Enzo Ferrari’s only surviving son, Piero Ferrari, has placed the future bare ownership of his Ferrari shares into a family trust for his daughter and grandsons while retaining lifetime voting and economic rights. The plan preserves family ownership continuity, but it does not appoint a grandchild to run Ferrari’s daily business.
The arrangement was created in December 2022 and remains distinct from management succession. A renewed agreement with Exor, effective January 4, 2026, further aligns the major shareholders through an initial term ending January 4, 2029.
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Key takeaways
- Piero Ferrari placed the bare ownership of his Ferrari shares into Trust Piero Ferrari in December 2022 while retaining lifetime usufruct, voting rights, and associated economic rights.
- The intended next-generation beneficiaries are Piero’s daughter, Antonella Ferrari, and his grandsons, Enzo Mattioli Ferrari and Piero Galassi Ferrari.
- As of February 4, 2026, the trust held approximately 10.67% of Ferrari’s outstanding common shares, while Piero’s retained usufruct represented approximately 16.17% of voting power.
- Piero Ferrari remains Ferrari’s vice chairman and a director; the available filings do not identify a grandchild as Ferrari’s CEO or operating successor.
- Exor, Piero Ferrari, and Trust Piero Ferrari renewed their shareholders’ agreement effective January 4, 2026, with an initial term ending January 4, 2029.
What is Piero Ferrari’s succession plan?
Piero Ferrari’s succession plan is a family-trust arrangement for the future ownership of his Ferrari stake, not a handover of Ferrari N.V.’s daily management. In December 2022, Piero transferred the shares’ bare ownership to Trust Piero Ferrari, while retaining lifetime usufruct and voting rights. His daughter and grandsons are intended beneficiaries of the structure.
The arrangement separates present control from future beneficial ownership. Piero remains the person exercising the relevant voting and economic rights during his lifetime; the trust preserves the underlying family ownership for the next generation.
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What happened to Piero Ferrari’s Ferrari shares in December 2022?
On December 12, 2022, Piero Ferrari established Trust Piero Ferrari under Jersey law. A U.S. Securities and Exchange Commission Schedule 13D filing dated December 21, 2022 says that Piero granted the trust the bare ownership of 18,894,295 common shares and 18,892,160 special voting shares in Ferrari.
Piero retained a usufruct for his lifetime. In this context, the retained usufruct included the shares’ voting rights and associated economic rights. The transfer therefore did not mean that his descendants immediately acquired the ability to direct Ferrari or receive every present benefit attached to the shares.
The trust deed and related filing identify Antonella Ferrari as a beneficiary and Enzo Mattioli Ferrari and Piero Galassi Ferrari as final beneficiaries. Enzo Mattioli Ferrari was identified as the initial trustee, while Franco Ravanetti was identified as the initial guardian. The SEC exhibit describing the adherence and amendment agreement provides the relevant trust-party details.
Who inherits Piero Ferrari’s Ferrari stock?
The trust structure identifies Piero Ferrari’s daughter, Antonella Ferrari, and his grandsons, Enzo Mattioli Ferrari and Piero Galassi Ferrari, as the intended next-generation beneficiaries or final beneficiaries. The documents support future family ownership continuity, but they do not establish that one particular grandchild will inherit all of Piero’s shares or run Ferrari’s operations.
| Question | What the documents support | What the documents do not establish |
|---|---|---|
| Who receives the future beneficial interest? | Antonella Ferrari, Enzo Mattioli Ferrari, and Piero Galassi Ferrari are named in the trust materials as beneficiaries or final beneficiaries. | A single grandchild is identified as the sole successor. |
| Who retains present voting rights? | Piero Ferrari retains lifetime usufruct, including voting rights, over the shares placed in the trust. | The beneficiaries immediately control the voting rights. |
| Who runs Ferrari day to day? | Ferrari’s corporate filings continue to identify Piero as vice chairman and a director. | A grandchild has been appointed CEO or operating successor. |
| What does the trust transfer? | The trust receives bare ownership of the specified shares. | The filing does not describe an immediate transfer of Ferrari’s management authority. |
How much of Ferrari does Piero Ferrari’s trust control?
According to Ferrari N.V.’s 2025 Annual Report and Form 20-F, as of February 4, 2026, Trust Piero Ferrari held approximately 10.67% of Ferrari’s outstanding common shares, while Piero Ferrari’s retained usufruct corresponded to approximately 16.17% of voting power.
The two figures describe different things and should not be treated as interchangeable. The 10.67% figure measures the trust’s interest in outstanding common shares. The 16.17% figure measures voting power associated with Piero’s retained usufruct. Ferrari’s special-share and loyalty-voting arrangements can make voting power higher than ordinary share ownership.
Ferrari previously reported a different snapshot on its shareholder page: as of March 3, 2025, Trust Piero Ferrari held 10.61% of outstanding common shares and represented 16.09% of voting rights. The reporting dates matter because ownership percentages can change with share counts, voting arrangements, or corporate disclosures. These figures should therefore be cited with their respective dates rather than combined into an undated estimate. Ferrari’s corporate shareholder-structure page contains the March 2025 disclosure.
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During his lifetime, Piero Ferrari retains the relevant voting rights and associated economic rights through the usufruct reserved when the shares were placed into the trust. The trust holds the bare ownership, but the available filing describes Piero as retaining the practical rights attached to the shares for his lifetime.
That answer needs a legal distinction. Piero does not appear to have transferred the entire present bundle of share rights to the beneficiaries. He arranged the future ownership of the stake while preserving his current position. The structure is therefore better described as retained lifetime control combined with future family beneficial ownership.
Is Piero Ferrari still involved in Ferrari’s management?
Yes. Piero Ferrari remains Ferrari’s vice chairman and a director according to Ferrari’s 2026 SEC registration statement. His continued board-level role is separate from the trust’s succession provisions and does not mean that the trust beneficiaries have taken over Ferrari’s executive management.
Piero is Enzo Ferrari’s only living son and remains the family figure associated with the founder’s continuing stake. The 2026 Ferrari registration statement filed with the SEC identifies Piero in both the vice-chairman and director roles.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsWhat is the Exor and Piero Ferrari agreement?
The Exor and Piero Ferrari agreement is a shareholder-alignment and governance-continuity arrangement involving Exor, Piero Ferrari, and Trust Piero Ferrari. The amended and restated agreement became effective on January 4, 2026, and has an initial term through January 4, 2029. It may automatically renew for another three-year period unless terminated under its terms.
The agreement includes provisions concerning consultation, transfers, and the parties’ continuing relationship. It should not be read as evidence that Piero’s descendants will manage Ferrari’s operations. The agreement concerns shareholder alignment and governance continuity, while the trust concerns future family ownership.
Exor’s January 3, 2026 announcement described the purpose this way: “Exor N.V., on the one hand, and Piero Ferrari and Trust Piero Ferrari, on the other hand, have agreed to renew the shareholders’ agreement relating to Ferrari N.V., confirming their respective alignment and commitment to Ferrari.” Read the official Exor announcement on the renewed Ferrari shareholders’ agreement alongside the SEC disclosure of the amended and restated agreement.
| Arrangement | Effective date or reference date | Primary function | Current implication |
|---|---|---|---|
| Trust Piero Ferrari | Established December 12, 2022 | Places bare ownership of specified Ferrari shares into a Jersey-law family trust. | Preserves future beneficial ownership for the family while Piero retains lifetime usufruct and voting rights. |
| Piero’s retained usufruct | For Piero’s lifetime | Retains voting rights and associated economic rights over the trust-held shares. | Piero remains the relevant current rights-holder described in the filing. |
| Exor-Ferrari family shareholders’ agreement | Renewed effective January 4, 2026 | Aligns Exor, Piero Ferrari, and Trust Piero Ferrari on shareholder and governance matters. | Initial term runs to January 4, 2029, subject to the agreement’s terms and potential renewal. |
| Ferrari board role | Identified in a 2026 SEC registration statement | Provides Piero’s continuing corporate governance role. | Piero remains vice chairman and a director; the filing does not name a grandchild as operating successor. |
Why is this not a handover of Ferrari to Piero Ferrari’s grandchildren?
This is not a handover of Ferrari to Piero Ferrari’s grandchildren because bare ownership, usufruct, voting control, and executive management are distinct legal and corporate concepts. The trust protects the family’s future ownership interest, while Piero retains lifetime rights and Ferrari continues to operate as a public company with its own board and management.
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Accordingly, claims that “Piero handed Ferrari to his grandchildren,” that “a grandson will run Ferrari,” or that “the family is taking over Ferrari” go beyond the evidence. The supported conclusion is narrower: Piero has placed the future ownership of his Ferrari stake into a family trust while retaining lifetime voting and economic rights.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should readers know about Enzo Ferrari’s family legacy?
Piero’s importance comes from being Enzo Ferrari’s only living son and from his continuing association with the Ferrari family stake. For this story, that context is more useful than unsourced estimates of family wealth. The filings and company disclosures establish the ownership and governance structure; they do not provide a definitive post-2026 valuation of the trust or a complete account of the family’s net worth.
Readers seeking broader historical context can use an Enzo Ferrari biography. David Bull Publishing describes its Enzo Ferrari book as a 968-page biography, while Stuart Codling’s publisher page presents The Story of Ferrari as a history of the company and Enzo Ferrari’s design and engineering philosophy. Neither book should be assumed to document the December 2022 trust or January 2026 agreement unless the relevant edition is checked directly.
What the succession plan means in plain English
Piero Ferrari has not announced a grandchild as Ferrari’s next chief executive. Instead, he has used a trust to organize the future ownership of a substantial Ferrari stake for the next generation while keeping lifetime voting and economic rights himself. The renewed Exor agreement adds continuity at the shareholder level, not a new family operating mandate.
The arrangement allows the Ferrari family to remain a significant shareholder and governance participant without requiring a Ferrari descendant to manage the automaker. That distinction—family ownership continuity rather than operational succession—is the central fact behind the succession plan.
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Frequently Asked Questions
What is Piero Ferrari’s succession plan?
Piero Ferrari’s succession plan places the bare ownership of his Ferrari shares into Trust Piero Ferrari for the benefit of his daughter and grandsons, while Piero retains lifetime usufruct, voting rights, and associated economic rights. The arrangement concerns future ownership continuity, not an immediate management handover.
Who inherits Piero Ferrari’s Ferrari stock?
The trust materials identify Antonella Ferrari as a beneficiary and Enzo Mattioli Ferrari and Piero Galassi Ferrari as final beneficiaries. The documents do not establish that one grandchild will inherit all of the shares or become Ferrari’s CEO.
How much of Ferrari does Piero Ferrari’s trust hold?
As of February 4, 2026, Trust Piero Ferrari held approximately 10.67% of Ferrari’s outstanding common shares, while Piero Ferrari’s retained usufruct corresponded to approximately 16.17% of voting power. The figures measure different rights and should be cited with that date.
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Yes. Ferrari’s 2026 SEC registration statement continues to identify Piero Ferrari as the company’s vice chairman and a director. His continuing board role is separate from the trust’s future-beneficiary arrangements.
How long does the Exor and Piero Ferrari agreement last?
The renewed Exor-Ferrari family shareholders’ agreement became effective January 4, 2026 and has an initial term through January 4, 2029, with possible automatic renewal under its terms. The agreement supports shareholder alignment and governance continuity; it does not appoint a descendant to manage Ferrari’s operations.
The Bottom Line
Piero Ferrari’s succession plan is designed to preserve the Ferrari family’s future ownership and shareholder influence. Trust Piero Ferrari holds the bare ownership for the next generation, while Piero retains lifetime voting and economic rights and continues as Ferrari’s vice chairman and a director. The 2026 Exor agreement reinforces shareholder alignment through an initial term ending January 4, 2029; it does not name a grandchild to run Ferrari.
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