Agnelli, Umberto

▪ 2005

      Italian business executive (b. Nov. 1, 1934, Lausanne, Switz.—d. May 27, 2004, Turin, Italy), saved the Fiat automobile company from financial ruin by slashing its $3.5 billion debt in half after he succeeded his brother Giovanni as corporate chairman when the latter died in January 2003. Agnelli implemented a number of cost-cutting measures, injected new financing, boosted sales with the creation of several new Fiat models, and prevented General Motors from buying out the company. These actions were instrumental in preserving the Agnelli family dynasty, which had controlled Fiat for more than a century. Outside the automobile business, Agnelli earned (1959) a law degree from the University of Turin and served (1976–79) as a Christian Democrat senator. He became chairman of the Juventus association football (soccer) team at age 22 and was the team's honourary chairman at the time of his death.

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▪ Italian industrialist

born November 1, 1934, Lausanne, Switzerland

died May 27, 2004, Turin, Italy

      Italian automotive executive and grandson of Giovanni Agnelli (Agnelli, Giovanni), the founder of Fiat SpA. He served as the company's chairman from 2003 to 2004.

      After graduating from the University of Turin with a law degree in 1959, Agnelli joined the family's automotive enterprise, Fiat. He assumed the presidency of Fiat France in 1965 and in five years doubled sales in that country. When he was made president of Fiat International, he increased Fiat sales and made the car the most popular in western Europe and doubled its sales in the United States. These successes pulled Umberto out of the shadow of his brother Giovanni (Agnelli, Giovanni), 13 years his senior and the president of the parent firm.

      After becoming Fiat's managing director, Agnelli instituted progressive reforms for company workers. He offered flextime, which allowed workers to choose their own hours within limits. He became vice-chairman of Fiat SpA in 1976 and president of Fiat Auto in 1980, resigning his post as managing director of the parent company. From 1976 to 1979 he also served as a senator in Italy. Following Giovanni's death in 2003, Agnelli became chairman of Fiat SpA. At the time, the company was in sharp decline, and Agnelli oversaw a number of measures that improved its financial situation.

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