The son of Italy’s richest man, the chocolate tycoon Michele Ferrero, today died while cycling in South Africa. According to media reports, Pietro Ferrero fell from his bike, most likely after becoming ill while exercising.
The 47 year old was joint chief executive of the group that owns Nutella and Ferrero Rocher, running it since 1997 alongside his younger brother Giovanni.
"Italy has lost a businessman who represented the best qualities of our economic history," Foreign Minister Franco Frattini said in a statement, according to AFP.
He added that Pietro Ferrero “brought an exceptionally important contribution to the Made in Italy brand around the world.”
He had a large interest in cycling and while he was on a business trip, he took the chance to go for a ride. Ilmessaggero.it reported that he spoke by telephone to double Giro d’Italia champion Ivan Gotti earlier today, this reflecting his interest in and connections to the sport.
Michele Acquarone, managing director of Giro organisers RCS Sport, noted his passing on Twitter. “We’ll be missing you,” he stated.
Ferrero’s father Michele remains chairman of the group, despite being 85 years of age. According to the latest Forbes ranking, he is the richest man in Italy, ahead of eyewear tycoon Leonardo Del Vecchio and Prime Minister Silvio Berlusconi.
The company had a turnover of 6.6 billion euros ($9.4 billion) in its 2009-2010 financial year. It employs more that 21,000 people worldwide.