Chrysler is moving to start a charity in honor of CEO Sergio Marchionne. The company's board of directors has voted to create a foundation to grant educational awards. Ronald Thompson, Chrysler's lead director, said the charity is a fitting tribute to Marchionne and all he has accomplished since coming to the American manufacturer.

"This foundation will ensure that the values and impact of his leadership will be felt by many others," Thompson said.

Marchionne, meanwhile, acknowledged that the charity will allow Chrysler to support causes that dovetail with the values of the company, including "the educational needs and ambitions of our employees' children." Chrysler will begin making its first contributions to the charity in 2013 and will award its first scholarships in 2014. You can take a look at the full press release below for more information.
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Chrysler Group Establishes Foundation to Honor Sergio Marchionne

December 5, 2012 , Auburn Hills, Mich. - The Chrysler Group LLC Board of Directors has approved the establishment of a charitable foundation in recognition of the leadership and outstanding dedication of Sergio Marchionne as CEO for Chrysler Group LLC.

"Sergio is an exceptional leader with the unique ability to inspire his people and lead change. Creating this foundation is a fitting tribute to all that has been accomplished at Chrysler," said Ronald L. Thompson, Lead Director of Chrysler Group LLC Board of Directors. "This foundation will ensure that the values and impact of his leadership will be felt by many others, while the structure ensures that funding for the foundation reflects Chrysler Group's future success."

"I am extremely privileged and thankful to have this foundation established given the extraordinary commitment made by all stakeholders in the rebirth of Chrysler after the events of 2009," Marchionne said. "The action being proposed by the Board of Directors provides an opportunity to support important causes consistent with the values of Chrysler, with an initial focus on the educational needs and ambitions of our employees' children."

This recognition is further testament to Sergio Marchionne's ability to lead by example and inspire others to make a positive difference. It is well known that Sergio Marchionne continually refuses compensation for his duties as Chrysler Group CEO.

The annual contribution over the next five years is expected to amount to a value of five million Chrysler units, with the initial contribution anticipated in December of 2013. The foundation's awards for educational support will begin in 2014 with more specific information and guidelines available in 2013.

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    • 1 Second Ago
      • 2 Years Ago
      What a terrible way to word this announcement - I thought Marchionne was dead.
      That Mike
      • 2 Years Ago
      Article title and picture choice makes me think he passed.
      Arthur Dunning III
      • 2 Years Ago
      Why shouldn't Marchionne be honored? He was the only CEO at Chrysler that had anything remotely resembling a workable plan to fix Chrysler's many problems, including inferior quality vehicles. I just hope that whoever his successor might be will continue what Marchionne started.
      • 2 Years Ago
      "This recognition is further testament to Sergio Marchionne's ability to lead by example and inspire others to make a positive difference. It is well known that Sergio Marchionne continually refuses compensation for his duties as Chrysler Group CEO." I guess it isn't so well known.
      • 2 Years Ago
      wow look at that... this guy loves begging for more taxpayer money.
        Arthur Dunning III
        • 2 Years Ago
        Where exactly does it say in this article that Marchionne was asking for more taxpayer money? Last I knew, Chrysler repaid their loans ahead of schedule. You got access to new information that hasn't been publicized yet?
          • 2 Years Ago
          @Arthur Dunning III
          ovre9000 is an anti-American TRDyotatroll who lies like a RAPEpublican politician.
      • 2 Years Ago
      Article makes me think he died. I had to google to make sure I didn't just miss that.
      • 2 Years Ago
      Kind of creepy. It gives the impression he has passed. It is one thing to setup your own foundation in your name with your own money while you are alive (Gates) or have your company setup a foundation in your name since you started it and built it from nothing. But to have a company that you don't even own yet setup a foundation in your name when you haven't been head of the ship that long comes off as bizzare. This guy hasn't even earned the watch yet. The average member of the public is still more likely to think Dr Z is head of Chrysler. If Chrysler wants to do charity work it should be done under a Chrysler, Dodge or Ram Foundation. If their CEO wants to collect a salary and donate it to his own private foundation that is his business. But charitible donations for corporations are basically a form of marketing. For a company who has had so many CEO's in the past 10 years Chrysler should not be wasting it's money ego marketing yet another CEO.
      • 2 Years Ago
      This seems bizarre to me. Making a cult of personality for the guy at this point seems like a dumb idea. It comes off as creepy and probably crass too.
        • 2 Years Ago
        Ya because there isn't a gates foundation or buffet foundation or ford foundation, etc. It's a charity, who cares whose name it's in. The idea is since Sergio earns no wage from Chrysler, that his "earnings" could be used towards greater good. Nothing wrong with that.
          • 2 Years Ago
          Gates, Buffet and Ford (the Ford family) all set up their own foundations. Other companies didn't do it to honor their CEOs, let alone a subsidiary. It's great his wages should go to a greater good. Putting his name on it doesn't automatically go with that. It's the naming I find bizarre and crass.
      • 2 Years Ago
      I'd like to see him accomplish a little more for Chrysler and Fiat before they gets a charity. He's been promising the re-invent Alfa Romeo as a premium luxury brand on a global scale for years but, so far, hasn't done anything about it yet. The interior trims in almost all Chrysler products have improved since he took over...and the Jeep has seen significant growth since they updated their model range under Marchionne. But the Dodge Dart has had a slow start and the Fiat brand is in desperate need of a new model besides the 500. I know there is a plan to do more than what's already been done but I'd just like to see more happen before Chrysler goes off and gives the guy his own charity.
      • 2 Years Ago
      They probably shouldn't be enabling any ego trips.
      • 2 Years Ago
      Are they out of the woods yet?
        Brent Booth
        • 2 Years Ago
        I don't think so yet, but not too far. Hopefully the Dart & the Fiat brand can gain some momentum though. Its crazy that the 200 is selling like crazy- but not the Dart. I would personally take the Dart over a 200. The 200 is a lazy handling, slow (in 4 cyl trim), boring car- and still not as refined as it should be in its segment.
          • 2 Years Ago
          @Brent Booth
          I've driven the 200 and it handles great and if you want power you can get the V6 with gobs of power for a decent price. The problem with the 200 is that it looks odd and the interior design lacks quality.
      Toronto St. Pats
      • 2 Years Ago
      I have to admit, this is kind of bizarre.
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