Pininfarina CEO dies in road accident

Andrea Pininfarina with Ferrari P4/5

TURIN - Andrea Pininfarina, CEO of Italian design and contract manufacturer Pininfarina, died Thursday morning in a road accident near Turin.



Pininfarina, 51, died after a car collided with the Vespa motorcycle scooter he was riding to the company's design and r&d center in Cambiano.

Pininfarina's death comes at a time when the family-controlled company is in the midst of a crucial restructuring.

Last year, Pininfarina's consolidated net loss increased to 114.9 million euros from 21.9 million euros the previous year.

Andrea Pininfarina has been Pininfarina's CEO since June 2001. He was also appointed chairman in May 2006. His father Sergio is the company's honorary chairman. His younger brother Paolo is Pininfarina's vice chairman and his elder sister Lorenza is a member of company's board.

Andrea Pininfarina is the grandson of Pininfarina founder Battista "Pinin" Pininfarina. He is survived by his wife Cristiana, and two sons and a daughter.

The company said it will issue a statement later today.

On March 10, Pininfarina asked its shareholders for a 100-million-euro capital increase to cover of its losses.

The move means that the Pininfarina family will lose its majority in the company.

The family currently controls 55 percent of Pininfarina's voting shares.

The Pininfarina family will underwrite part of the capital increase and will rely on the support of new investors, such as Ferrari vice chairman Piero Ferrari, Tata Group chairman Ratan Tata and French industrialist Vincent Bollore.

After the capital increase, the Pininfarina family will remain the main shareholder of the company with about 30 percent of the shares.

[Source : Automotive News .. sub req.]