Wednesday, January 4, 2023
Piero Ferrari, son of the Ferrari founder who is also the largest shareholder of the Italian luxury sports carmaker and the company’s vice chairman has set up a family trust. This was done to create an instrument that will preserve the unity and outlines a succession plan concerning the shareholding structure, according to a US regulatory filing filed last month.
His daughter and grandsons have been appointed as trust beneficiaries. Ferrari has transferred the “bare ownership” to the trust which is valued at around $4.2 billion at current prices. He will retain voting rights in the company. This plan will not impact his current consultation pact with Exor, Ferrari’s largest investor.
For more information see Daniele Lepido and Benjamin Supples “Ferrari Heir Sets Up Succession Plan for His Supercar Billions”, Bloomberg, December 20, 2022.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.
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