DETROIT Dec 5 Chrysler Group LLC on Wednesday
said it has begun a charitable foundation in the name of the
company's chief executive, Sergio Marchionne.
The foundation will initially support the educational needs
of the children of Chrysler employees. The first awards will be
given in 2014.
Marchionne was already CEO of Italy's Fiat SpA in
2009 when Fiat took over management control of Chrysler as it
came out of bankruptcy. Fiat now owns 58.5 percent of Chrysler.
"Creating this foundation is a fitting tribute to all that
has been accomplished at Chrysler," said Ronald L. Thompson,
lead director of the Chrysler Group board in a press statement.
Marchionne, in the same statement, 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."