DEFINITION of 'Umberto Agnelli'
A former chairman and CEO of Italian automaker Fiat and formerly one of the wealthiest men in Italy. Fiat, which stands for "Fabbrica Italiana Automobili Torino," means Italian Automobile Factory of Turin. The company, founded in 1899, had long been the Agnellis' family business, and Umberto Agnelli's death, which came shortly after his older brother Gianni's death, marked the first time the company's board did not have a senior Agnelli among its members.
BREAKING DOWN 'Umberto Agnelli'
During Agnelli's short term as chairman (a post he only attained in 2003, the year before his death) he began to turn the then-failing company around. Fiat is the largest automobile manufacturer in Italy and one of the largest in the world, with about half of the company's operations located abroad. Agnelli was born in 1934 and died in 2004 at age 69.