Piero Ferrari is 77 years old. Time to think ahead for his family.
Piero Ferrari, the sole surviving son of Enzo Ferrari, 77, is creating a succession plan for his Ferrari NV shares.
Bloomberg has learned that the Ferrari scion and company chairman has set up a family trust over the past few weeks to oversee his roughly 10% stake in the automaker, which he inherited from his late father. Enzo Ferrari passed away at age in 1988 at age 90.
The Ferrari Enzo, aka the Enzo hypercar, was named in his honor. The younger Ferrari's trust has three beneficiaries, his daughter Antonella and his two grandsons, Enzo Mattioli Ferrari and Piero Galassi Ferrari.
They are not inheriting everything just yet, as the elder Piero Ferrari will continue to have voting control over the shares for as long as he's alive.
How much is he currently worth? Try around $4.6 billion, though most of his wealth is tied up with the carmaker.
He wasn't always worth this much. His vast fortune significantly increased over the past few years following the company's listing on the New York stock exchange in 2015. Since then, the exotic carmaker's stock has risen by 300%.
As you can imagine, Piero Ferrari is also an astute businessman. In addition to his Ferrari assets, he owns a stake in Ferretti Group, an Italian yacht builder, and is also chairman of HPE COXA, an engineering firm. The report claims Piero Ferrari's newfound trust will not conflict with Exor NV, the holding company of the Agnelli family, which remains Ferrari's largest shareholder with around a 24% stake.
Spokespeople for both Exor and Ferrari declined to comment on the report.
As an automaker, Ferrari has never had better financial standing and status. Along with its successful motorsport program, the legendary Italian company is currently in the process of transitioning to electrification.
For example, it's turning its iconic factory in Maranello, Italy, into an R&D hub for battery-electric vehicles. In the coming few years, plans are to invest around $4.7 billion to develop and launch all-electric and plug-in hybrid models. By 2026, 60% of its lineup will be electrified.
Meanwhile, Ferrari has just launched its first and most highly in-demand SUV (just don't call it an SUV), the Purosangue. It's currently only offered with a naturally aspirated 6.5-liter V12 producing 715 horsepower that helps propel it from 0-62 mph in only 3.3 seconds.
Chances are a plug-in hybrid variant is currently in development.