Mike Stevens | Aug 13, 2008

Paolo Pininfarina has today been named successor to the position of CEO of Pininfarina after the death of his brother last week in a motorcycle accident outside Turin. Paolo comes to the position after having served as deputy CEO since 1987.

Paolo will have little time to relax before he and Pininfarina's new leadership will have to take on the financial difficulties the company is facing, after recording a net loss last year of €114.9 million (AU$195.6 million).

While the company was partially bailed out by a capital infusion of €100 million in April, it's still going to be tough times ahead for the famous Italian auto design company.

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