Italian auto baron Gianni Agnelli dies
On this day in 2003 Giovanni Gianni Agnelli the glamorous powerful Italian business tycoon who turned Fiat his familys car company into an international conglomerate dies at the age of 81.Agnelli was born on March 12 1921 in Turin Italy and named for his grandfather who founded Fabbrica Italiana Automobili Torino later known as Fiat in 1899.As a young man Gianni Agnelli who had a privileged upbringing received a law degree and fought in World War II.He also earned a reputation as a playboy dating Hollywood actresses and enjoying yachts and fast cars.
In the late 1930s Agnelli traveled to Detroit to study the American auto industry his grandfather reportedly had been friendly with Henry Ford.In 1966 Agnelli then in his mid-40s became head of Fiat.Under his leadership the company grew into one of Europes leading car makers and expanded internationally.
Fiat also took stakes in such Italian auto manufacturers as Ferrari Alfa Romeo Lancia and Maserati.Additionally Fiat branched out into other industries including construction finance and telecommunications.Fiat became Italys biggest private-sector employer and Agnelli who was referred to as the countrys uncrowned king at one point controlled more than 25 percent of the companies on the Milan stock exchange.According to his 2003 obituary by the United Press International (UPI) Agnelli pursued several unconventional strategies as chairman of Fiat including turning to Libyas military dictator Muammar el-Qaddafi for financial assistance during the oil crisis of the 1970s and after the end of the Cold War becoming the first Western carmaker to make an aggressive move into former Warsaw Pact countries opening plants in Poland and Russia.Nicknamed LAvvocato (The Lawyer) Agnelli amassed a multi-billion-dollar fortune hobnobbed with world leaders and was known for his sartorial flair which included wearing his wristwatch over his shirt cuff.
He was also an avid soccer fan and owned the Italian team Juventus.Agnelli resigned as head of Fiat in 1996 although he remained honorary chairman until his death in Italy on January 25 2003 at the age of 81 from prostate cancer.In April 2009 American Big Three automaker Chrysler filed for bankruptcy and announced it was entering a partnership with Fiat.
