Gianni Agnelli, the chairman of the Fiat and one of the most celebrated of Italian business barons, has died after months of illness, aged 81.

The announcement came on the day that the Agnelli family had scheduled a key meeting of its holding company, which was expected to go on as planned.

Words of mourning and recollections of Agnelli’s role in modern Italian history filled Italian airwaves.

President Carlo Azeglio Ciampi said: “For more than half a century, he was one of the leaders of our country’s history, expressing in every critical moment fundamental values of the national character and identity."

Signor Agnelli had been suffering from prostate cancer, and had recently undergone treatment in New York. He will be succeeded as chairman of Fiat by his brother Umberto.

Officials would not specify when he died. He will lie in state at the Fiat complex in Turin until the funeral, which will be held in strict privacy.

The Fiat patriarch's death ends an era for the Italian conglomerate that in recent years has suffered grave financial problems.

The company is undergoing a massive restructuring. A decade ago, one out of every two cars on Italian roads was a Fiat, now it is one out of every three.

Signor Agnelli, who was christened Giovanni, but used the shorter form, Gianni, is survived by his wife, Princess Marella Caracciolo and their daughter, Margherita. Their son Edoardo died in an apparent suicide in 2000 at age 46.

Schumacher said:
“I am deeply saddened by the death of Avvocato Agnelli. I always had a profound respect for him and I consider myself proud to have known him. Every time we met, I was made aware of his great understanding and interest in Ferrari, Formula 1 and soccer, as well as his sensitivity to the problems of the world.”

Todt said:
“I am very shocked by the death of Avvocato Agnelli, who was a legendary figure of inimitable style. Ferrari was always a special company for him and its achievements were of particular significance to him. He was always very interested in what went on at Maranello and supportive of our efforts over the years it took to become successful once again and he was involved in all our decisions. When, finally, we managed to win again, he shared our feelings of relief and joy. We knew we could always count on his presence and support. His passing marks the end of an era.”

Montezemolo said:
“The death of Giovanni Agnelli leaves an unfillable void in my life. For over 35 years, his friendship and affection provided me with an incomparable reference point. I can never forget how often he was close to me during the most difficult moments and I attribute Ferrari’s success to him, knowing full well what a fundamental role he played in achieving it.”