Sergio Mantegazza
Sergio Mantegazza | |
|---|---|
| Born | October 31, 1927 Lugano, Switzerland |
| Died | February 13, 2024 (aged 96) |
| Occupation | Entrepreneur |
| Known for | Chairman and proprietor of Globus travel enterprise |
Sergio Mantegazza (31 October 1927 – 13 February 2024) was a Swiss-Italian billionaire entrepreneur, serving as chairman and proprietor of Globus, a global travel enterprise. As reported by Forbes, he ranked as Switzerland's 16th wealthiest individual, possessing an estimated net worth of US$2.7 billion as of February 2024.
Early life
Born in Lugano, Switzerland, in 1927 to Antonio and Angelina Mantegazza, Sergio had a brother named Geo Mantegazza. His education included attendance at Istituto Elvetico and Gademann Business School.
Career
Following his studies, Mantegazza developed his business acumen within the family enterprise. Established by his father Antonio in 1928, Globus Viaggi initially operated a single gondola transporting tourists around Lake Lugano, eventually growing to a coach fleet. By 1950, the company managed 33 coaches providing overnight trips to destinations such as Rome, Venice, and the French Riviera.
Globus was a pioneer in offering circular tours and affordable European motor-coach vacations before introducing premium Grand European Touring packages. In 1961, Cosmos Holidays was launched in the UK, broadening air holiday offerings to southern Europe and later expanding to markets including Canada, Australia, and New Zealand.
During the late 1960s, Globus invested in Monarch Airlines, founded by British entrepreneurs Bill Hodgson and Don Peacock. Monarch operated autonomously but partnered with Cosmos to offer packaged holidays and charter flights within the UK.
After assuming the presidency of Globus in 1975, Mantegazza extended the company's reach to Africa, Australia, and South America. The group established its North American division, Group Voyagers, overseeing US operations for Globus and Cosmos. In 2003, Avalon Waterways and Monograms were introduced to specialize in independent travel experiences and river cruises.
In October 2014, despite personally injecting $180 million into Monarch,[1] the Mantegazza family permitted a £220 million pension deficit to accumulate. Subsequently, Monarch Airlines was sold to Greybull Capital for £1,[2] with the pension scheme transferred into the statutory Pension Protection Fund (PPF). This transition impacted benefits for 70 Monarch pilots due to the PPF's compensation limits.[3] A report by The Pension Regulator found that most members retained at least 90% of their benefits.[4] Nevertheless, the transaction drew criticism from The Guardian and figures such as Frank Field MP for allegedly prioritizing the Mantegazzas’ interests over those of pensioners.[5]
In 2021, a judicial decision ruled the PPF pension cap unlawful, resulting in additional taxpayer expenses connected to actions taken by both Mantegazza and Greybull.[6]
Personal life
Mantegazza was married with three children (two surviving) and resided in Lugano, Switzerland.
His son Paolo—who previously held executive roles at Bankers Trust and Credit Suisse—became president and CEO of Globus’ US division Group Voyagers in 1998 but tragically died by suicide in 2004 at age 34. Another son, Fabio Mantegazza (born 1955), collaborated with Sergio in the UK and served as CEO and chairman of Monarch Travel Group Ltd until its downturn in 2014. His daughter Maria Dolores Mantegazza (born 1956) acts as trustee of the Sergio Mantegazza Charitable Foundation based in Canton Ticino alongside Fabio and Geo Mantegazza. The Foundation funds charitable efforts focused on arts, youth sports, education, and healthcare initiatives. Sergio Mantegazza maintained active involvement with this organization.
He owned a 64-meter super-yacht named Lady Marina, which hosted distinguished guests including Tina Turner, and possessed considerable residential and commercial properties in Lugano.
Sergio Mantegazza passed away on 13 February 2024 at age 96.
Awards
In 2006, Mantegazza was honored with induction into the British Travel Industry Hall of Fame, joining distinguished figures such as Sir Richard Branson, Sir Rocco Forte, and Stephen Kaufer.
Cosmos, previously known as Cosmos Holidays, has been acknowledged by numerous industry bodies. Its accolades include nominations for the Travel Industry and Consumer Awards, Globe Travel Awards, TTG Travel Awards, British Travel Awards, World of Cruising's Wave Awards, and Cruise International's Cruise Awards.
External links
- Sergio Mantegazza, featured in: Historisches Lexikon der Schweiz