Tronchetti Provera proposes Prometeon chairman as deputy CEO of Pirelli

Pirelli executive vice chairman and CEO, Marco Tronchetti Provera, has proposed current Prometeon Tyre Group (PTG) chairman and CEO Giorgio Luca Bruno as Pirelli deputy-CEO, reporting directly to him. Tronchetti Provera made the proposal with the aim of supporting the execution of Pirelli’s forthcoming industrial plan, which will be presented on 31 March 2021, according to a company statement dated 24 March 2021.

In the meantime, Angelos Papadimitriou who was previously considered for a Pirelli co-CEO position, but whose contract ceased at the end of February 2021, has formally withdrawn his candidacy as a board member “in order to allow the implementation of the above proposal”.

The latest proposal, which was shared with the chairman of the board of directors Ning Gaoning and the nominations and succession committee, is also designed to “strengthen the management team in consideration of the future succession pathway in line with the procedure already adopted by the company and foresees that Deputy-CEO may also contribute to the course of enhancement of the international management team.”

The executive vice chairman and CEO are therefore proposing to the board of directors meeting scheduled for 31 March 2021 to invite the shareholders’ meeting scheduled for 15 June 2021, to nominate Giorgio Luca Bruno as a board member and will also propose that once nominated he will assume the role of deputy-CEO. Until then, Giorgio Luca Bruno will continue to support the industrial activities of Prometeon Tyre Group, of which he is today Chief Executive Officer.

Following the assumption of the role of deputy-CEO by Giorgio Luca Bruno, the macro-organizational structure of Pirelli, foresees that the executive deputy chairman and CEO, who will be responsible for strategic and industrial guidance, will continue to head Strategic Planning & Controlling; Investor Relations, Competitive, Business Insight, Micromobility Solutions; Communication and Brand Image; Institutional Affairs and Culture; Corporate Affairs, Compliance, Audit and Company Secretary.

The deputy-CEO will be given all the necessary executive levers, as well as staff areas not directly reporting to the executive vice chairman, and the report of the general manager operations, Andrea Casaluci, who will continue to head all the business lines and regions.

Giorgio Bruno holds a degree in Company Economics from Milan’s Bocconi University. He began his career in the IFIL Group (an Agnelli family holding company) where he handled the group’s diversified activities, in particular financial services. In 1991 he entered Camfin where he managed investments in various sectors, Pirelli first among them, and then those in the distribution of petroleum products, energy services, renewable energy and the new technologies applied to these. In Camfin he also had “significant operational roles” in some units. In 2008, he entered directly into Pirelli’s operational structure with responsibility for corporate development and diversified businesses, a role in which he favoured the entrance of new shareholders and the revision of the group’s financial structure. In 2013, he became executive chairman of Prelios, managing its turnaround and subsequent sale to a fund. More recently, he dealt with the process of separating Pirelli’s Industrial business, which became an autonomous company named Prometeon Tyre Group (PTG), part of the ChemChina group. In 2017, he became chairman of PTG and in January 2018 he also became its CEO, guiding the company’s turnaround and managing to achieve and maintain positive results even during the pandemic.