Edouard Michelin, a joint managing director of France's tyre-maker Michelin, has died on a boating trip.
Mr Michelin, 43, was on a fishing trip off Ile de Sein island in Brittany when he died, a company spokesperson said. The cause of his death was not clear.
Joint managing director Michel Rollier will "assure the continuity of the company's management," the firm said.
France's Interior Minister Nicolas Sarkozy said France's business world had lost one of its "rising stars".
Passion for business
Mr Michelin was part of the family that founded the Michelin company in 1889, and now employs 130,000 people worldwide.
He worked for different parts of the firm including production and sales, before succeeding his father Francois as the firm's head in 1999.
Apart from a one-year stint in the navy in 1987, he spent nearly 20 years at the company.
Edouard Michelin took the decision to axe 7,500 jobs in 1999, and reorganise the firm's North American operations, to boost profitability and be able to compete with rivals.
At the time, then Prime Minister Lionel Jospin urged workers and politicians to protest at the decision.
Mr Sarkozy paid a tribute to Mr Michelin, saying he was one of France's best businessmen.
"He had a passion for his business and he knew how to make other people experience that passion."
Michelin supplied the tyres on which Renault won the Formula One world championship last year.
F1 commercial boss Bernie Ecclestone led the tributes to Mr Michelin at the Monaco Grand Prix.
"It is very sad that he is dead obviously and it's sad the way it happened," Ecclestone said.
"He was a supporter of Formula One and Michelin have been for a long time. It's a big shame."
Renault team director Flavio Briatore added: "Our memories of Edouard Michelin are of a fantastic competitor.
"He was always extremely supportive of the team, and delighted by last year's world championship victory."
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