Chairman of Italian automaker Fiat, Umberto Agnelli, died Thursday night at the age of 69, his family announced Friday.

Agnelli, who had been suffering from cancer, died at his home on the outskirts of Turin.

Agnelli took over the chairmanship of the Italian largest industrial group last year after the death of his elder brother, Fiat patriarch Gianni Agnelli.

Gianni Agnelli, one of the most powerful businessmen in Italy whose grandfather founded Fiat in 1899, died in January 2003 at the age of 81 after a long battle against prostate cancer.

Fiat has been clawing its way back from dire financial crisis.

According to local media reports, John Philip Elkann, son of Gianni Agnelli's daughter Margherita, is expected to take command of the family enterprise.

Elkann, who has had plenty of experiences in running several Fiat plants, is currently working at IFIL, the Agnelli family's main operative investment company through which it controls Fiat, the San Paolo IMI bank, the Juventus soccer club and other holdings.