This Ferrari heir is about to become a billionaire

source
REUTERS/Fadi Al-Assaad

This week, Fiat Chrysler will spin off its most valuable asset – legendary Italian supercar maker Ferrari – in an IPO that values the company at $9.82 billion.

One of the biggest beneficiaries of the deal will be Piero Ferrari whose 10% stake in the company will make him a billionaire, according to Bloomberg’s Billionaires Index.

Piero, a vice chairman of the company, has been involved with the family business for three decades. Unlike many heirs of high-profile companies, he has remained low-key, preferring to work in the background and out of the spotlight.


The Ferrari IPO is expected to boost Piero Ferrari’s net worth to an estimated $1.3 billion, according to the Bloomberg Billionaires Index. This includes a 10% stake in the family business that could be worth as much as $982 million.

source
Ferrari

Born in 1945, Piero is the second and the youngest child of Ferrari founder Enzo Ferrari (pictured here).


Piero is the result of Enzo’s long-standing relationship with Lina Lardi. Piero did not take the Ferrari surname until after the death of Enzo’s wife, Laura, in 1978.

source
REUTERS/Stefano Rellandini

Enzo and Laura Ferrari’s only son (and Piero’s half brother), Dino, died from Duchenne muscular dystrophy in 1956 at age 24. Enzo would go on to name a line of sports cars after Dino.

source
Flickr/pyntofmyld

Until his death in 1988, Enzo would visit his wife and son’s grave every morning before work.


After Laura’s death, Piero and his mother, Lina, moved into Enzo’s Modena, Italy, home, where he reportedly still lives. Piero is pictured on the right.

The Guardian


For 30 years, Piero (on the right) has worked in the company’s racing and road-car divisions. However, he has remained far less visible than the company’s other high-level managers, such as …


… Ferrari chairman Sergio Marchionne (on the right) …


… FCA chairman John Elkann (center) …


… Former Ferrari CEOs Luca di Montezemolo (left) and …


… Jean Todt (left).


However, Piero has been an active participant in the family business.

source
REUTERS/Toshiyuki Aizawa

Here, the Ferrari heir watches over the company’s Formula One racing team prepare a race car to hit the track.

source
REUTERS/Stefano Rellandini

Here, Piero is having a conversation with one of his father’s former employees, three-time Formula One world champion and current nonexecutive chairman of Mercedes-AMG racing Niki Lauda (right).


Piero on a company ski trip to the Dolomites in 2012.


Piero with F1 racing star Sebastian Vettel in 2011. In 2014, Ferrari would hire the four-time world champion to lead its racing efforts.


Piero joined the Ferrari team to present a model F1 race car to Pope John Paul II in 2005.

source
REUTERS/Stringer

In addition to his role at Ferrari, Piero is the president and chairman of airplane maker Piaggio Aero Industries.

Bloomberg