Giovanni Agnelli, one of Italy's most powerful businessmen, has died. He was 81.
Agnelli, who held the post of Fiat honorary chairman and was widely known as Gianni, had been in ill health.
He turned the family car company into a global industrial powerhouse but recently saw it slump into crisis.
Last year, he went to the United States for treatment for prostate cancer.
'Giovanni Agnelli died in his house in Turin after months of illness,' the Agnelli family said in a short statement.
'He was with his wife Marella, his daughter Margherita and his children,' they added.
Agnelli was appointed a senator for life in 1991.
Agnelli's death came as family members gathered in Turin to start discussing how to tackle the worst crisis in the century-old stewardship of Fiat.
Agnelli, whose grandfather founded the company in 1899, became Fiat managing director in 1963 and chairman in 1966, a post he filled for 30 years.
Rumours of his death last year had sent Fiat's share price higher as traders and analysts said that without Agnelli, Fiat would be more open to selling its loss-making car unit to partner General Motors Corp.
Agnelli had had a long involvement with Juventus, Italy's most successful football club, and was its Honorary Chairman.
He had taken control of the club in 1947.
Juventus won the Scudetto (national championship) in 1950 and 1952 before he stepped down as president in 1954.
Fiat was also the parent company of the Formula 1 Ferrari team.
Agnelli was instrumental in winning Turin the status of host city for the 2006 Winter Olympics.
