H Fiat S.p.A. ( Fiat ) , is an Italian industrial group based in Turin , Italy.
Its name is an acronym of the name "Fabbrica Italiana Automobili Torino" ( Italian Automobile of Turin ) , founded by a group of investors including Giovanni Agnelli and (Giovanni Agnelli), 1899. His grandson Gianni Agnelli was the chairman of Fiat from 1966 until his death on January 24, 2003 . However , since 1996 , he held the position of Honorary President of the Group. After their removal , the president became the Fresh Paulo , while the CEO was Paolo Kantarella . Umberto Agnelli , Gianni Agnelli 's brother , was president from 2002 until 2004 . After Umberto Agnelli 's death on 28 May 2004 , became the new president Luca di Montezemolo Korntero , until recently president of Ferrari ( Ferrari ) , a subsidiary of the Group. But the heirs of the Agnelli family took positions - keys within the Group , including John Elkanah who was vice president of the company in 28 years . Simultaneously , CEO Giuseppe Morkio submitted his resignation and his place Sergio marquisate , the 1 June 2004 .