The International Mathematical Union (IMU) and the Chern Medal Foundation (CMF) jointly launch a new mathematical prize, the Chern Medal Award, in memory of the outstanding mathematician Shiing-Shen Chern. The Award is to be given to an individual whose lifelong outstanding achievements in the field of mathematics warrant the highest level of recognition. It consists of a medal and a monetary award of US$ 500,000. Half of the amount shall be donated to organizations of the recipient’s choice to support research, education, outreach, or other activities to promote mathematics. For more information see the Press Release and the Chern Medal Program Guidelines (which also inform about the nomination procedure). The Chern Medal will be awarded for the first time at the opening ceremony of ICM 2010 in Hyderabad, India on August 19, 2010.