John Elkann entered into view twenty minutes ahead of schedule, the tall, angular-faced forty-something stepping into the Parisian bookstore where he had arranged to meet us, a pink iPhone held to his ear. He then browsed the shelves to purchase three books. At the very moment he was optimistically recommending a book about physics to us – “You'll find it accessible. My son read it.”–, the store manager came up to us. “Are you Alain's son ?” she asked. We'd been spotted. If he is, in her eyes, the son of Alain Elkann, an Italian writer, he is above all John Elkann, the head of the powerful Agnelli family. Especially for his compatriots. They all recognize his youthful features, his wavy mane, his careful phrasing. “Elkann, can we take a picture ?” At the bookstore entrance, under the arcades of the rue Rivoli, he had been beckoned by Italian tourists. Dressed in jeans, white high-top sneakers, and a blue jacket with a sweater thrown over his shoulders, the 48-year-old Italian accepted. Back in the store, a bookseller, surprised by this mysterious client's popularity, inquires “Are you a football player ? A movie star ?” With both hands clutching his bookbag, Elkann laughs, before blurting out “I work for Ferrari.” In reality, his CV is much longer.
Almost 20 years ago, he inherited a sinking ship, the Fiat Group. Today he is at the helm of an energized fleet, despite some headwinds. To the curious, he could introduce himself as the chairman of this prestigious automaker and its primary stockholder. He could evoke Stellantis (Peugeot, Jeep, Fiat, Maserati…), in which he holds the same positions and more. He could cite his shares in the influential magazine The Economist, the reputable Italian newspapers La Stampa and La Repubblica, the bus manufacturer Iveco, CNH - the second largest manufacturer of farming machinery, the electronics specialist Philips, the biological expert Institut Mérieux, Christian Louboutin shoes… He weighs in on their destiny through Exor, the holding company he manages. And we mustn't forget Juventus, the reason why he's most often solicited for selfies.
Suddenly, Elkann's eyes leave ours. A delicate voice is summoning him. “Do you know Ronaldo ?” The Portuguese player once donned the colors of the family's soccer club. Behind a stack of books, his compatriot continues “When I heard he was leaving Juve, I couldn't sleep.” Standing 1.89 meters tall, Elkann looks down at the bruised fan: “How old are you ?” Response: “6. I was 3 when he left.” Don't bother trying to find one, no other European leader captures as much attention from his fellow citizens. From Portugal, his brother Lapo nuances: “You know the Italian expression 'Onori, oneri'… It would be too easy to enjoy the honors (onori) if you didn't perform the duties (oneri), no ? I'm sure there must be leaders in France who are as much in the public eye as John is.”
To find out, we knocked on the door of Dior, headed by the discreet Delphine Arnault, of the Arnault family, the largest fortune in France, and, depending on the day, in the world. Having lived in Milan, she knows the Agnelli tale by heart: “John Elkann's grandfather, Gianni Agnelli, considered the King of Italy, is a legend who still commands a lot of respect and admiration”; the clan's nickname “the Kennedys of Italy”; the tragedies that precipitated the 27-year-old Elkann onto the throne… She met the man she knows by his nickname, Jaki, in Venice. “When you go out for a walk with him in Italy, you quickly realize just how popular he is in the country.” What does Axel Dumas of the Hermès dynasty think ? “Being with John is a lesson in modesty,” admits the Exor director, representative of the 6th generation of his family, in his office lined in drawings of his uncles.
Whether he's speaking in English, French or Italian, Elkann always pauses a few seconds and then unrolls, pulls back, contextualizes... Don't expect this great reader to rehash the past. Storytelling, anecdotes are not really his thing. We had to depend on those close to him to put together the puzzle of his life, starting with the crucial year of 2004. At 28, he finds himself alone at the reins of the Fiat conglomerate, cofounded by his grandfather's grandfather in 1899 in Turin. His great-uncle, the capable Umberto Agnelli, has just died; a few years before the clan had lost the flamboyant Gianni as well as the pretender to the throne, Giovannino, struck at the age of 33 by an aggressive cancer. “More than anything, I inherited challenges and responsibilities”, he says.
The state of the accounts at the time is dizzying. Pessimists predict Fiat's bankruptcy, optimists a bank takeover. Two timebombs are waiting for him on his desk. Tick-tock. The first timer is set for September 20, 2005. Fiat, of which the Agnellis hold 30.06 %, must reimburse 3 billion euros to eight banks. In the event of a default, they will take control of the company. Through an calculating maneuver on the markets, Elkann saves the family business.
The second bomb is trickier to defuse. As of February 2, 2005, Fiat could compel General Motors to buy out its automotive activities, according to an agreement signed in 2000. Given the cataclysmic results of the Italian company, GM wants to pull out. Should the deminer Elkann cut the red wire and go to court ? Or the blue wire and negotiate a payout ? Tick-tock. Elkann hesitates. How will the all-important American business community react ? Red ? Blue ? Elkann needs an oracle to help him decide and thus turns to the financial wizard Warren Buffett. “He said that fighting them in court would be very poorly regarded in the United States,” recalls a witness. Elkann opts for an out-of-court settlement, entrusting negotiations to Fiat's CEO, the tetchy Sergio Marchionne. On February 6, 2005, the latter is in the United States to seal the deal with Rick Wagoner, his counterpart at GM. At the same moment, Fiat's directors are meeting in Turin, ready to endorse the deal. But Marchionne calls them. Patience. Wagoner is watching the Super Bowl… Three hours later, at the final whistle, GM signs a check for 1.55 billion euros. “1....
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