51 year old Pininfarina CEO (and grandson of Pininfarina founder Battista Pininfarina) Andrea Pininfarina died this morning in a road accident near Turin while he was riding to Pininfarina’s R&D center on his Vespa motorcycle. He is survived by his wife and 3 kids.
This is bad news indeed for Pininfarina the company as it is currently in the midst of restructuring. The Pininfarina family currently controls 55% of the company’s voting shares but stands to lose its majority with a reduction to 30% shares thanks to a new 100 million Euro capital increase request from its shareholders to cover its losses.
There are a number of key people with stake in Pininfarina including Piero Ferrari, Ratan Tata and Vincent Bollore.