In the wake of last week's accident which took the life of CEO Andrea Pininfarina, the future of the eponymous Italian design firm was in doubt.Today, the company announced that Paolo Pininfarina has been chosen to succeed his brother as CEO.
Pininfarina reiterated that the restructuring plan set in motion by Andrea will continue.
The design firm expects to raise nearly 100 million euros this year by selling additional shares of common stock to the company's major shareholders -- among them, Tata Motors of India.
The founding family (of the same name) also aims to reduce its stake to about 30 percent from 55 percent by means of a capital increase that will allow a select group of investors to become shareholders.
Proceeds from the sale of stock will go toward a joint venture with Bollore, a French thermoplastics supplier. Together, the two companies plan to produce an electric powered city car by 2013; the project is considered by many to be pivotal to Pininfarina's revival.
Photo Credit: Vittorio Zunino Celotto / Getty Images
[Source: AN via Reuters]
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