This post is one of several on business heirs apparent. Let us know in the comments whether you think John Elkann should take up the reigns of Fiat, and be sure to check out the other heir apparent posts.

Gianni Agnelli, principal shareholder of Fiat and grandson of the company's founder had been grooming his nephew to take up the reins of the family business when that nephew died of a rare form of cancer in 1997. Gianni's grandson John Elkann became the next heir apparent at the age of 22, when he was appointed to Fiat's board. After Gianni passed away in 2004, Elkann assumed the vice chair of not only the Fiat board, but the board of holding company that controls the Agnelli family stake in Fiat.

Elkann stepped into his new role at a time of crisis for Fiat. Mismanagement and a damaged brand image required a bank bailout to avoid bankruptcy. Recovery meant selling assets, management changes, and reinvesting in the core company. Renewed strength in the struggling automotive division (which includes the Fiat, Lancia, and Alfa Romeo brands) helped lift the company. Now, among other things, Elkann spearheads the company's efforts at global expansion.

"Elkann is still rather young, and there are some conflicting ideas within the family about their holdings," says Giuseppe Berta, author of The Fiat After Fiat. "But he is the only one who can lead them into the future." While making his own mark in the Fiat empire, Elkann still looks to his late grandfather for inspiration: "He believed that leadership is consensus," Elkann says. "He won the support of the family and business partners and the community. He believed you lead by getting the best from the people around you."

For the time being, Fiat chairman Luca di Montezemolo and CEO Sergio Marchionne remain in charge. In the coming years, however, Elkann is expected to become the singular face of Fiat.

Here's a look at another new face for Fiat, the updated Fiat 500:

Be sure to check out the other heir apparent posts.