Derica Rice and Robin Nelson-Rice, alumni of the IU Kelley School of Business, donated $1 million to go toward fellowships for MBA students.
The donation will fund the new Rice Consortium Fellows program for graduate students studying at the business school according to a Monday press release. The positions will be given to four IU graduate students at the Consortium for Graduate Study in Management each year.
The Consortium was co-founded in 1966 by IU and other universities. Rice and Nelson-Rice are both alumni of the program.
The Consortium works to increase diversity within the business community by offering fellowships in business management to students, according to their website.
"We are honored and grateful to Derica Rice and Robin Nelson-Rice for this generous gift that will provide invaluable opportunities to our students and help Indiana University in its mission to strengthen diversity and ensure IU is welcoming to all," IU President Michael McRobbie said in the release.
The couple, who graduated in 1990, have both worked in multiple executive positions in Fortune 500 companies, according to the release. Rice recently worked as the executive vice president of CVS Health. Nelson-Rice previously worked in executive positions in marketing at Eli Lilly and AT&T.