Pirelli's Gori to resign?

Ahead of Pirelli’s latest financial results, rumours are circulating between the press and financial analysts that Pirelli COO Francesco Gori could be about to resign. A report from analysts Morgan Stanley cites an article in the Italian newspaper "Il Corriere della Sera" today (8th May) making this suggestion.

Pirelli itself has reportedly been quite non-committal in its response. Morgan Stanley reports that it has “spoken to the company this morning and this was neither denied or confirmed. The company have signalled before that they are looking to simplify their organisational structure, however unconfirmed rumours in the industry are that there were clashes between the CEO (and owner) Tronchetti on Pirelli’s long term strategy."

Morgan Stanley added: “Gori is very well respected in the industry and if this was confirmed as true, we would view this as negative news as Pirelli has to continue to execute on its challenging industrial plan.” 

Further details in the Italian media suggest that Gori will head up Milan-based fuel cell power business Bioccoca when he is expected to depart from Pirelli in the Summer. This is expected to result in the introduction of two new positions chief technology officer and chief commercial officer. Research and development manager Maurizio Boiocchi and chief commercial officer, Andrea Pirondini, who currently represents Pirelli in Russia are said to be pencilled in for these roles. No specific replacement for Gori has been cited in the article and analysts note that Pirelli reports its results on Thursday. 

In April Italian business website Blitz Quotidiano reports that as far as salary is concerned Francesco Gori was second only to Marco Tronchetti Provera who ranked the highest paid executive in Italy with total remuneration of 22 million euros in 2011. Francesco Gori’s second place reportedly earned him 10.5 million euros.