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Article: Fiat on course despite death of Chairman Agnelli.(News)

Article from:
Automotive News Europe
Article date:
May 31, 2004
Copyright

Byline: Luca Ciferri

The death of Fiat Chairman Umberto Agnelli isn't likely to affect the automaker's route to recovery.

Fiat's daily operations remain in the hands of group CEO Giuseppe Morchio, who has the strong backing of the company's creditor banks.

But Umberto Agnelli's death could further dilute the Agnelli family's role in the company, as there currently is no obvious family member to succeed him at Fiat.

So Morchio has emerged as the most likely candidate to become chairman, at least on an interim basis.

Two longtime Agnelli family associates, Gianluigi Gabetti and Franzo Grande Stevens, could also become chairman. ...

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