AM Online

Fiat chairman dies at age 69

Umberto Agnelli, chairman of Fiat, Italy's largest industrial group, died on Thursday night from cancer.

His death, 16 months after that of his brother Giovanni, is expected to leave Fiat without a senior family member on its board for the first time since their grandfather founded the company in 1899.

Agnelli took the helm only one year ago while the group began determined efforts to stave off bankruptcy and salvage its Fiat Auto carmaking division.

The restructuring is expected to proceed as planned under the guidance of chief executive Giuseppe Morchio.

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