Pininfarina – New boss named for Italian car design company
Paolo Pininfarina, 49, has served as deputy CEO since 1987.
The Pininfarina Group has yet to name a new board chairman, a position held by Andrea Pininfarina who collided with a car while riding a motor scooter outside the northern city of Turin last Thursday. He was 51.
Current general manager Silvio Angori will oversee operations and implement a restructuring plan for the financially strapped company, the group said in a statement. Responsibility for finances and administration has been assigned to Gianfranco Albertini, the current financial manager and the company's new leadership will have the delicate task of reaching accord with creditor banks.
The group, which has a turnover of about a billion dollars a year, recently ran into financial difficulties with a net loss in 2007 of €114.9-million. In April 2008 three Italian industry leaders and French tycoon Vincent Bollore came to the rescue with a capital infusion of €100-million.
The family business has also designed MG, Lancia and Fiat products.