Death of a patriarch

24 January 2003 By Rob Cox Follow @rob1cox

The Fiat patriarch’s early promise and flamboyance were not his only legacy. In recent years, Fiat sank deeper and deeper into crisis. The family and the company are now likely to fragment.

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Giovanni Agnelli died on Friday morning, a family spokesman said, after a long battle with prostate cancer. Agnelli was honorary chairman of Fiat SpA, Italy's biggest industrial company.

Despite Agnelli's death, the family has gone ahead with a scheduled meeting to discuss plans for Fiat. Giovanni's younger brother, Umberto, is expected to be named Chairman of the family holding company, Giovanni Agnelli & C.

Fiat's car division lost about E1.3bn last year as weak demand for its models sent its market share to a record low and caused its shares to plunge more than 50%.

The Agnelli family has been at odds over the fate of Fiat's car business. Umberto is thought to be less attached to it than his brother Giovanni. Fiat shares rose as much as 6.4% in early trade on Friday.

The Agnellis also own Juventus soccer club, one of Italy's most successful teams, and have interests in hotel operator Club Mediterranee.

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