Word: fiat
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Dates: during 1960-1969
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...worried about Mr. Giovanni Agnelli [Jan. 17] dashing here and there through a frantic 36-hour day. He'd better get rid of that Ferrari and drive a Fiat...
Eugene Paul Getty, son of Oil Billionaire J. Paul Getty, also lives in Marrakesh. Regular Moroccan visitors include Queen Fabiola of Belgium, Baron Guy de Rothschild, Barbara Hutton, Yul Brynner, David! Rockefeller, Lee Radziwill, Fiat Boss Gianni Agnelli and Author Truman Capote, who advises anyone contemplating a Moroccan trip to "have yourself vaccinated against typhoid, liquidate your bank account, and say goodbye to your friends. God knows when you will see them again...
...guard at Fiat was not quite comfortable with the high-living heir. Early on, too, he suffered a setback. Alfa-Romeo, a rather small, state-owned company that specialized in costlier high-performance cars, made plans for building a southern Italian plant to mass produce medium-priced cars. Agnelli used all his prestige and persuasion to try to block government approval of the Alfa-Romeo expansion, but failed. By 1971, when Alfa-Romeo begins turning out 450,000 cars a year, Fiat will have the novel experience of facing real Italian competition in the medium-priced field...
...about some deadwood that had piled up under Valletta, Agnelli imposed a U.S.-style rule of retirement at 65 and promoted much younger men. He has also radically decentralized management in the belief that "it doesn't do any good to sit on the heads of your executives." Fiat's managers bring him only major decisions, but on those, Agnelli is the ultimate authority. Under him, the company has greatly broadened its product line, introducing seven new models in the past two years, a feat even by U.S. standards. He is also increasing Fiat's international reach...
Beyond its employees and its 100,000 stockholders, Fiat means more to its country than General Motors means to the U.S., and Agnelli is careful to run it as a public trust. "In a country the size of Italy, a company the size of Fiat has a certain pulling power, which can reflect itself in certain things that are done in the country," he says. "You see it in your contacts with the trade unions and the government, in the way the newspaper you own thinks and writes, in the town in which you live...