Word: elkann
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Marrazzo's scandal is the third major public controversy in four years involving prominent Italian men and transgender prostitutes. In 2005, Lapo Elkann, the grandson of the former head of the Fiat auto dynasty Gianni Agnelli, was rushed to the hospital when he overdosed on cocaine at the Turin apartment of a transsexual prostitute. (He survived.) Two years later, photographs surfaced of Silvio Sircana, chief spokesman for then-Prime Minister Romano Prodi, having a conversation with what appeared to be a transvestite prostitute on the outskirts of Rome. Sircana insisted he was not soliciting the prostitute...
...words of a young man on the move. It has been nine years since he was handpicked by his grandfather Giovanni (Gianni) Agnelli to be next in line to take the reins of the family's vast automotive and financial empire. And while Fiat's fortunes have roller-coastered, Elkann has been methodically groomed for the throne of one of Europe's legendary financial kingdoms. Guiding an entrenched business dynasty in a competitive global marketplace is a tall order for the tall executive--a lofty 6 ft. 2 in., though still baby-faced. "He is now the point of reference...
...course, the prize is not yet Elkann's. Although his decision-making role and public presence have recently begun to swell, Fiat chairman Luca di Montezemolo and CEO Sergio Marchionne are still largely in charge. The Fiat Group, which counts CNH tractors and Iveco trucks among its holdings, has been buoyed recently by strong numbers from its once suffering automobile division. Under the turnaround leadership of Marchionne, European sales of the auto group (which includes the Fiat, Lancia and Alfa Romeo brands) jumped 23.2% in the first five months of this year, representing nearly half of the overall company...
...death of that formidable figure and of Gianni's younger brother Umberto Agnelli, both from cancer within 16 months, created the vacuum that forced Elkann--the eldest child of Gianni Agnelli's daughter Margherita and French-Italian writer Alain Elkann--to step to the fore ahead of schedule. He did so amid a two-year corporate crisis that began in 2002 when weak management damaged brand image and forced a $3.8 billion bank bailout to stave off potential bankruptcy. "If the situation had been different, I might have had more time to ease into the job. But I was forced...
Along with sports and the family business, a passion Elkann shared with his grandfather was art. The creative DNA has multiplied through his author father and painter mother. "Artists have a sensibility that others don't have," he says. "They have a way of reading into the future." And so, in their own way, do business leaders. They just tend to have less time. Fiat's Fortunes [This article contains charts. Please see hardcopy of magazine...