Umberto Agnelli(1934-2004)
His grandfather, Giovanni Agnelli, founded an automobile factory in Turin in 1899, which subsequently became the largest car manufacturer in Italy as "Fabbrica Italiana Automobili Torino" (FIAT). Agnelli lost his parents, Edoardo Agnelli and Virginia Bourbon del Monte, in an airplane accident in 1935 and in a car accident in 1945. After school, Agnelli studied law at the University of Turin, graduating with a doctorate in 1959. Agnelli worked for FIAT in leading positions from 1959. While his older brother Gianni was president of the entire group from 1966 to 1996, Umberto took over the management of several subsidiaries: from 1960 to 1971 he headed the insurance company S.A.I. and temporarily also FIAT France.
From 1965 to 1988 he was chairman of the board of Piaggio & Co. In 1970, Agnelli was appointed to the headquarters of the parent company, where he worked as Amministratore Delegato until 1980. Agnelli married Allegra Caracciolo in 1974, with whom he had three children. In 1976, his brother made him deputy chairman of the board of directors of FIAT. Agnelli's political involvement also began during this time: in 1976 he ran for the leading and conservative party "Democrazia Cristiana", for which he entered the Senate. After Agnelli was replaced as Amministratore Delegato by Cesare Romiti in 1980, he subsequently worked in management positions for other FIAT subsidiaries and holding companies such as IFI and IFIL as well as FIAT Auto SpA.
In 1987, Agnelli was promoted to vice president of the newly founded holding Giovanni Agnelli & C. SpA. In 1993 he resigned from his managerial position, whereupon his son Giovanni Alberto was appointed as the future boss of FIAT. However, when Agnelli's son died of cancer in 1997, company boss Gianni Agnelli appointed his grandson John Elkann as his successor at the top of the company. As a result of the death of his older brother and company boss Gianni Agnelli in January 2003, Umberto Agnelli became the new Chairman of the Board of Directors of the FIAT Group in May 2003. Elkann was elevated to vice president. During the restructuring measures that followed, Ferrari boss Luca Cordero di Montezemolo joined the supervisory board of FIAT SpA at the end of February 2003.
The group also sold off several subsidiaries to reduce its debt.
Umberto Agnelli died on May 27, 2004 in Turin.
From 1965 to 1988 he was chairman of the board of Piaggio & Co. In 1970, Agnelli was appointed to the headquarters of the parent company, where he worked as Amministratore Delegato until 1980. Agnelli married Allegra Caracciolo in 1974, with whom he had three children. In 1976, his brother made him deputy chairman of the board of directors of FIAT. Agnelli's political involvement also began during this time: in 1976 he ran for the leading and conservative party "Democrazia Cristiana", for which he entered the Senate. After Agnelli was replaced as Amministratore Delegato by Cesare Romiti in 1980, he subsequently worked in management positions for other FIAT subsidiaries and holding companies such as IFI and IFIL as well as FIAT Auto SpA.
In 1987, Agnelli was promoted to vice president of the newly founded holding Giovanni Agnelli & C. SpA. In 1993 he resigned from his managerial position, whereupon his son Giovanni Alberto was appointed as the future boss of FIAT. However, when Agnelli's son died of cancer in 1997, company boss Gianni Agnelli appointed his grandson John Elkann as his successor at the top of the company. As a result of the death of his older brother and company boss Gianni Agnelli in January 2003, Umberto Agnelli became the new Chairman of the Board of Directors of the FIAT Group in May 2003. Elkann was elevated to vice president. During the restructuring measures that followed, Ferrari boss Luca Cordero di Montezemolo joined the supervisory board of FIAT SpA at the end of February 2003.
The group also sold off several subsidiaries to reduce its debt.
Umberto Agnelli died on May 27, 2004 in Turin.