Word: fiat
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Within days of the death in late May of Umberto Agnelli, the patriarch of one of Italy's leading business families, Giuseppe Morchio made his move. As mourners continued to pay their last respects, the chief executive of the Fiat auto and truck company that is the core of the Agnelli family fortune demanded to be given Umberto's title of chairman as well...
...blatant power grab, and when its members replied, "No, grazie," he quit in a huff. The top job went instead to Luca Cordero di Montezemolo, the head of Ferrari and a family intimate for three decades. Two young Agnelli cousins were elevated too. John Elkann, 28, was appointed Fiat deputy chairman, and his cousin Andrea Agnelli, also 28, joined the board. Another long-standing Agnelli manager was quickly named CEO. "The family moved very fast," says a person close to the Agnellis. "Morchio was a bit Napoleonic. The new men are more into team building...
DIED. UMBERTO AGNELLI, 69, chairman of ailing Italian automaker Fiat; of cancer; in Turin, Italy. Agnelli, the dynasty's quiet member who took the reins after the death last year of his dashing older brother Giovanni, had been helping turn around the troubled company...
Within days of the death in late May of Umberto Agnelli, the patriarch of one of Italy's leading business families, Giuseppe Morchio made his move. As mourners paid their last respects, the chief executive of the Fiat auto and truck company that is the core of the Agnelli family fortune demanded to be given Umberto's title of chairman as well. To the family, it seemed like a blatant power grab, and when its members replied, "No, grazie," he quit in a huff. The top job went instead to Luca Cordero di Montezemolo, the head of Ferrari...
...uniforms," he says. Le Meridien, a hotel chain based in London, adapted this thinking with the launch of Art + Tech, a design concept geared to sophisticated travelers who demand a stylish ambience as well as the latest in technology. The Lingotto property in Turin, Italy, built within a former Fiat factory, features an entirely separate Art + Tech building...