris. “The Stephen Feinberg Scholarships will provide vital need‐based assistance that will allow students to continue their studies in earnest.”

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