Word: morchio
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Dates: during 2004-2004
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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...
...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...
...will learn on the job from Montezemolo. The succession shuffle comes at a difficult time at Fiat, which has lost $7.5 billion in the past two years. The Agnellis control diverse assets, but the prize--and the site of the problems--is Fiat, 30% of which the family owns. Morchio had put in place a tough turnaround plan designed to rescue the automaker. The fourth CEO in two years, Morchio was negotiating with General Motors over an option to sell Fiat to GM that was signed...
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...
...Lukas Muhlemann at the beginning of last year and replaced him with two bank veterans, Oswald Grubel and John Mack. They quickly took major write-offs to deal with festering operational troubles. The jury remains out on some of the new CEOs, including Michael Diekmann at Allianz and Giuseppe Morchio at Fiat...
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