Automotive News Europe

Umberto gets his wish

Umberto gets his wish – Cantarella is gone.

Ciferri, Luca

A few weeks ago, Umberto Agnelli, the younger brother of Fiat patriarch Giovanni Agnelli, appeared to have suffered one more in a long line of frustrations.

The 67-year-old Umberto wanted to make a change at the top of Fiat SpA, something he had been powerless to do in the past.

He is head of IFI and IFIL, the Agnelli family financial holdings that control 30 percent of group voting shares. But he has been a virtual outsider at Fiat. Giovanni, 81, had seen to it.

Now Umberto wanted to get rid of Fiat SpA CEO Paolo Cantarella. But though the group was in serious trouble, it …