Later Life and Death
Agnelli stepped down in 1996, but stayed on as honorary chairman until his death. Giovanni Alberto Agnelli, the son of Gianni's younger brother, Umberto Agnelli, died of a rare form of cancer in 1997 at age 33 while he was being groomed by his uncle to head the Fiat Group. John Elkann, the son of Gianni and Marella's daughter, Margherita, was expected to take over Fiat after Gianni's death. However, Umberto became chairman, taking over from Paolo Fresco. Fresco had diversified the Group's holdings, but Umberto refocused its activities on its auto and mechanics division. He then brought in Giuseppe Morchio to mastermind a rescue strategy for the company. Morchio was expected to continue to run the Fiat Group as it attempted to claw its way out of its latest financial crisis. However, upon Umberto's death, Ferrari chairman Luca Cordero di Montezemolo was named chairman, with Elkann as vice chairman; Morchio immediately offered his resignation. As his successor was named Sergio Marchionne, an expert of reorganisation, who led between 2002 and 2004 the Swiss certification company, Societé Générale de Surveillance (SGS).
Gianni Agnelli died in 2003 of prostate cancer at age 81 in Turin.
Fiat-owned Scuderia Ferrari named their 2003 F1 contender the F2003-GA, in tribute to Agnelli.
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