A spokesperson for Italian confectionery company Ferrero SpA confirmed today that their joint chief executive Pietro Ferrero has died in an accident in South Africa. The 47-year-old father of three was traveling for business when he reportedly fainted and fell from his bicycle during a routine ride.
Italian Foreign Minister Franco Frattini released a statement saying, "Italy has lost a businessman who represented the best qualities of our economic history."
Ferreo's father, 85-year-old father Michele is Italy's richest man, having taken over the company from his parents Piera and Pietro who founded the company in the 1940s.
Ferrero SpA produces Kinder products, Nutella (which was invented in the back of Piera and Pietro's bakery), Mon Cheri, Tic Tac and the eponymous Ferrero Rocher. Mr. Ferrero jointly ran the confectionery group with his brother Giovanni.