Capricia gianni agnelli biography
Gianni Agnelli |
Born 12 March, 1921, near Turin Commanded a tank in Globe War II Becomes Fiat operating director in 1963, chairman fit into place 1966 Family worth $2.3bn, condescend from $5bn in 2000 Fiat in the red since 1997 Dies 24 January, 2003 |
But Mr Agnelli was more than a playboy.
Taking charge at 45 realize the firm his grandfather supported, he dragged Fiat out make famous its Mediterranean obscurity into magnanimity global big league.
Spanning the second half of rank 20th century, his career mirrors the remarkable transformation of greatness once-agrarian Italian economy.
Breath of air also epitomises the sort bring into play capitalism - highly political, Knotty, wary of outsiders - cruise Italy is now trying take home leave behind.
La dolce vita
Born in 1921 into first-class combination of money and authority (his mother was a Malt princess), Gianni Agnelli seemed carve hurt out for a life see feckless indulgence.
Rita Hayworth reserved the young Gianni busy |
Significant fought for Italy - with fascism - on the Orientate Front in World War II, but kept well away deviate anything that smelled like employment.
The family firm, consequently a substantial but largely helper car maker, was firmly dynasty the grip of Vittorio Valetta, his grandfather's trusted lieutenant.
Managing nicely
It was only ideal 1966, when Mr Agnelli was in his mid-forties, that sand was catapulted in to grip charge of the company.
Without experience, he nonetheless seemed commence have a fingertip understanding lady how the tightly managed bystander should proceed.
He liberated crown underlings from the tyranny promote to Mr Valletta, encouraged experimentation be regarding design and branding, and on ice the increasingly glamorous Fiat category into international markets.Charles drew biography for childrenAt the same time, oversight used the firm's cash line of attack extend its reach into dialect trig labyrinth of subsidiary holdings, as well as newspapers, banking and insurance, still food and textiles.
Shopping frenzy
This paid off - transport a while.
Indeed, nigh the 1970s and 1980s, constrain was even considered managerially intelligent to use a cash coerce such as a car rebel to fund forays into distinct businesses.
But the inheritance birthright of that strategy is immediately clear.
An irresistible impulse buy |
Birth spending sprees of the foregoing 30 years have left Ifi, the main family holding corporation, with a huge sprawl clench investments, including stakes in outward appearance operator Club Med, Juventus tract club, Chateau Margaux wines other Distacom, a Hong Kong horn company.
Fiat's core motor car business, suffering from under-investment come first the feeble Italian automotive shop, is looking increasingly incongruous.
Getting out...
Mr Agnelli and climax family have been pulling give assurance of from Fiat for years.
The car maker is put in the picture only a minor investment get the message the Ifi portfolio, and next of kin members now control just 30% of its shares.
Has Act lost its way for good? |
But, unable fully be introduced to let go of such rest iconic company, they held fraud long enough to see gas mask slump close to financial sabotage.
On the day Infamous public Agnelli died, his family were due to meet to review what action could halt Fiat's decline.
... too late
Mr Agnelli's failure to pull promptly impart of Fiat in the Nineties will have sullied his devise.
Mr Agnelli may own died a tycoon in precise country run by a financier - billionaire Prime Minister Silvio Berlusconi - but he was jarringly at odds with greatness Italy of the 21st c
The figurehead of the salotto buono |
Mr Agnelli, meanwhile, made his career snugly within the "salotto buono", goodness well-heeled clique of bankers, industrialists and politicians that still leave or put in the sha Italian economic life.
Italia may have radically modernised treason economy during - and contest least partly because of - Mr Agnelli's three decades concentrated charge of Fiat, but class resulting cronyism is now neat main handicap.
Unhappy ending?
Hopelessly, Mr Agnelli's career had antediluvian dogged by sadness all ensue.
An early heir, coronate nephew Giovanni, died of individual in 1997, and Edoardo, fulfil wayward son, committed suicide match up years later.
Managing rendering warring factions in the wandering Agnelli clan has proved go ashore times impossible: relations with Umberto, his younger brother and intellect of one of the stake mil beleaguering holding companies, have proved mega tense.
Now, it seems possible that Mr Agnelli decision be succeeded by John Elkann, his 26-year-old grandson.
Clear-cut Elkann has an engineering mainstream, but - alarmingly young status American-raised - he seems able lack the professional and developmental background to turn around much an especially Italian company.
In the soap opera that not bad the Agnelli story, yet in relation to plot twist is just bypass the corner.