Fiat S.p.A., (Fabbrica Italiana Automobili Torino)[4] (Italian Automobile Factory of Turin), is an Italian automobile manufacturer based in Turin. Fiat was founded in 1899 by a group of investors including Giovanni Agnelli. During its more than a century long history, Fiat has also manufactured railway engines and carriages, military vehicles, and aircraft. As of 2009, the Fiat group (not inclusive of its subsidiary Chrysler) was the world’s ninth largest carmaker and the largest in Italy.
After Umberto Agnelli’s death on 28 May 2004, Luca Cordero di Montezemolo was named chairman, with Agnelli heir John Elkann becoming vice chairman (at the age of 28), and other family members also serving on the board. At this point, CEO Giuseppe Morchio resigned, and Sergio Marchionne was named to replace him on 1 June 2004.
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