Giorgio Luca Bruno named Pirelli’s next CEO

Giorgio Luca Bruno will succeed Marco Tronchetti Provera as chief executive officer of Pirelli. In a statement published on Monday, Pirelli investor Camfin S.p.A announced that Bruno will take responsibility for the operational implementation of the group’s strategies, freeing Tronchetti Provera to guide group strategy and oversee the implementation of the Pirelli business plan as executive vice-chairman, a role he is confirmed to hold until spring 2026. Camfin views the transition as one that ensures the “continuation of the managerial culture of Pirelli.”

The appointment of incumbent deputy Bruno as chief executive officer is taking place as part of a wider renewal of the shareholder pact covering the governance of Pirelli. This renewal also covers the period until spring 2026 has been agreed upon by Pirelli shareholders China National Chemical Corporation Ltd (ChemChina), China National Tire & Rubber Corporation Ltd. (CNRC), Camfin S.p.A. and Marco Tronchetti Provera & C. S.p.A. (MTP).

Key aims of the pact’s renewal include reiterating the stability of the partnership between ChemChina/CNRC and Camfin/MTP. Principles of governance already established in the existing shareholder pact will continue, and the agreement specifies that the stake in Pirelli held by Camfin and MPT – who at present respectively hold a 14.01 per cent and a 37.02 per cent shareholding – should not dip below ten per cent at any time during the renewal period.

Renewed BoD & new sustainability committee

The Pirelli Board of Directors is scheduled to be renewed in spring 2023, and Camfin shares that the pact foresees that the new board will include 15 members, mostly independents. CRNC will designate nine board members, including four independents, while MTP will designate three members, including one independent. The remaining three independent board member places will be reserved for minority parties.

The renewed pact also calls for the establishment of a new board committee composed of the executive vice-chairman (in the role of chairman), the chief executive officer, one non-executive board member indicated by CNRC and one independent board member chosen from the board members nominated by the minorities. Camfin says this board committee will be “dedicated to sustainability issues in the conducting of company activities and in the relationships with all stakeholders.”