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Chrysler's Marchionne to get shares worth $3.99M

Published on NewsOK Modified: December 7, 2012 at 5:55 pm •  Published: December 7, 2012

The company announced Wednesday that it would set up a $38.2 million charitable foundation to honor Marchionne. The board will spend the money during the next five years. The cash initially will go to educate children of Chrysler employees, but it also will support other charitable causes, the company said.

Marchionne is widely credited with saving Chrysler after its 2009 bankruptcy. The Auburn Hills, Mich., automaker has gone from nearly running out of cash in 2008 to posting $1.29 billion in net profits through September of this year. Sales in the key U.S. market are up 22 percent through November. Marchionne has integrated many Fiat and Chrysler operations, sharing engines and other technology.

Chrysler is now a privately held company that's 58.5 percent owned by Fiat. The company could do an initial public stock offering next year.