The Clay Mathematics Institute (CMI, Cambridge, Massachusetts) and the Institut Henri Poincaré (IHP, Paris) announced at a press conference today the establishment of the Poincaré Chair, a postdoctoral position for mathematicians in the early stages of their career. Those named to the chair will hold their position at the Institut Henri Poincaré for a term of six months to one year. The Chair is financed for a period of five years with the Clay Millennium Prize funds for resolution of the Poincaré conjecture. The conjecture was solved in the affirmative by Grigoriy Perelman, for which he was awarded the Millennium Prize in 2010. Dr. Perelman subsequently declined to accept the prize money. In establishing this chair with IHP, CMI aims to provide an exceptional opportunity for mathematicians of great promise to develop their ideas and pursue their research, just as Grigoriy Perelman was afforded such an opportunity by a fellowship at the Miller Institute in 1993-95. A public call for nominations by the Institut Henri Poincaré will be made at a later date.