Nutella Heir Dies
April 19, 2011 by staff
He was joint chief executive of the group that produces Ferrero Ferrero Rocher, Nutella, Kinder, Tic Tac and other confectionery and stood to inherit the fortune with his brother, Giovanni.
Ferrero, a cycling enthusiast, was riding a bike during a training run in Cape Town, while on a business trip to South Africa when he fell, according to the company.
His father, Michele Ferrero, who transformed the company from a local producer of sweet and invented international hits such as Nutella and Kinder in the 1960’s, accompanied the 47-year-old on the trip.
Ferrero’s grandfather, who was also Peter, founded the company in 1942, the supply of pastries by his wife, Piera, in Alba, in Piedmont.
Because it was difficult to obtain the ingredients of candy during the Second World War, the largest of Pietro Ferrero decided to use some Piedmont had in abundance – nuts – and invented a candy with a sweet paste made of walnut.
The grandson Ferrero began working in Germany in 1985 after getting a degree in biology, and then moved to company headquarters in Alba, work on technical and production issues.
In 1992, he assumed responsibility for managing the operations of the Ferrero group’s European division.
At the time of his death was CEO of Ferrero International SA, the Luxembourg-based holding the Ferrero Group and President of Ferrero SpA, the Italian subsidiary of the group.
The Foreign Minister of Italy, Franco Frattini, Ferrero is described as a “businessman of exceptional talent, endowed with strategic vision and profound sensitivity” of the general interests of Italy.
Ferrero said he “knew how to embody the best qualities of our industrial history of the continuous pursuit of excellence, creativity, determination to compete even in difficult times to strengthen the brand itself to the point that it becomes a symbol.”
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