Gianluigi Gabetti, the non-family chairman of the Agnelli family's private holding company, will step down in May to be replaced by fifth-generation family member John Elkann.
Gabetti, 85, has been chairman of Giovanni Agnelli & C Sapaz since May 2004 and is stepping down as his mandate has expired. He was the most trusted advisor of late family patriarch Gianni Agnelli and was appointed chairman after the death of Gianni's brother, Umberto Agnelli, in 2004, a family spokesperson exclusively told www.campdenFB.com.
Elkann (pictured), 32, has already been sharing executive power with Gabetti and will now take on the role fully.
Gabetti was one of three close family advisors accused by Margherita Agnelli de Pahlen, daughter of Gianni Agnelli, of hiding assets in her father's estate. (Click here to read our coverage of the story) Agnelli de Pahlen claimed she had been denied her full inheritance as her father had up to €1 billion in undisclosed assets. However, a judge dismissed the case last month.
Giovanni Agnelli & C Sapaz controls the investment arm of the Italy-based Agnelli family's empire, Exor, of which Elkann is also chairman. Through Exor the family controls the carmaker Fiat and owns 60% of the Italian football club Juventus, among other business interests.
Fiat has been under the control of the Agnelli family since it was founded in 1899. Latest available figures put company revenues for 2009 at €50.1 billion, while Exor almost doubled its net value asset in 2009, despite making an operating loss.
Want to get the latest family business/family office news direct to your desktop? Click here to register to receive our weekly newsletter
Are you a member of a multigenerational family business or family office? Click here to subscribe to our magazines