April 18, 2011 7:35PM Pietro Ferrero, the son of billionaire Michele Ferrero and CEO of Italian candy maker Ferrero SpA, has died at age 47.
Pietro and his brother Giovanni, 46, share the title of CEO at the candy maker, known for Nutella, Tic Tac mints, and Ferrero Rocher chocolates. Michele, 84 and still chairman of the company, oversees a fortune of $18 billion. Revenues at the privately held company were $8.8 billion.
We asked long time private funding consultant and Global Star Capital founder Rich Cocovich for comment: ”This is not only a sad loss for the Ferrero family, but a huge loss to the stability of the private funding world, especially in Europe. The Ferrero’s are a pillar in private capital and have been respected plus admired for generations. Their brands are household names. The thoughts and prayers from the entire private funding community world wide are being sent to the Ferrero family.”
Pietro Ferrero died after collapsing during a routine bike ride. He was in South Africa on business were the accident occurred. He is believed to have fainted while riding, causing him to lose control of the bicycle.
European Private Investor News reports for this day April 18, 2011