John Elkann, 32, takes helm of Italy's Fiat dynasty

0 Comments | AFP, May, 2008

TURIN, Italy (AFP) — The Agnelli dynasty on Tuesday crowned a new czar of Italy's Fiat empire, 32-year-old John Elkann, scion of the family known as "Italy's Kennedys," the holding company IFIL said in a statement.

Already vice chairman of Fiat, Elkann replaces 83-year-old Gianluigi Gabetti, a close associate of the Agnelli clan, at the head of IFIL, which manages a portfolio worth some eight billion euros (12 billion dollars).

"This is my last general assembly as chairman, and I speak with serenity and satisfaction," Gabetti said. "I pass the baton, and I wish every new success for John Elkann," he said, according to the RadioCor news agency.

The iconic industrial family's holdings include a 30 percent stake in Fiat, 2.4 percent in the banking group Intesa...