John Elkann Keeps Tight Control of the Agnelli Empire

The case is about Exor, the holding company of the Italian Agnelli family, headed by John Elkann, the fifth-generation descendant of the Fiat founder Giovanni Agnelli (1866-1945). Behind the success story, a two-decades long dispute has pitted Elkan against his mother and his siblings (all three children by her first husband). The case demonstrates the dynasty’s resilience in the face of a damaging and very public lawsuit that frequently attracts press coverage, like a recent 11-page profile in Vogue France entitled “Dans la famille Agnelli, une tragédie à l’italienne”. While tempting to draw parallels between the Agnelli story and ancient Greek tragedy, the reality proves far more prosaic.

The case offers an opportunity to take a highly publicized business family – one of the wealthiest in Italy – and try to make sense of their business decisions. The narrative considers the firm and the family, which has extended to include 200 members. It can be used to discuss the theme of corporate governance, and the current situation in the automotive industry given the outsized role played by Stellantis, with its 14 auto brands jostling for space in a highly competitive market.