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Article: Fiat boss' death dilutes family's role.(News)(Brief Article)
- Article from:
- Automotive News
- Article date:
- May 31, 2004
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Luca Ciferri
The death last week of Umberto Agnelli, chairman of Fiat S.p.A., further dilutes the Agnelli family's role in the company.
No obvious family member is ready to succeed him. Fiat's daily operations remain in the hands of CEO Giuseppe Morchio, who has the backing of the company's creditor banks.
Unlike the Agnelli family, the banks have no emotional attachment to the auto division, Fiat Auto S.p.A. The banks will have a strong voice in a key issue still undecided: whether the company should exercise a "put'' option that would require General Motors to buy 100 percent of Fiat Auto.
GM owns 10 percent of Fiat Auto. ...