Piero Ferrari will retain voting control of the shares during his lifetime. (representation)
Piero Ferrari, son of the supercar maker’s founder, is designing a succession plan that includes its most iconic asset: Ferrari NV shares.
Piero, 77, the company’s vice chairman, set up a family trust this month to oversee the 10% stake his father Enzo Ferrari inherited, according to a US regulatory filing late Monday. The beneficiaries of the trust are Piero’s daughter Antonella and grandsons Enzo Mattioli Ferrari and Piero Galassi Ferrari, although he will retain voting control of the shares during his lifetime.
Piero Ferrari has a net worth of about $4.6 billion, with most of his wealth tied up in the Italian automaker, according to the Bloomberg Billionaires Index. A Ferrari spokesman declined to comment beyond the regulatory filing.
The move provides a rare glimpse into the succession plans of the world’s super-rich. Billionaires will transfer more than $2 trillion over the next two decades, according to research by UBS Group AG and PwC, as the COVID-19 pandemic helps accelerate that shift.
Piero Ferrari’s fortunes have soared in recent years, with shares in the Maranello, Italy-based company gaining more than 300% since its listing in New York in 2015. He also owns a stake in the Italian luxury yacht manufacturer Ferretti Group and is chairman of the engineering services company. HPE COXA.
The creation of the trust will not affect the agreement reached by Piero in late 2015 with Exor NV, the holding company of the billionaire Agnelli family and Ferrari’s largest shareholder with a stake of around 24%. That agreement is a consultative commitment “with the aim of formulating and implementing a joint approach to the issues on the agenda of any general meeting of Ferrari shareholders”.
An Exor spokeswoman also declined to comment beyond Monday’s presentation.
Ferrari is working hard to turn its historic factory in northern Italy into a hub for battery-powered cars. The transformation highlights how even the top combustion engine manufacturers are preparing for a largely electric future.
The automaker plans to invest about 4.4 billion euros ($4.7 billion) to develop fully electric and plug-in hybrid models that will make up 60 percent of its portfolio by 2026, CEO Benedetto Vigna said in June at the company’s capital markets day.
(This story has not been edited by NDTV staff and was automatically generated from a syndicated feed.)
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