28.05.2004 Fiat Group Chairman Umberto Agnelli died last night, less than a month since it was announced THAT he was suffering from cancer of the lymph nodes

Fiat Group Chairman Umberto Agnelli died late last night at the family's villa, La Mandaria, just ouside Turin, less than a month since it was announced the was suffering from lymphoma, a cancer of the lymph nodes.

Umberto, 69, took over the responsibility of Fiat Chairman when his legendary brother Gianni, died of cancer at the beginning of last year. He has spent the last year and a half attempting to turn the Group's financial position around, which had suffered after a sharp decline in fortunes at the car division.

His death comes as yet another terrible blow to the Agnelli clan, Italy's richest and most powerful family, who own a 30% stake in the giant Fiat industrial conglomerate.

"This is a major loss for his family, his company, his city Turin, and his country," said Italian Prime Minister Silvio Berlusconi.

The Fiat Group CEO, Guiseppe Morchio,  made the following brief statement today, “Umberto Agnelli called me in a very difficult moment for Fiat. We worked hard during these past fifteen months and from the very first days I was struck by his profound love for Fiat, his sense of duty, responsibility and spirit of service. I’ll miss him very much”.

A chapel of rest where the public can pay their last respects has been prepared for tomorrow at Centro Storico Fiat.