Pirelli gains a new Board of Directors; Ren Jianxin named chairman

A number of significant management changes were confirmed at yesterday’s meeting of Pirelli & C. SpA shareholders. ChemChina chairman Ren Jianxin was named Pirelli’s new chairman, while Marco Tronchetti Provera was confirmed as chief executive officer and executive vice-chairman.

The company’s stock exchange delisting was also completed yesterday, and as a result the entire Pirelli & C. SpA Board of Directors tendered their resignations, effective 15 March 2016. The board’s resignation cleared the way for sole shareholder Marco Polo Industrial Holding to proceed with the nomination of a Board of Directors that, in Pirelli’s words, is “consistent with the governance structure indicated in the agreements between the shareholders.”

The following new board members have been nominated for a period of three years: Ren Jianxin, Yang Xingqiang, Bai Xinping, Ze’ev Goldberg, Wang Dan, Jiao Chonggao, Zhang Haitao and Yang Xun (representing the shareholder China National Tire & Rubber Corporation Ltd); Marco Tronchetti Provera, Giorgio Bruno, Luca Rovati, Carlo Acutis and Gustavo Bracco (representing the shareholder Camfin S.p.A.); Igor Sechin, Andrey Kostin and Emerson Milenski (representing the shareholder Long Term Investment S.A.).