Chrysler Group announced it has begun a charitable foundation in the name of the company’s CEO, Sergio Marchionne.
The primary goal of the foundation will be to support the educational needs of the children of Chrysler employees, with the first awards to be given in 2014.
„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, in a press statement.
This recognition is a tribute to Sergio Marchionne’s “ability to lead by example and inspire others to make a positive difference,” reads the statement. Sergio Marchionne continually refuses compensation for his duties as Chrysler Group CEO. “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,” Sergio Marchionne said.
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.