Chrysler Creates Marchionne Foundation

Chrysler Group LLC's board has decided to establish a charitable foundation as a tribute to chairman and CEO Sergio Marchionne.

The foundation's initial focus will be on financing education for the children of Chrysler employees, starting in 2014.

The organization will be funded with 1 million Chrysler stock units per year from 2013 through 2017. The total is worth $38.2 million (€29.2 million) at the unit value of $7.63 (€5.84) the company declared last December.

Chrysler, which is not publicly traded, typically uses stock units to compensate its executives and directors.

Marchionne has declined to take any salary or bonus from Chrysler since taking charge in mid-2009. He also is CEO of Fiat SpA, which owns 58.5% of Chrysler and pays his compensation.

Under Marchionne, Chrysler has gone from bankruptcy to earning $1.3 billion in the first nine months of 2012.