John Elkann to head Fiat empire

Elkann, grandson of Gianni Agnelli who helped build Fiat into a multinational in the last century, is to replace Gianluigi Gabetti in the job at IFIL's annual shareholders meeting on May 13.

Gabetti, 83, will present his resignation at the meeting and nominate Elkann as his successor, an IFIL spokeswoman said, confirming newspaper reports on Wednesday, Elkann is vice chairman of IFIL, which owns 30.45 percent of Fiat, the Italian maker of cars, trucks and tractors. He is also chairman of Istituto Finanziario Industriale IFI.L, parent of IFIL.

Elkann is seen as being groomed to take on a top job at Fiat, where he is vice chairman. Since the death of Agnelli in 2003, Gabetti has been working closely with Elkann to prepare him for the job. "We've reached the end of the road, John Elkann is more than ready," he was quoted as saying in Italian daily Corriere della Sera. "Everything will go as planned."

IFIL's investments go beyond Fiat, with major stakes in the Juventus football club and U.S. property manager Cushman & Wakefield, among others. Much of the responsibility of managing the Agnelli family's fortune fell on Gabetti when Agnelli, known as "The Lawyer," died in 2003 and his brother, Umberto, died a year later. Gabetti was a low-profile confidante and strategic collaborator of Agnelli for years and will remain a member of the boards of IFIL and IFI. He will stay on as chairman of Giovanni Agnelli & C, the overall holding that controls IFI. "(I am) ready to give advice to John Elkann anytime he asks me for it,"Gabetti told La Stampa newspaper.