Death at FIAT | FerrariChat

Death at FIAT

Discussion in 'Ferrari Discussion (not model specific)' started by don_xvi, May 28, 2004.

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  1. don_xvi

    don_xvi F1 Rookie

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    Don the 16th
    Breaking news, you read it here first! JT's got another promotion comin'!
    ------------------------------------------------------------------------
    Friday May 28, 1:22 AM EDT

    MILAN (Reuters) - Umberto Agnelli, the chairman of Italian carmaker Fiat (FIA), has died after a battle against cancer, Italian news agency ANSA reported on Friday.

    Agnelli, 69, took over the top job at the Italian industrial group last year, shortly after his elder brother Gianni died.


    ©2004 Reuters Limited.
     
    don_xvi, May 28, 2004
    #1
  2. tifosi

    tifosi F1 Veteran Lifetime Rossa

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    sad day though not as closely associated with the sporting aspects (Ferrari, Juventus) of Fiat as his brother, he will be missed and it will be interesting to see how the younger agnellis handle all of this
     
    tifosi, May 28, 2004
    #2
  3. crystalq3

    crystalq3 Karting

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    crystalq3, May 28, 2004
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  4. BigTex

    BigTex Seven Time F1 World Champ Owner Rossa Subscribed

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    Thanks for that link. A very nice photo.
     
    BigTex, May 28, 2004
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  5. tifosi

    tifosi F1 Veteran Lifetime Rossa

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    looks like luca may be in the running to suceed him- which probably is not good for ferrari
     
    tifosi, May 28, 2004
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  6. TigerAce

    TigerAce Formula 3

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    Wow, I didn't know Juventus is owned/sponsored by Fiat!

    I read this news on the paper, but somehow didn't associate it w/ Ferrari.
     
    TigerAce, May 28, 2004
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  7. Alex_V

    Alex_V F1 Rookie BANNED

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    Sad story, as rude as it sounds, will this affect Ferrari in any way, like in a bad way.......? :( Hope not.
     
    Alex_V, May 28, 2004
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  8. jonesn

    jonesn Formula Junior

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    GM has a buy option in 2005 for the remaining portion of FIAT motors, of which they currently own 20%.
     
    jonesn, May 28, 2004
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  9. don_xvi

    don_xvi F1 Rookie

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    Sunday May 30, 4:31 PM EDT

    By Gianni Montani

    TURIN (Reuters) - Italian carmaker Fiat, still mourning the death of the last senior member of its founding Agnelli family, was plunged into turmoil on Sunday when its CEO suddenly quit moments after a new chairman was named.

    The Agnellis, who control Fiat with a 30 percent stake, moved quickly after Umberto Agnelli died of cancer on Thursday, handing the top job at Italy's biggest industrial group to the head of its sportscar unit Ferrari, Luca di Montezemolo.

    Chief Executive Giuseppe Morchio, generally respected by investors for his plan to pull Fiat out of its worst crisis, said in a statement that he would leave the company immediately in protest at the board changes.

    Sources in Fiat's hometown of Turin said Morchio and Montezemolo were both forceful characters who may have clashed. Agnelli had given Morchio a free rein to whip the family company back into shape when he was hired in 2003.



    Fiat said its board would choose a new CEO on Tuesday but the shock resignation, the day after Umberto Agnelli was buried, means a totally new team will now take over delicate discussions with creditor banks and partner General Motors.

    Promoting Montezemolo, one of Italy's most prominent businessmen, to the chairman's seat from Ferrari was a sign that the Agnellis are still committed to the carmaker their ancestor founded 105 years ago but which has slumped into crisis.

    Three younger Agnellis were named to the board. John Elkann, the 28-year-old heir of Fiat's flamboyant patriarch Gianni Agnelli who died last year, will be vice-chairman. Umberto's son Andrea Agnelli and another cousin will take board seats.
     
    don_xvi, May 30, 2004
    #9
  10. Alex_V

    Alex_V F1 Rookie BANNED

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    So does THIS mean trouble for Ferrari, im a little confused....
     
    Alex_V, May 30, 2004
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